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Asia Pacific is Expected to Present Abundant Opportunities to the PAP and Paracetamol Market due to Low Labor Costs, Affordable Research
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Additionally, the growing awareness about the pain management solutions offered by paracetamol, which is essentially an effective analgesic, is a key factor boosting paracetamol consumption across the globe. The application of PAP (para-aminophenol) in several other areas such as for making dyes, rubber antioxidants, photo-developing agents, anti-ager, and other chemicals is also propelling the global market.
Transparency Market Research predicts that the opportunity in the global paracetamol market is expected to be worth US$1,049.7 mn by 2022 as against to US$900.2 mn in 2014. Meanwhile, the para-aminophenol (PAP) market, will reach US$709.2 mn by 2022 from US$452.7 mn in 2014. The emergence of India and China as leading chemical producers have also presented a score of opportunities to the overall market as PAP is expected to find increasing application in industries such as agro-chemicals, pharmaceuticals, and dyes amongst others. Players are also expected to tap into supportive infrastructural setup offered by emerging economies of Asia Pacific to increase and diversify their manufacturing capabilities.
North America to Account for 40% of Global Market by Volume by 2022
North America leads the global market, poised to account for 40% of the total market share in terms of volume by 2022. The region’s standing will be the result of a growing number of PAP manufacturers and a strong presence of state-of-art manufacturing units. The persistent efforts made to upgrade from chemical production to specialty chemical production in the region have also boosted the market in the recent past. Additionally, attempts to adhere to environmental regulations pertaining to manufacturing processes are also propelling the PAP market in North America.
Asia Pacific Market Flourishes with Advantage of Reduced Manufacturing Costs
TMR estimates that the Asia Pacific PAP market will exhibit a steady CAGR of 3.9% between 2014 and 2022, while the paracetamol market will rise at a CAGR of 1.9% during the same forecast period. Asia Pacific is expected to present abundant opportunities to the PAP and paracetamol market due to low labor costs, affordable research and development costs, a larger base of manpower, supportive infrastructure, and increasing trade volume due to an exponentially rising consumer base. These are the common denominators driving the consumption and production of PAP and paracetamol in emerging economies of China and India.
An influx of investments in chemicals and pharmaceuticals industry has built the perfect framework for the consumption of PAP in various agro-chemicals and dyes along with a range of pharmaceutical compositions.
All of these aspects have resulted in reduced costs of final products in comparison to products manufactured in North America and other European regions. Thus, consumers are preferring Asian products over others, while manufacturers are shifting bases to indulge in cost-benefits offered by countries in Asia Pacific. Citing these reasons, analysts predict that Asia Pacific will emerge as a significant regional segment during the forecast period.
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Some of the leading players operating in the global PAP and paracetamol market are Mallinckrodt plc, Granules India, Angene International Limited, Haihang Industry Co., Ltd., Jinan Haohua Industry Co., Ltd., Parchem Fine & Specialty Chemicals, and Kemcolour International. Companies will strengthen their distribution channels to reach out to a wider audience to maintain their leadership in the overall market.
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