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Fullerene market size is accounted for USD 420.0 million in 2021 and is forecast to grow at a CAGR of 7.0% during 2022-2027
HYDERABAD, TELANGANA, INDIA , September 29, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the Fullerene Market size is accounted for USD 420.0 million in 2021 and is forecast to grow at a CAGR of 7.0% during 2022-2027. Fullerene and graphene are the nanoscale allotropes of carbon. Fullerene is a series of carbon atoms which are formed basically by two types such as closed edges or a cylinder. It was discovered in 1985 by obtaining a molecule like cage composed of 60 carbon atoms joined together by single and double bond which is denoted by C60. It was formed with the help of laser in order to vaporize graphite rods in an atmosphere of helium gas. It was named as buckyball and also known as buckminsterfullerene. The cylindrical forms of fullerene are also called as carbon nanotubes. The fullerenes were considered as a third form after two well-defined carbon allotropes namely graphite and diamond respectively. There is extensive research carried out in the field of fullerene for the development of its use in biocatalysts which are referred to as fullerene nanocatalysts. Fullerene undergoes several novel chemical reactions and donates and accepts electrons, thus, considered as a suitable material in advanced electronic devices.
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This IndustryARC report on the Fullerene Market highlights the following areas –
1. North America dominates the global fullerene industry owing to the presence of wide range of end-use industries mainly healthcare and cosmetics. It is expected to provide new avenues for growth of the global market.
2. In medical industry, fullerenes are used as light-activated antimicrobial agents. In biomedical applications, fullerenes are employed to design high-performance MRI contrast agents, photodynamic therapy, and drug and gene delivery.
3. The key opportunity for this market is the use of fullerene in electrical and electronics industry. Fullerene is utilized in semiconductors and photovoltaic applications.
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1. The C60 fullerene segment held the major fullerene market share in 2021 and it is expected to grow at a CAGR of 9.0% during the forecast period.
2. The medical segment dominated the global fullerene market and held around 25% of share in 2021. Fullerenes acts as exceptional antioxidants and considered as safe to use in medical application and biocompatible.
3. North America dominated the market and accounted for nearly 30% of fullerene market share in 2021. This growth is mainly attributed to the presence of noteworthy industries such as medical, pharmaceutical, biomedical, and electrical and electronics in this region.
The top 5 players in the Fullerene industry are –
1. American Elements
2. Nanotech Industrial Solutions
4. Frontier Carbon Corporation
5. IOLITEC GmbH
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