The Global PAP and paracetamol market was valued at US$0.4 bn and US$0.8 bn, respectively, in 2013 and is projected to reach US$0.7 bn and US$1.0 bn, respectively, in 2022
The Global Pap (para-aminophenol) And Paracetamol Market features a highly fragmented vendor landscape and an intense level of competition, states Transparency Market Research in a recent report. To outpace their peers, the leading companies in the market, including Taixing Yangzi Pharm Chemical Co., Ltd., Anqiu Lu'an Pharmaceutical Co., Ltd., Granules India, and Mallinckrodt, are stepping up their production and supply capabilities with the help of innovative marketing strategies and well-established distribution networks.
Focus on expansion across emerging economies of regions such as Asia Pacific and Latin America could help companies bring down their operational costs owing to well-established or rapidly developing infrastructure and cheap labor in these regions. Domestic markets in Asia Pacific are also exhibiting promising growth prospects for the PAP and paracetamol market, which companies could bank on for sustainable returns in the near future.
The report states that the global paracetamol market will rise to an opportunity of US$1,049.7 mn by 2022 from a valuation of US$900.2 mn in 2014. The PAP (para-aminophenol) market, on the other hand, will expand to US$709.2 mn by 2022 from US$452.7 mn in 2014.
Asia Pacific to Present Most Promising Growth Opportunities to PAP and Paracetamol Markets
From a geographical perspective, the market for PAP and paracetamol in North America is presently the leading regional market and will remain the dominant revenue contributor to the global market through the report’s forecast period. Meanwhile, the market in Asia Pacific is expected to emerge as the leading manufacturing hub of PAP and paracetamol and significantly add to its present share in the global market by the end of the forecast period.
Asia Pacific is also expected to remain the region with the most promising growth prospects over the report’s forecast period, charting a 1.9% CAGR for the paracetamol market and a highly promising 8.1% CAGR for the PAP market.
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Rising Prevalence of Pain-inducing Disorders to Drive PAP and Paracetamol Market
Factors driving the global demand for PAP and paracetamol are closely interspersed as 80% of the global production of PAP is used for the production of paracetamol. As a result, the vast global rise in the production of paracetamol, which is an extensively used analgesic, is one of the key forces driving the global market for PAP.
Other factors propelling the market include the increased usage of PAP in application areas such as azo dyes, photographic developers, sulfide dyes, and rubber antioxidants. The significant rise in patient pool of a number of pain-related diseases is also acting as a favorable trend for the global PAP and paracetamol market.
Moreover, the rapidly expanding manufacturing sector and diverse production facilities in emerging economies of India and China are providing strong base for chemical manufacturing activities, attracting several international manufacturers. This factor has improved the uptake capacity of PAP of the region and is expected to have a positive influence on the overall growth of the global PAP and paracetamol market in the next few years.
Consumer Awareness about Negative Health Impacts of Analgesics to Hamper Growth
Increased preference to the production of paracetamol without the usage of solvents is a factor that is expected to have a massive negative impact in the overall usage of PAP in the manufacturing sector, thereby hindering the prospective growth of the PAP market to an extent. Moreover, the increased level of consumer awareness regarding the negative health benefits of excessive use of analgesics is also expected to hamper the growth prospects of the global PAP and paracetamol market to a certain extent in the future.
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