Fullerene Market Growth | By Application, By Region And Segment Forecast Till 2027
Market Synopsis
According to the
MRFR analysis, the Global Fullerene Market growth 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 Market Growth 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
- C60: C60
fullereneis 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
- 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.
- 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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