PAP and Paracetamol Market set to Flourish due to Growing Awareness of Side Effects of Medications
Some of the leading players in the global PAP (para-aminophenol) and paracetamol market are Mallinckrodt, Anqiu Lu’an Pharmaceutical Co., Ltd., Granules India, and Taixing Yangzi Pharm Chemical Co., Ltd. The highly fragmented markets will witness companies stepping up their supply capabilities through well-established distribution channels and influential marketing strategies to remain relevant, observes Transparency Market Research in a new report.
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“Investments in emerging economies of Asia Pacific at this juncture will help reduce operating costs due to cheap labor and a well-equipped infrastructure. The domestic markets in Asia Pacific are showing promise of growth as well,” states the lead author of this leading research report. Expanding production capacities and providing sophisticated quality of products by limiting the range of products offered to focus on core competencies will prove to be an important move for players to tackle the cut-throat competition.
Need Pain Management Drives PAP and Paracetamol Market
The market drivers for PAP and paracetamol are closely interlinked as 80% of the PAP produced across the globe is used in production of paracetamol. Thus, the overall increase in the production of paracetamol, a commonly used analgesic, is driving the global PAP market. The other increasing end uses of PAP in sulfide dyes, azo dyes, fur dyes, photographic developers, and rubber antioxidants are propelling the consumption of PAP. The high incidence of pain-related diseases and conditions have also increased the uptake of paracetamol in recent years, creating a direct impact on the sales of PAP.
The low production costs in emerging countries such as China and India have made them the focal point of chemical manufacturing activities. The evolving nature of these manufacturing units with diversified production capabilities have also contributed towards high utilization of PAP. The accelerated pace of manufacturing agro-chemicals, pharmaceuticals, and dyes amongst others will collectively lead to growing demand for PAP during the forecast period.
Solvent-free Synthesizing Challenges PAP Market
The shifting focus on synthesizing paracetamol without solvents is expected to hamper the usage of PAP in manufacturing processes, thereby restraining the growth of PAP market in the coming years. Furthermore, growing awareness amongst consumers about side-effects of analgesics is also create a negative sentiment in the paracetamol market. However, efforts channelized towards forward and backward integration will organize businesses in a far more efficient manner.
Asia Pacific Makes Most of Production Opportunities to Maintain Lead
According to the research report, the global paracetamol market is expected to reach US$1,049.7 mn by 2022 as compared to its valuation of US$900.2 mn in 2014. On the other hand, the para-aminophenol market, which was valued at US$452.7 mn in 2014 is expected to reach US$709.2 mn by 2022. Analysts have identified North America as the largest geographical segment in both the markets with the PAP market here poised to reach revenues of US$295.3 mn by 2022 and paracetamol representing an opportunity worth US$437.1 mn by 2022. Meanwhile, Asia Pacific is expected to take up the opportunity of highest production of paracetamol, thus registering a CAGR of 1.9% during the forecast period. This region will also take lead in the PAP market with a steady CAGR of 8.1% between 2014 and 2022.
This review is based on Transparency Market Research’s report, titled “PAP and Paracetamol Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2022.”
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