Fullerene Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 501.38 Million|
|Market Size (2028)||USD 770.37 Million|
|CAGR (2023 - 2028)||8.97 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Fullerene Market Analysis
The Fullerene Market size is expected to grow from USD 501.38 million in 2023 to USD 770.37 million by 2028, at a CAGR of 8.97% during the forecast period (2023-2028).
The market was negatively impacted by the lockdowns caused by Covid-19 in the year 2020. However, in the past two years, the market has gained momentum and is showing signs of recovery.
- Increasing demand for fullerene from the pharmaceutical industry, penetration in the surface coatings industry due to strong metal matrix, and growing demand for fullerene as an optical limiter are expected to drive the demand for the market, during the forecast period.
- However, the high cost and complex production associated with endohedral fullerenes and toxic nano-compounds creating environmental pollution will hinder the market growth during the forecast period.
- Growing application in perpetuating life due to its property of reducing oxidative stress and usage in cosmetics as a cytoprotector are likely to act as an opportunity for the market over the forecast period.
- Asia-Pacific dominated the market across the world, with the largest consumption coming from China, Japan, and India.
Fullerene Market Trends
Increasing Demand from Medical and Pharmaceutical Industry.
- In the medical and pharmaceutical industries, after an intravenous or subcutaneous injection, fullerenes can be used to locate specific cells and areas in the body.
- Mast cells which release mediators when a person comes into contact with something lead to allergic reactions. To control such allergic reactions, fullerene derivatives can be used by having a direct effect on the mast cells.
- Fullerenes are also amazing antioxidants owing to their high electron affinity and conjugated double bonds. Acting as cytoprotectants, fullerenes can also protect against ultraviolet radiation. Such properties of fullerenes make them an ideal choice for various pharmaceutical and medical applications.
- According to AstraZeneca report estimates, the estimated pharmaceutical sales globally will account for USD 2.025 trillion by the year 2026. The United States boasts a colossal pharmaceutical industry that holds a lion's share in the global pharmaceutical market.
- In the year 2022, the value of total sales of pharmaceutical products in the United States was USD 605 billion, while in the year 2021, it was USD 556 billion. The United States accounted for 49.8% of global sales in the year 2022 while in the year 2021, it was 49.7%.
- In the Asia-Pacific, China is one of the largest markets for pharmaceutical products. By the year 2026, according to the AstraZeneca report, the estimated pharmaceutical sales in the country will be worth USD 189 billion hence increasing the demand for efficient medicines.
- Hence, such trends in the medical and pharmceutical industry are expected to drive the market for fullerens over the forecast period.
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Asia-Pacific Region to Dominate the Market
- With the growth of industries like aerospace, defense, electronics, medical, and pharmaceutical in the countries, such as China, India, and Japan, the demand for fullerene in the Asia-pacific region is growing drastically.
- Over the next 20 years, China is expected to be the world's largest singlecountry market for civil aircraft production. In China, according to the Boeing Commercial Outlook 2022-2041, around 8,485 new deliveries will be made by 2041 with a market service value of USD 545 billion.
- Moreover, in Southeast Asia, around 4,255 new deliveries will be made by 2041 with a market service value of USD 245 billion. Owing to such new deliveries in the Southeast Asian region, the demand for the studied market is likely to rise.
- India launched a comprehensive program for the development of semiconductors and display manufacturing ecosystems in the country. The government announced an outlay of INR 76 thousand crore (~USD 10 billion). Fiscal support of 50% of the project cost is provided by the government to set up display fabs, and semiconductor fabs, and fiscal support of 50% of capital expenditure for compound semiconductors fab.
- All the aforementioned factors, coupled with government policies, are expected to drive the demand for fullerene through the forecast period in the region.
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Fullerene Industry Overview
The fullerene market is highly consolidated with the top players accounting for a major share of the market. Some of the top players (not in any particular order) in the fullerene market include Nano-C, SES Research Inc., IoLiTec Ionic Liquids Technologies GmbH, Nanotech Industrial Solutions, and Mitsubishi Corporation amongst others.
Fullerene Market Leaders
Nanotech Industrial Solutions
IoLiTec Ionic Liquids Technologies GmbH
SES Research Inc.
*Disclaimer: Major Players sorted in no particular order
Fullerene Market News
- Recent developments pertaining to the market studied will be covered in the complete report.
Fullerene Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increased usage in the Pharmaceutical Industry
4.1.2 Penetration in Surface Coatings Industry due to Strong Metal Matrix
4.1.3 Growing Demand of Fullerene as an Optical Limiter
4.1.4 Other Drivers
4.2.1 High Manufacturing Complexity of Endohedral Fullerene
4.2.2 Toxic Nano-compounds Creating Environmental Pollution
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
5.1.4 Other Product Types
5.2 End-user Industry
5.2.1 Electrical and Electronics
5.2.2 Medical and Pharmaceuticals
5.2.3 Aerospace and Defense
5.2.5 Other End-user Industries
5.3.1 Asia Pacific
188.8.131.52 South Korea
184.108.40.206 ASEAN Countries
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Market Share (%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 NanoMaterials, Ltd.
6.4.2 IoLiTec - Ionic Liquid Tecgnologies GmbH
6.4.3 Luna Industries Incorporated
6.4.4 Mitsubishi Corporation
6.4.6 Nanotech Industrial Solutions
6.4.7 SES Research Inc.
6.4.8 POWDER NANO
6.4.9 Nanografi Nano technology
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Application in Perpetuating Life due to its Property of Reducing Oxidative Stress
7.2 Usage in Cosmetics as a Cytoprotector
7.3 Other Opportunities
Fullerene Market Research FAQs
How big is the Fullerene Market?
The Fullerene Market size is expected to reach USD 501.38 million in 2023 and grow at a CAGR of 8.97% to reach USD 770.37 million by 2028.
What is the current Fullerene Market size?
In 2023, the Fullerene Market size is expected to reach USD 501.38 million.
Who are the key players in Fullerene Market?
Nano-C, Nanotech Industrial Solutions, IoLiTec Ionic Liquids Technologies GmbH, SES Research Inc. and Mitsubishi Corporation are the major companies operating in the Fullerene Market.
Which is the fastest growing region in Fullerene Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Fullerene Market?
In 2023, the Asia Pacific accounts for the largest market share in Fullerene Market.
Fullerene Industry Report
Statistics for the 2023 Fullerene market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fullerene analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.