Global Fullerene Market is estimated to register a CAGR of 15% between 2019 and 2025.
A fullerene is an allotropic form of carbon. The most common carbon fullerenes available are C60 and C70. Fullerene products are tailored in various purities according to the application for best performance and value. Fullerene finds a wide range of applications in the production of cosmetics, renewable energy, automobiles, electronics, and semiconductors. Fullerene is also increasingly used in various biomedical applications. Endohedral fullerene has additional ions, atoms, and clusters enclosed within the inner spheres.
The global fullerene market is expected to witness robust growth during the review period. The growth of the market is primarily driven by increasing application of fullerene in the pharmaceutical and cosmetics industries. The spending on healthcare in the low- and middle-income countries is expected to be 6% and 4% in high-income countries during the forecast period. According to the World Health Organization, in 2016, the global spending on health was USD 7.5 trillion and average per capita health expenditure was USD 1,000. Furthermore, the increasing R&D investment in the medical, bio-medical and nano-science fields are consequently expected to create immense growth opportunities for the global market participants.
The other prominent factor that is expected to fuel the growth of the global fullerene market is socio-economic trends such as rapid urbanization, sedentary lifestyles, changing eating habits, economic growth, and increasing disposable income. These trends are driving the growth of end-use industries such as cosmetics, electronics, and renewable energy. The cosmetic industry is the prominent consumer of fullerene, the growth of the industry is expected to significantly boost the growth of fullerene market during the review period. The global cosmetic and personal care market was valued at USD 500 billion in 2018 and is expected to witness robust growth in the years to come, which is expected to fuel the demand for fullerene.
However, the high cost of fullerene and complex & expensive production technology for fullerene is expected to hinder the growth of the global market during the forecast period. However, increasing investments in R&D and technological advancements are expected to pave way for the growth of global fullerene market during the forecast period.
Production Process Overview, Pricing Analysis and Regulatory Framework:
The production process of fullerene is highly complex and involves expensive technology. Fullerene was first produced using arc discharge between graphite electrodes. Some of the other prominent synthesis routes of fullerene include laser vaporization of carbon, resistive arc heating of graphite, and laser irradiation of polycyclic hydrocarbons (PAHs). The average price for fullerene varies from USD 50 – 80 per grams. The price of the fullerene increases significantly with the purity level owing to the difficult and challenging purification process.
Currently, there are no regulations governing the production and use of fullerene. However, with the increasing use and application of fullerene in medical and bio-medical fields new regulations pertaining to their use are expected to be introduced. The fullerene has low toxicity and there is no risk on exposer with humans and the environment. However, according to the 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)
Frequently Asked Questions (FAQ) :
The market is projected to register a CAGR of 15% during the assessment period.
Some of prominent factors boosting the market growth include the expanding application scope of fullerene in the cosmetics and pharmaceutical industries. Also, socio-economic aspects including rising urbanization, evolving eating habits, sedentary lifestyles, economic surge and rising disposable income also induce market growth.
The high cost of fullerene can be a factor to slow down the market growth in the near future.
The pharmaceutical application segment is presumed to hold the biggest share in the global market.
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