Fullerene Market Overview
Fullerene Market Expected Growth Rates For worth USD 720.3 Million by 2027, registering a CAGR of 7% during the forecast period (2020 - 2027).
Drivers and Restrains Impacting Fullerene Market
The worldwide fullerene market is anticipated to thrive at a robust growth pace over the review term. The upsurge of the fullerene market can be primarily driven by the rise in application of fullerene in affluent cosmetics and pharmaceutical industries. The hike in expenses on countries with low and middle income can influence the market. The rise in average per capita health expense and surge in R&D investment in the nano-science fields, medical, and bio-medical sector can create immense growth scope for the global market participant in the years ahead.
The easy availability of C60 and C70 that are common carbon fullerene as they are tailored in various purities to meet intended requirement and deliver best performance and value can favor the Fullerene Industry in the review period. The large-scale application of fullerene in the production of automobiles, cosmetics, electronics, renewable energy, and semiconductors can favor the fullerene market in the review tenure. The rise in application of fullerene in different biomedical applications can prompt the market rise.
Socio-economic trends, such as; sedentary lifestyles, rapid urbanization, economic growth, changing eating habits, and increasing disposable income, are other causes that can drive the market. Trends are driving the need for fullerene in end-use industries, such as; renewable energy, cosmetics, and electronics, which, in turn, can support the market upsurge. On the contrary, the high price of fullerene and the need for complex and expensive production technology are causes that can hinder the upsurge of the global fullerene market in the forecast period.
Segment Study of Fullerene Market
The segment study of the fullerene market is based on type and application.
The application-based segments of the fullerene market study are pharmaceutical, renewable energy, cosmetics, and electronics among others. The segment of pharmaceuticals of the global fullerene market can thrive at a healthy CAGR by 2025. The increase in the utility of fullerene in the pharmaceuticals industry due to its unique molecular structure, biological compatibility, and antioxidant effect that can contribute to cancer treatments can favor the market in the approaching years.
The type-based segments of the fullerene market study are C60, and C70 among others. The segment of C60 of the fullerene market is expected to rise at a healthy CAGR owing to the increased utility of C60 fullerene in cosmetics, semiconductor, and pharmaceuticals applications. The segment is likely to secure around 60% share of the global market in the near future.
Regional Analysis of Fullerene Market
The fullerene market in the North America region can be attributed to the surge in investment in the medical field and the presence of well-established electronics and cosmetic industries. The expansion of the fullerene market in the Europe region can be credited to the existence the largest research in the regional. The extensive research and development undertaking of projects associated with fullerene can contribute to the augmentation of EU market. The escalation in the investment in the development of renewable energy is creating the demand for fullerene as organic photovoltaic materials to aid in harvesting high energy in solar photovoltaic units. The growing need to boost solar capacity for automotive and portable power applications can drive the sales of hydrogen fuel cell-powered vehicle across the US and Europe, which, in turn, can promote the market growth.
The rise of fullerene market in the Asia Pacific region can be attributed to the rapid growth of the cosmetic sector and the pharmaceuticals industry in China and India, along other regions of APAC.
The market of fullerene in the Latin America region can thrive owing to the increase in the utility of fullerene in booming cosmetic industry and region with increase in economic activities.
The market of fullerene in the Middle East and Africa region can be credited to the upscaling demand for cosmetic among people. Another cause that can support the rise of fullerene market is the increase in the installation rate of solar power installation in this region.
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Fullerene Market Key Players
Frontier Carbon Corporation (Japan)—nanom purple ST, Nano-C (US), BuckyUSA (US), Vitamin C60 BioResearch Corporation (China)—LipoFullerene, MTR Ltd (US), Solenne BV (The Netherlands), Merck KGaA (Germany), Nanostructured & Amorphous Materials, Inc (US), American Elements (US), Xiamen Funano New Material Technology Company LTD (China), and NeoTechProduct (RUSSIA) are some reputed companies in the fullerene market that are listed by MRFR in the report.
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