Global PAP and Paracetamol Market: North America Emerges as Key Region for Consumption of PAP and Paracetamol
Para-aminophenol, better known as PAP, is the final intermediate in the industrial synthesis of paracetamol. PAP is further used in the manufacturing of products used across sectors such as the dyes industries, pharmaceuticals and fine chemicals. The rapid emergence of India and China as the largest chemical producers in Asia, along with the development of exclusive production techniques has propelled the growth of the global PAP market. The market was worth US$0.4 bn in 2013 and is projected to reach US$0.7 bn by 2022. In terms of volume, North America has been the key region contributing towards the growth of the global PAP market.
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Demand for P-aminophenol Surges across Emerging Economies
The global PAP market has been witnessing increasing demand from emerging economies in Asia Pacific and Latin America. In 2013, the demand for PAP in Asia Pacific stood at 65,753.9 tonnes. Increased production of PAP in Asia Pacific can be attributed to the availability of a wide range of raw materials, developed infrastructure, cheap and abundant labour, and advanced manufacturing facilities. Focus on inorganic growth of PAP in Asia Pacific will further increase the demand for production.
Regulatory Bodies Introduce New Dosage Instructions to Combat Adverse Effects of Paracetamol
Paracetamol acts as a pain reliever and an antipyretic. Due to its fewer side effects in comparison to aspirin, the drug is administered either alone or in combination. Product differentiation through technological innovations, new formulations, combination products, and indications has propelled the growth of the global paracetamol market. In 2013, the global paracetamol market was worth US$0.8 bn and is estimated to be valued at US$1.0 bn by 2022.
Recently, there have been several contradictions regarding the usage of paracetamol for longer terms. Though the drug is the most widely used painkiller, several adverse effects of extensive usage of paracetamol such as increased risks of heart attack and stroke have been reported. Statistics show that paracetamol overdose is one of the leading causes of liver failure across the globe.
Growing Concerns in U.S. Regarding Over Dosage of Paracetamol
In the U.S. and the U.K., there have been recent changes to the recommended dosages of some paracetamol-containing products. In the U.K., the Medicines and Healthcare products Regulatory Agency (MHRA) has changed the paracetamol dosage instructions for children. In the U.S., McNeil Consumer Healthcare has reduced the maximum recommended dosage for adults on their paracetamol 500 mg Tylenol products, from 4000 mg to 3000 mg per day.
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The paracetamol market in North America was worth US$394.05 mn in 2013 and is anticipated to reach a valuation of US$437.1 mn by 2022. In terms of consumption, the region accounts for the largest share in the global paracetamol market. However, there is a particular concern in the U.S. about the frequency of liver failure due to overdose with paracetamol. The U.S. Food and Drug Administration (FDA) is closely monitoring the situation.