by Metal Organic Frameworks (MOFs) are a class of porous crystalline materials composed of metal ions or clusters linked together by organic molecules to form one-, two-, or three-dimensional coordination networks. They are often referred to as porous coordination polymers or porous metal-organic materials. MOFs find wide applications in gas storage, drug delivery, bioimaging, catalysis, and sensing among others due to their exceptionally high surface area and tunable porous properties. In gas storage applications, MOFs demonstrate advantages over traditional materials due to their ability to rapidly adsorb or desorb target gases through reversible physi- or chemisorption.
The global Metal Organic Framework Market is estimated to be valued at US$ 420.19 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for gas storage applications is expected to drive the growth of the metal organic framework market during the forecast period. MOFs offer significant potential for gas storage, especially hydrogen, due to their exceptional porosity and surface area. They can store hydrogen at lower pressures and higher gravimetric and volumetric densities than traditional porous materials like zeolites and metal hydrides. MOFs also display high selectivity and reversible binding with gases. This has led to increased research on MOFs for onboard vehicular hydrogen storage and stationary hydrogen infrastructure.
Additionally, the market opportunity mentioned in the heading, flourishment of biomedical applications of MOFs is also expected to contribute to market growth. MOFs have demonstrated potential in drug delivery, bioimaging and tissue engineering due to their biodegradability, biocompatibility and tunable pore sizes allowing for controlled drug release. Continued research on application of MOFs in diagnostics, disease treatment and implants is anticipated to boost demand.
Segment Analysis
The global metal organic framework market can be segmented based on product type and applications. Based on product type, the market is dominated by zinc-based metal organic frameworks sub-segment due to their higher chemical and thermal stability compared to other product types. These zinc-based frameworks also experience minimal structural degradation over multiple adsorption/desorption cycles.
PEST Analysis
Political: The government regulations related to environmental protection have increased the demand for metal organic frameworks for carbon capture and gas storage applications.
Economic: The emerging economies are witnessing high growth in the oil & gas industry and power generation sector which is propelling the metal organic frameworks market growth.
Social: The rising awareness among people about greenhouse gas emissions and their adverse effects on the environment is positively impacting the adoption of metal organic frameworks.
Technological: Continuous innovations in synthesis techniques and nanotechnology have improved the performance and cost-effectiveness of metal organic frameworks. This is encouraging market expansion.
Key Takeaways
The Global Metal Organic Framework Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America region currently dominates the global market due to large research and development activities carried out in this region. The Asia Pacific region is projected to be the fastest growing market owing to rapid industrialization and increasing energy demands from emerging nations like China and India.
Key players: Key players operating in the metal organic framework market are BASF SE, MOF Technologies Ltd., Strem Chemicals Inc., MOFWORX, Framergy, Inc. BASF SE is one of the leading players due to its strong product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
