Global PAP and Paracetamol Market: Snapshot
Of late, the global market for para-aminophenol (PAP) and paracetamol has been witnessing a substantial surge, thanks to the rising prevalence of chronic diseases and several conditions that require pain management solutions on a regular basis. As, nearly 80% of PAP produced across the world is utilized for making paracetamol, the augmenting consumption of the latter is influencing the growth of the global PAP market directly. The rising awareness pertaining to the pain management solutions paracetamol offers, which essentially, is an efficient analgesic, is the main factor that is fueling the consumption of paracetamol, globally. The increasing application of PAP in various other areas, such as rubber antioxidants, anti-ager, photo-developing agents, several other chemicals, and for making dyes, is also propelling this market considerably.
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In 2014, the opportunity in the global paracetamol market was US$0.90 bn. By 2022, it is likely to reach US$1.04 bn. Meanwhile, the global para-aminophenol (PAP) market is expected to rise from US$0.45 bn in 2014 to US$0.70 bn by the end of 2022. With the emergence of China and India as the leading chemical producers across the world, the opportunities to the overall market is likely to increase substantially, as PAP is projected to find a widespread application in various industries, such as pharmaceuticals, agro-chemicals, and dyes. The leading participants are also expected to tap into the accommodating infrastructural setup in developing economies of Asia Pacific in order to improve and diversify their production capabilities.
North America to Retain Dominance
The global market for PAP and paracetamol is spread across Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. With the rising number of PAP producers and a robust presence of modern manufacturing units, North America surfaced as the leading regional market for PAP and paracetamol in 2014. The constant efforts aimed at upgrading from chemical manufacturing to specialty chemical manufacturing in this region have also propelled the North America PAP and paracetamol market significantly over the last few years.
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Researchers expect this regional market to retain its position in the near future, thanks to the increasing attempts of companies to adhere to environmental regulations regarding production processes, leading to a rise in PAP production in the region. By 2022, this regional market is projected to hold a share of nearly 40% in the overall market.