Nitroglycerin is a colorless and oily liquid with high density. It is generally manufactured by reacting nitrating glycerin with nitric acid in appropriate conditions. It is used for two major purposes: one is as an explosive and other is as a medicine. The growing API industry is also responsible for increasing the demand for API raw materials. Nitroglycerin is one of the important constituents in vasodilator drugs and falls under the drug group called nitrates. These medicines relax the blood vessels, thereby facilitating proper blood flow to the heart.
Angina is a kind of chest pain caused by blockages in blood vessels, which transport blood to the heart. Angina can be treated using nitroglycerin. However, the Nitroglycerin drug has several side effects, such as nausea, headache, and flushing. Increase in cases of angina due to changing lifestyle patterns and eating habits of the global population are pushing the market for nitroglycerin in the medical sector.
Global Nitroglycerin Market Dynamics
Market Drivers
The significant growth being witnessed in the number of cardiovascular diseases has created a rise in demand for medication. Nitroglycerin is one of the effective medicines for the treatment of angina pectoris.
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Increasing cases of angina pectoris are expected to push the market for nitroglycerin. Changing lifestyle of people in developed and developing countries is leading to new health challenges and these challenges are promoting the growth of the nitroglycerin market. Another application of nitroglycerin is in the manufacturing of explosives. Increasing use of nitroglycerin in the manufacturing of explosives for mining and construction allocations is also pushing the demand for nitroglycerin.
Market Restraints
The major challenge for the global nitroglycerin market is the rise in number of regulations covering its manufacturing, handling and usage. The health care industry is one of the tightly regulated industries in the world. FDA (Food and Drug Administration) sets certain restrictions on the chemicals used in food and drugs. Therefore, pharmaceutical manufacturers must align with these regulations set by various regulatory bodies to operate successfully in the market.
Various safety measures are necessary during the production of nitroglycerin. The explosive nature of nitroglycerin makes it difficult to handle in the normal condition. Also during the transportation of nitroglycerin, it is important to follow various safety guidelines. This is a challenging factor for the growth of the nitroglycerin market.
Market Trends
New applications of nitroglycerin in the field of medicine are being developed through research and development. For instance, various institutions and organizations are focusing on developing a potential drug from nitroglycerin for the treatment of prostate cancer.
Global Nitroglycerin Market: Regional Outlook
The global nitroglycerin market is expected to be leaded by North America and the U.S. is projected to dominate the market in terms consumption of nitroglycerin. Increasing number of patients suffering from cardiovascular diseases in the U.S. are leading to growing demand for nitroglycerin. This is projected to drive the nitroglycerin market in North America. North America is followed by Europe in terms of demand for nitroglycerin. Asia Pacific is the largest producer of nitroglycerin and is expected to lead in terms of the growth in the nitroglycerin market.
Growing healthcare industry and growth in demand for cardiovascular medicines in Asia Pacific and other emerging regions are the two factors expected to drive the demand for nitroglycerin during the forecast period. Middle East and Africa is projected to witness moderate demand growth for nitroglycerin during the forecast period.
Global Nitroglycerin Market Participants
Some of the market participants identified across the value chain of global nitroglycerin market are:
- Pfizer Inc.
- Merck
- Mylan N.V.
- Glenmark Pharmaceuticals Ltd
- Dalmia Bros. Pvt. Ltd.
- Troikaa
- ESPERO BIOPHARMA, INC
- Square Pharmaceuticals Ltd
- Sun Pharmaceutical Industries Ltd.
- Healthcare Pharmaceuticals Limited
- Copperhead Chemical Company
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Global Nitroglycerin Market Segmentation
On the basis of applications, the global nitroglycerin market can be segmented as:
- Pharmaceutical
- Explosives
On the basis of end use, the global nitroglycerin market can be segmented as:
- Angina Pectoris Treatment
- Prostate Cancer Treatment
- As Detonator in Mining Industry
- As Detonator in Construction Industry
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