Fullerene Market Size to Reach USD 718.3 Million in 2028 | Increasing Application of Fullerenes in Skincare Products and Use in Solar Cells Along with Rising Focus on Green Energy are Key Factors Driving Industry Demand, According to Emergen Research
VANCOUVER, BC, Jan. 31, 2022 /PRNewswire/ -- The global fullerene market size reached USD 487.9 Million in 2020 and is expected to register a steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing research and development initiative to use fullerenes as proactive agents for cells is a major factor expected to continue to drive market revenue growth.
Drivers:
Market revenue growth is expected to be driven by increasing use of fullerenes in solar cell. Rising focus on using fullerene-based carbon materials in perovskite solar cells to improve efficiency, decrease hysteresis, and boost stability is another key factor driving market revenue growth. Use of C60 fullerene in biological, pharmacological, and pharmaceutical applications has indicated significant potential. For instance, it has been discovered that C60 fullerene is an excellent free radical scavenger, and therefore can be utilized as a cell protective agent or even to minimize oxidative stress. Thus, increasing research and development initiatives to use fullerenes as proactive agents for cells is expected to propel revenue growth of the market in the near future.
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Restraints:
High cost of endohedral fullerenes and concerns regarding environmental pollution due to toxic nano-compounds are major factors expected to limit adoption of fullerenes to some extent. Concerns regarding fullerene degradation is another factor restricting fullerene application, which is expected to hamper market revenue growth.
Growth Projections:
Global fullerene market is expected to register a CAGR of 5.1% over the forecast period and revenue is projected to increase from USD 487.9 Million in 2020 to USD 718.3 Million in 2028. Increasing application of fullerenes in skincare products is boosting market revenue growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak led governments to enforce temporary lockdowns, which disrupted the supply chain and forced closure of production units in early 2020. This had a negative impact on the market, resulting in a slight decline in market revenue in 2020. However, continuous demand from healthcare industry opened up growth opportunities. Additionally, as governments lifted lockdowns and restrictions, market revenue growth is projected to continue to increase in the near future.
Current Trends and Innovations:
Fullerene is an important element for controlled drug release. Since these are multifunctional, these can function as drug absorbents to generate nanometric particles. One example is methaneofulerene, a fullerene derivative that if combined with specific drugs for cancer treatment, has proven significant activity in tissues as well as gradual and extended drug release. Thus, increasing focus on using fullerenes for controlled release of drugs is expected to contribute to revenue growth of the market going ahead.
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Geographical Outlook:
Asia Pacific fullerene market is expected to register a significantly rapid CAGR over the forecast period. This is due to robust presence of major players, including Otto Chemie Pvt. Ltd., MTR Ltd., Sisco Research Laboratories Pvt. Ltd., and Mitsubishi Chemical Holdings Corporation among others in countries in the region.
Strategic Initiatives:
Some major companies included in the market report are Mitsubishi Chemical Holdings Corporation, Nano-C, Inc., Merck KGaA, Nanocyl SA, Otto Chemie Pvt. Ltd., Tokyo Chemical Industry UK Ltd., MTR Ltd., Nanostructured & Amorphous Materials, Inc., Sisco Research Laboratories Pvt. Ltd., and SES Research Inc.
- In June 2020, Analog Devices Inc. announced an increase in investment in Nano-C Inc. Additional funding will help Nano-C in expanding its capabilities for ultra-low-power NRAM for embedded memories, high-sensitivity fingerprint sensors for smart phones, and high-efficiency tandem silicon-perovskite solar panels for domestic and industrial applications.
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Emergen Research has segmented global fullerene on the basis of type, production method, shape, end-use, and region:
- Type Outlook (Revenue, USD Million; 2018–2028)
- C60
- C70
- C76
- Other
- Production Method Outlook (Revenue, USD Million; 2018–2028)
- Arc Discharge Method
- CVD/CCVD Process
- Laser Ablation of Graphite
- Others
- Shape Method Outlook (Revenue, USD Million; 2018–2028)
- Nanotubes
- Bucky Balls
- Nano-rods
- End-Use Outlook (Revenue, USD Million; 2018–2028)
- Aerospace & Defense
- Electrical & Electronics
- Healthcare
- Energy
- Others
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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