In a recent research report analyzed by Transparency Market Research (TMR) states that there is an extreme competition in the global market for para-aminophenol and paracetamol market. The market is expected to experience a high level of fragmentation as per TMR analysis. The major players in the PAP and paracetamol market are making efforts in strengthening their relationship with local companies that will help the companies in benefiting their technical expertise and support logistics. Further, the companies are making constant efforts in ensuring the use of innovative technologies for marketing to grow their market reach. Moreover, to capture the highly competitive market, companies are boosting their distribution network to strengthen their reach in global market. Companies such as Granules India, Mallinckrodt, Anqi Lu’an Pharmaceutical Co. Ltd., and Taixing Yangzi Pharm Chemical Co. Ltd. are focusing to surge the market in developing nations to optimize the cheap labour and newly built infrastructure.
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As per the report, the global paracetamol market is expected to reach US$ 1.04 bn by the end of 2022. Meanwhile, until the end of 2022, the global para-aminophenol (PAP) is estimated to reach US$ 0.70. Geographically, North America has its dominance due to the presence of modern manufacturing units and increasing number of PAP producers. Additionally, India and China are leading in chemical production that has given the huge market for the PAP producers to seize this opportunity. The wide applicability of PAP in producing dyes, pharmaceuticals, and in agro-chemical will increase their efficiency in these regions.
Developing Economies to Propel the Demand for PAP and Paracetamol Market
Globally, the increasing awareness of pain management solutions is resulted from using paracetamol. Paracetamol is a remarkable painkiller, thus making it the best solution for pain management on regular basis, and is the main factor that has augmented the use of paracetamol globally. Moreover, the wide applicability of para-aminophenol is expected to grow its market in the Asia Pacific that will enhance its production capabilities.
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Despite, the huge opportunity for chemical producers, emerging economies mainly in the Asia Pacific provide affordable research and development and availability of raw material at a low cost. They also offer favorable infrastructure, low wages of work force, and increasing trade transaction that will boost the market for PAP and paracetamol.
Increasing Awareness for Harmful Effects of Analgesics May Hinder the Growth of the Market
The market for PAP could find certain difficulties due to decreasing use of solvents in producing paracetamol may harshly affect the PAP manufacturing sector. Moreover, increasing awareness about the harmful effects on health with extensive usage of analgesics will turn into a great challenge for the progress of PAP and paracetamol market.
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The huge emphasis is given to manufacture paracetamol without adding solvents because the use of solvents causes massive negative impact and slow down the demand for PAP in the manufacturing market. Thus, diminishing the growth for PAP to a certain extent. Moreover, high awareness among the large population of extreme consumption of analgesics is also projected to impede the market for PAP and paracetamol to succeed during the forecast period.