Home > Polymers, Specialty Chemicals & Advanced Materials > Buckminsterfullerene Market
Buckminsterfullerene Market size may witness substantial growth during 2023-2032, led by rapid growth in the pharmaceutical industry owing to the increasing burden of chronic diseases and the advent of new technologies.
Increasing applications of the product in the pharmaceutical industry as it acts as an antioxidant and utilizes free radicals may foster the buckminsterfullerene industry demand.
Increasing beauty trends and growing disposable income may drive the cosmetic industry's growth. The global skincare market is likely to surpass USD 180 billion by the end of 2024. Buckminsterfullerene is used in skin care products like anti-aging and skin-repairing creams owing to its benefits, such as the potent scavenging ability to eradicate free radical oxygen species (RAS), which aids in skin rejuvenation. It also provides antioxidant properties to restore skin cells, which may drive the overall buckminsterfullerene market growth.
Buckminsterfullerene is widely used in electronic devices owing to its low reorganization energy, which makes it an ideal acceptor molecule in organic electronics. With appropriate doping, it works as an excellent n-type semiconductor (with a band gap of 2.3ev), making it available to be utilized with p-type semiconductors in organic semiconductors. The product is used to make transistors suitable for use in an inert atmosphere. Increasing applications of semiconductors in electronic devices and continuous improvement in fabrication technology may foster the market growth.
However, on the other hand, high costs associated with endohedral fullerenes, coupled with the rising concerns about environmental pollution caused due to dangerous Nano-compounds, may limit the use of buckminsterfullerene up to some extent. Besides, growing apprehensions regarding fullerene degradation may further hamper product utilization, thus, leading to sluggish growth during the next ten years.
Buckminsterfullerene market revenue from buckyballs segment is set to witness recognizable growth through 2032. Buckyballs is a fullerene with a chemical formula of C60. It has a cage-like fused carbon ring structure known as a truncated icosahedron which resembles a football. It is formed by 12 pentagons and 20 hexagons, with a carbon atom on each vertex having two single bonds, one pi bond, and a bond beside each polygon edge. It is produced by vaporizing carbon in an inert atmosphere to get black soot which is then purified to obtain different types of fullerenes.
The buckminsterfullerene market share from the pharmaceutical segment is poised to attain a decent valuation by 2032. The surging prevalence of chronic diseases aggravated due to a rapid increase in pollution and unhealthy lifestyle may drive the buckminsterfullerene demand in pharmaceutical industries. It is used as an anti-inflammatory agent to cure lung and arthritis inflammation owing to its superior properties, such as antioxidants and ability to scavenge free radicals which cause inflammation, thereby driving the market demand.
Asia Pacific buckminsterfullerene market driven by South Korea, India, Japan, and China is likely to increase during the forecast period. Rising demand for non-conventional energy sources, which include solar cells, may drive industry growth. Buckminsterfullerene, combined with nanotubes and polymers, is utilized to produce inexpensive solar cell paint that can convert any surface into a solar cell just by applying paint on it. Moreover, buckminsterfullerene is also used in the formation of n-type semiconductor, which forms organic field effect transistors (OFETS), thereby driving the regional market size.
Buckminsterfullerene market key players include Nano-C, BuckyUSA, ApNano, SES research, Nanografi Nano Technology, IoLiTec nanomaterials, Tokyo chemical industry, EMFUTUR Technologies, and Frontier Carbon Corporation are the key players driving the market. These players have been consistently indulging in R&D practices to innovate new technological breakthroughs and gain access to a broader consumer base.