Increasing Need for Pain Management Solutions to Drive Sales of Paracetamol and Para-aminophenol (PAP)
With the growing incidence of chronic diseases, the emergence of paracetamol as a first aid has given a significant push to the global paracetamol market. The increasing need for pain management solutions on a regular basis along with rising awareness about the benefits of paracetamol is anticipated to boost the consumption of paracetamol globally.
With the growing demand for paracetamol, para-aminophenol (PAP) is expected to rake in a healthy share of the pie. This is because nearly 80% of the total PAP produced globally is used for making paracetamol. Moreover, the use of PAP in several other areas such as for making rubber antioxidants, dyes, anti-ager, photo-developing agents, and other chemicals is fuelling the growth of the global PAP and paracetamol market.
As per a report by Transparency Market Research (TMR), the valuation of global PAP market was US$452.7 mn in 2014 and is expected to reach US$709.2 mn by 2022. TMR analyst states that the introduction of advanced technologies for the production of PAP such as single step continuous hydrogenation reactor involving four phases (G-L-L-S) is likely to foster the growth of the PAP market. Meanwhile, the global paracetamol market was valued at US$900.2 mn in 2014 and is estimated to rise to US$1,049.7 mn by 2022.
Which factors are restraining the growth of the global PAP and paracetamol market?
The advent of solvent-free medium for the synthesis of pharmaceuticals such as paracetamol is eliminating the use of volatile organic compounds using microwave irradiation as a source of energy. This factor is anticipated to hamper the demand for PAP as a raw material in the manufacture of paracetamol, thereby impeding the growth of the global PAP market.
Furthermore, rising awareness about side-effects of paracetamol is likely to negatively influence the growth of the global paracetamol market. The latest figures indicate increasing cases of illness and fatalities due to paracetamol overdoses. For instance, in the U.S., 458 deaths occur every year from paracetamol overdoses, out of which 100 are unintentional. These figures have compelled several governments to impose stringent regulations on their production and formulate strategies to reduce this public health burden. These strategies are expected to restrain the growth of the overall market.
Which factors are driving PAP and paracetamol manufacturers towards Asia Pacific?
Asia Pacific is anticipated to provide immense opportunities to the PAP and paracetamol manufacturers due to affordable research and development costs, supportive infrastructure, high availability of skilled technical labor at low cost, increasing government support, and exponentially trade volume due to an exponentially rising consumer base. Moreover, the emergence of countries such as India and China as potential markets have also presented abundant opportunities to the overall market owing to the increasing application of PAP in industries such as pharmaceuticals, agro-chemicals, and materials.
Moreover, an influx of investments in chemicals and pharmaceuticals industry in several parts of North America and Europe have resulted in reduced costs of final products. This factor has helped APAC in gaining an edge over other regions.