Fullerene Market - Forecasts from 2024 to 2029

Fullerene Market - Forecasts from 2024 to 2029

The fullerene market is expected to grow at a CAGR of 16.98%, from estimated value of US$2,288.221 million in 2024 to US$5,011.791 million in 2029.

Fullerene is a set of carbon allotropes whose molecules are connected to carbon atoms via single or double bonds. These closed bonds form a closed mesh with a hollow sphere. This close bond helps to direct electron transfers from the excited state of the DNA bases. Fullerene is used to cleave DNA and has also been used as a carrier for drugs and gene delivery systems.

Fullerene has multiple applications across multiple industries, apart from healthcare. It is also used as a surface coating application, conductive device, and various other devices. It is used as a component material for the manufacturing of semiconductor technology. Fullerene has a high molecular crystal formation, and its characteristics are similar to the various synthetic semiconductors in the market. It is also used in solar cells, and the organic polymer composed of fullerene emulates the process of photosynthesis. It is anticipated that the global demand for the fullerene market is further expected to witness a significant boost with the growth in the market size of semiconductor technology globally.

Similarly, the increase in the pharmaceutical industry is also expected to propel the fullerene market in the global landscape. The fullerene compound acts as a beneficial element in the drug delivery system. The global healthcare and pharmaceutical sector is expected to observe a significant boost with the increase in the global population. Europe is among the biggest suppliers of pharmaceuticals in the globe, and its market size is expected to increase further in the future. The pharma and healthcare industry has also witnessed a major boost with the increasing global cases of diseases.

FULLERENE MARKET DRIVERS:

An increase in the global demand for pharmaceutical and healthcare products.

The most common use of fullerene is as a drug delivery compound. Fullerene plays a major role in the healthcare and pharma industry. An increase in the healthcare and pharmaceutical industry will surely bolster the fullerene market share. The global pharmaceutical product industry has grown significantly in recent years. The Observatory of Economic Complexity (OEC) stated that in 2022, the global pharmaceutical products export accounted for about US$ 835 billion. In 2022, the European region dominated the market, with Germany being the biggest exporter of pharma products.

In 2022, the German export of pharma products was about US$125 billion. Apart from Germany, Switzerland is also among the biggest pharma exporters of the globe, exporting about US$93 billion worth of pharma and medicated drugs. In 2021, the global trade of pharma and medicated drug products was about US$804 billion. The pharma industry worldwide is witnessing a significant increase, simultaneously increasing the global market of fullerene.
Its increasing application in the global electronics industry.

The global market for fullerene is expected to increase with an increase in global electronics demand. Fullerene has a wide range of applications in the electronics industry, from use as a coating material for the surface to use in semiconductor components. It is also used as a retardant paint, a special type of paint designed to stop the spread of fire. This paint limits the damage to buildings and other infrastructures from fire. In retardant paint, fullerene increases the temperature capacity of such paints.

The global increase in electronics and electrical machinery increased significantly, increasing the market size of the fullerene. According to the Observatory of Economic Complexity (OEC), the global trade of electronics and electrical machinery reached about US$3.39 trillion in 2022. In this industry, China became the biggest exporter in the globe, exporting about US$1.1 trillion worth of electrical machinery and electronics. The export of the same was recorded at US$3.19 trillion in 2021.

Fullerene Market Geographical Outlook

Asia Pacific is anticipated to hold a significant share of the fullerene market.

Asia Pacific is estimated to hold a significant share of the global fullerene market, as the region witnessed a constant increase in its population, with an increasing development in the pharmaceutical industry. Nations like India, China, Japan, and South Korea are among the global leaders in pharma production. The region exports its pharma and drug products to multiple countries. The growth of the pharma industry in the Asian Pacific region is expected to propel the fullerene market further.

The Ministry of Health and Family Welfare of India stated that the nation's pharma and medicated drug product exports grew about 12% in the past 9 years. With the introduction of various policies like the PLI schemes, the nation witnessed an increasing growth in its pharma industry. According to the data published by the ministry, the nation is among the third biggest producers of pharma products in the world. India’s pharma products export grew about 5.71% of the total nation’s exports and is exported to about 200 nations. Similarly, China is also among the top producers of pharma products in the Asia Pacific region. According to the Observatory of Economic Complexity (OEC), in 2022, China's export of pharma products accounted for about US$15.3 billion, of which the nation's most product was exported to countries like France, Denmark, Germany, and the USA.

Fullerene Market Players and Products:

CTI Materials: CTI Materials is a global supplier of materials and develops products enabled by nanotechnology. Their product range includes Carbon Fullerenes C60, Fullerenes C60 99.9, Carbon Fullerenes C70
Otto Chemie Pvt. Ltd: Otto Chemie Pvt. Ltd provides a wide range of products, including ammonia acids, biochemicals, products related to cell biology, and others. Its fullerene range includes Fullerenes C60 95%, Fullerenes C60 98%, Carbon Fullerenes C70 95%, and Fullerenol Powder.
Cheap Tubes: Cheap Tubes aims to transform the material industry. The company offers multiple products, such as CVD Graphene Film, MXene, Graphene Oxide, and Functional Nano Tubes. It also provides Carbon Fullerenes C60 and C70.

Fullerene Market Key Developments:

In April 2024, Mitsubishi Corporation (MC), a global electronics and electrical machinery giant, and Denka Company Limited (Denka) signed a joint venture agreement to expand the fullerene business. The company aims to design a new model for the basic fullerene structure and an organic fullerene-based thin-film solar cell.

The Fullerene Market is segmented and analyzed as:

By Product Type
C60
C70
C76
Others
By Shape
Nano-Tubes
Nano-Rods
Bucky Balls
By End-User Industry
Energy
Electricals & Electronics
Pharmaceuticals
Cosmetics
Aerospace & Defence
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East And Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Indonesia
Thailand
Taiwan
Others