Picric Acid Market Trends

Growth Drivers

• Growing Use in Textile Industry - Picric acid is widely used in the thriving textile industry in the synthesis of dyes to provide an electric yellow appearance to fabrics. Thus, the growth of the textile industry across the globe is estimated to boost the demand for picric acid. For instance, the Indian textile industry is estimated to attain a revenue of over USD 180 billion by the end of 2025 from about USD 102 billion in 2020, as per the latest report.
• Intensifying Use in the Healthcare industry to Cure Depression and Schizophrenia – Picric acid has medicinal properties that are effective for treating disorders. Thus, the growing use of picric acid in the medical field is expected to drive market growth in the forecast period. Around 24 million people across the world suffer from Schizophrenia, according to the World Health Organization (WHO), which affects about 1 in 300 people.
• Increasing Use as Rocket Fuel in the Aerospace Industry– In 2021, the United States Aerospace and Defense Industry generated over USD 850 billion in revenue, according to research. The surging demand for space exploration is estimated to propel global picric acid market growth.
• Rise in the Incidence of Burns - Picric acid has antiseptic and astringent properties which are used in the medical field as a surface anesthetic ointment or solution and in burn ointment to use in healing wounds and injuries. Thus, the rapid growth in burn cases is expected to increase the usage of picric acid and ultimately expand market size during the analysis period. It is used in the manufacture of surface anesthetic solutions and burn ointments. Burns affect over 1 million Indians every year, according to the WHO.
• Increasing Use in the Manufacturing Process of Plastic Goods – As per the latest reports, across the world, the use of plastic has increased fourfold in the last 3 decades, with over 450 million tons used in 2019, as per the latest research.

 Challenges

• Risk of Poisoning When Ingested, due to its Toxic Nature – Picric acid when is present in a hot and heating condition results in the formation of a toxic oxide of nitrogen and carbon. These are harmful to the human body be consumed or ingested. Thus, the toxic nature is anticipated to hinder the expansion of the market size in the forecast period.
• Corrosive in Nature – The constituents of picric acid are corrosive in nature which is handled carefully to eliminate rusting. Hence, it is stored in either plastic or glass containers. Therefore, this trend is expected to restrain market growth.
• Need for Trained Professionals in Handling and Storage