According to the latest report by IMARC Group, titled "Fullerene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global fullerene market grew at a CAGR of around 6% during 2014-2019. Fullerene refers to a class of carbon allotropes that consist of carbon atoms that are connected with single and double bonds. They are characterized by a hollow structure that resembles a cylindrical tube, ellipsoid, sphere or cube. Extensively produced using commonly found substrates, including graphite, coal, and hydrocarbon fuels, it is considered to be stable in nature while being sparingly soluble in many solvents. It also possesses exceptional thermal, conductive and chemical properties while exhibiting anti-viral nature. As a result, it is widely being used as a crucial component in the production of skin creams, antioxidants, biocatalysts, biopharmaceuticals and polymer electronics.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fullerene Market Trends:
The market is primarily driven by the increasing utilization of fullerene in the pharmaceuticals industry. The hydrophobicity and the electronic structure of the carbon molecule enable it to be widely used for numerous bio-medical applications. There has been a rise in its applications for cancer imaging and therapy procedures, which is providing an contributing to the market growth. Additionally, these molecules are extensively utilized for designing high-performance MRI agents as well as genetic material delivery in the sector. Along with this, the increasing demand for fullerene from the cosmetics sector is creating a positive outlook for the market. There has been a rise in the requirement for spherical shaped and water-soluble fullerene derivatives that assist in facilitating skin repair associated with damage, premature aging and rashes caused by exposure to artificial chemicals. This, coupled with the considerable increase in the sales of cosmetic products due to rapid urbanization and the inflating disposable income levels of the masses, is acting as another major growth-inducing factor. Advancements in the field of nano-science and the growing utilization of these molecules as electron acceptors and donor materials in organic photovoltaic (PV) cells are some of the other factors driving the market further. On account of the aforementioned factors, the market is anticipated to witness moderate growth during 2020-2025.
Market Summary:
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