The global fullerene market is anticipated to grow at a considerable CAGR of 8.2% during the forecast period. Fullerene has wide applications in electronics, energy, aircraft, and energy & defense sectors. It is increasingly adopted across the globe due to its properties possessed by it. Fullerene finds a wide application as the bonding between the atoms in the fullerene structure is very strong as compared to metal & exhibits extraordinary strength. It is also 5-6 times stronger than conventional metal such as steel. Such benefits of fullerene contribute to the growth of the market. The increasing demand from the energy sector is propelling the growth of the market. The fullerenes are the best acceptor component currently available due to their high electron affinity and superior ability to transport charge. Owing to fact, fullerenes are largely used in photovoltaics as a natural photovoltaic material which helps in in high energy collection.

However, the major restraint of the market is the high cost of technology and complexity of the technology as compared to the present technology. Besides, the increased funding for nanotechnology is the future growth opportunity for the fullerene market across the globe.

Impact of COVID-19 Pandemic on Global Fullerene Market 

The outbreak of the COVID-19 pandemic had created, limited options and travel restrictions created hurdles to international trade, movement, and transportation, which disrupted many industries. The international borders were closed, due to which there was a decline in the demand for fullerene and the company’s revenue decreased, also loss across the whole fullerene supply chain, suppliers, consultants. 

Segmental Outlook 

The global fullerene market is segmented based on products, and application. Based on products the market is sub-divided into C60, C70, and Others. Based on application the market is bifurcated into Pharmaceutical, Electronics, Energy, Aviation & Aerospace, Others. Based on products, the C60 fullerene is anticipated to grow at the higher rate as it is widely used in many areas such as cosmetics, pharmaceuticals, and others. Fullerene is also used in manufacturing of electric batteries due to the rising demand of electric vehicles which further drives the growth of the cell-based Fullerene market.  

Global Fullerene Market Share by Application, 2021 (%)

The Pharmaceutical Segment is Anticipated to Hold a Prominent Share in the Global Fullerene Market 

Based on application, the pharmaceuticals segment is anticipated to hold a prominent market share during the forecast period. The various advantages offered by skincare and pharmaceutical products have propelled the utilization and growth of the global fullerene market. It is an antioxidant that protects the skin from free radicals, which are a major cause of aging and various other ailments. It also offers other benefits such as prevention of pimple breakouts, pores tightening, skin texture enhancement, skin brightening, and others.

Regional Outlooks

The global fullerene market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  North America is estimated to contribute a prominent share of the market. The regional growth of the market is attributed to the presence of the well-established pharmaceutical and aviation industry coupled with the increasing demand for fullerene from these industries.

Global Fullerene Market Growth, by Region 2022-2028

The Asia-Pacific Region Expected to Cater Considerable CAGR in the Global Fullerene Market  

The Asia-Pacific is expected to cater considerable CAGR in the fullerene market over the forecast period. Owing to increasing medical and pharmaceutical industries in the countries, such as China, India, and Japan, the demand for fullerene in the Asia-pacific region is growing drastically. India is one of the largest providers of generic drugs across the globe. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US, and 25% of all medicine in the UK.  According to IBEF, India ranks 3rd in terms of pharmaceutical production by volume and 14th by value. The domestic pharmaceutical industry includes a network of 3,000 drug companies and 10,500 manufacturing units, which in turn is propelling the growth of the fullerene market.

Market Players Outlook

The major companies serving the global fullerene market are Nano-C, Nanotech Industrial Solutions, IoLiTec Ionic Liquids Technologies GmbH, SES Research Inc., Mitsubishi Chemical Holdings, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, geographical expansion, and new product launches, to stay competitive in the market. For instance, in March 2022, the MCHC group got approval for the drug named DYSVAL 40mg capsule in Japan for its indication as a treatment for Tardive dyskinesia, it is the first pharmaceutical approved in Japan as a treatment for Tardive dyskinesia.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global fullerene market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.