The market for fullerene is anticipated to register a CAGR of around 8% during the forecast period. Fullerenescare commonly known as Buckminsterfullerene or Buckyball, shaped like a football.
- Increasing demand for fullerene from the pharmaceutical industry and growing demand for fullerene as an optical limiter are expected to drive the demand for the market, during the forecast period.
- Demand for fullerene from new applications, such as additives, high-performance lubricants, Cytoprotector, etc., is likely to act as an opportunity for the market.
- Asia-Pacific dominated the market across the world, with the largest consumption coming from China, Japan, and India.
Key Market Trends
Increasing Demand from Energy Industry
- Fullerenes have an extremely low reorganization energy following electron transfer, owing to which it is accepted as a useful electron acceptor molecules in organic electronics.
- The high electron affinity and superior ability to transport charge make fullerenes the best acceptor component currently available. Owing to this it is largely used in photovoltaics.
- Fullerenes have also further found application in the vibrant research field of organic photovoltaics (OPVs). Through the years, significant progress has been made in the power conversion efficiency of the devices, as well as the development of more stable plastic solar cell architectures.
- Increasing photovoltaic installation is expected to hugely drive the market for solar cells, and, in turn, the market for fullerene through the forecast period.
- According to Solar Power Europe, 11 countries installed more than 1 GW of solar in the recent past from nine GW-scale solar markets. Further estimation claims that the number will significantly increase to 16 countries.
- In the United States, total installed PV capacity is expected to rise by 14%, with annual installations reaching 15.8 GW in 2021.
- Overall, growing energy (solar) industry is expected to drive the fullerene market through forecast period.
Asia-Pacific Region to Dominate the Market
- With the growth of medical and pharmaceutical industries in the countries, such as China, India, and Japan, the demand for fullerene in Asia-pacific region is growing drastically.
- Over the next 20 years, China is expected to be the world's largest single-country market for civil aircraft production. At present, the country is running 3,549 general aviation aircraft. Moreover, it is planning to manufacture more than 5,000 aircraft by 2020 under the strategic cooperation agreement between the Civil Aviation Administration of China (CAAC) and Commercial Aircraft Corporation of China Ltd (COMAC).
- CAAC had also invested USD 14.4 billion in MIC2025 plan to establish Aero Engine Corporation of China (AECC), which will build the CJ - 1000A turbofan jet engine to power the C919. This is expected to boost the demand for semiconductors, thermally stable aerospace parts, and smart screens in the country.
- Boeing's production facility expansion in Japan has a large effect on the export of aerospace parts, and combined with other international joint projects, such as Boeing 777, 787 aircraft, and CF34, PW1100G-JM, and other aircraft engines, the overall exports of parts has been increasing year over year.
- All the aforementioned factors, coupled with government policies, are expected to drive the demand for fullerene through the forecast period in the region.
The fullerene market is highly consolidated with the top 10 players accounting for a major chunk of the market, but no one holds a clear majority. Key players in the fullerene market include Nanotech Industrial Solutions, BuckyUSA, Mitsubishi Chemical Holdings, Nano-C, IoLiTec - Ionic Liquid Technologies GmbH, and other prominent players include JenLaur, Luna Innovations, MTR Ltd, and MER Corporation.
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