Fullerene Market Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2030

Market Synopsis

According to the MRFR analysis, the Global Fullerene Market is estimated to exhibit a CAGR of 15%

Fullerene is an allotropic form of carbon and is made of hollow cage structure. Fullerene finds a wide range of applications in cosmetics, renewable energy, automotive, electronics, and semiconductor industries. The wide application of fullerene is owing to its high antioxidant characteristic, unique molecular structure, biocompatibility, and anti-aging properties. Moreover, owing to its cage-like structure fullerene is used as a drug delivery mechanism. Endohedral fullerene is carbon fullerene having additional ions, atoms, or clusters enclosed within their inner spheres.

Pricing and Regulatory Analysis

The fullerene price varies from USD 50 to 80 per gram. The variation in price is associated with purity. The high cost of fullerene is attributed to expensive production methods and unavailability of bulk production method.

Currently, there are no regulations governing the production and use of fullerene. However, according to Globally Harmonized System of Classification and Labelling of Chemicals (GHZ) fullerene is classified as H228 (flammable solid) and H315-H319 (causes skin irritation and serious eye irritation).

Segmentation

By Type

1. C60: C60 fullerene is most widely used in cosmetics, pharmaceuticals, and semiconductor applications. The segment accounted for more than 60% share in 2018 and is projected to register highest growth owing to wide range of applications

2. C70: It is mainly used as organic photovoltaics (OPV), catalysts and antioxidants. This segment is expected to witness high growth owing to increasing solar PV installations in China, India and the Middle East & African countries.

3. Others: The others segment is expected to witness a moderate growth owing to niche applications in pharmaceuticals and cosmetics applications. This includes higher fullerenes such as C240, C540, and C720.

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By Application

Pharmaceuticals: Largest application segment and high growth owing to increasing usage in the pharmaceuticals industry owing to its unique molecular structure, antioxidant effect, and biological compatibility. Furthermore, the increasing use of fullerene for cancer treatments and usage as a drug delivery system is expected to boost the segment’s growth during the forecast period.

Cosmetics: The segment is expected to be the fastest-growing in the market. Fullerene owing to its antioxidant characteristics is used as an anti-aging and anti-damage agent in the cosmetic sector. Owing to increasing disposable income, changing lifestyle and rapid urbanization the cosmetic industry is witnessing a robust growth thereby driving the growth of fullerene in the market. Moreover, increasing demand for male grooming products particularly in emerging market is surfacing new growth platform for the market during the forecast period.

Renewable Energy: Increasing investment in the development of renewable energy across the globe is driving the growth of the segment. The use of fullerene as organic photovoltaic materials help in high energy harvest in the solar photovoltaic units. The Chinese government has set plans to install 105 GW of solar capacity by 2020, and the Indian Government has set a target to install 100 GW of solar capacity to be achieved by 2022. Fullerene is also used PEM Fuel Cell application to be used in automotive and portable power applications. The robust growth of hydrogen fuel cell vehicle across the US and Europe is also augmenting the market growth.

Electronics: In electronics industry fullerene is used in the manufacturing of semiconductors and sensors.

Others: The segment includes catalysts, water purification, and lubricants. The increasing research and development in the fullerene market are expected to widen the scope of application.

By Region

North America: Market growth in the region is driven by increasing investment in the medical field and well established cosmetic and electronics industries.
Europe: The largest regional market. Increasing research & development in the region is augmenting the market growth.
Asia-Pacific: The fastest-growing regional market, owing to booming cosmetic and pharmaceuticals industry in countries such as China and India.

Latin America: The high growth of the market is attributed to the booming cosmetic industry and economic growth.

Middle East & Africa: Growing cosmetic industry and solar power installation in the region.

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