May 21, 2024
Metal Organic Framework Market

Metal Organic Framework Market Growth Is Driven By Rise In Environmental Sustainability Efforts

Metal organic frameworks (MOFs) are solid crystalline materials consisting of metal ions or clusters coordinated to organic ligands to form one-, two- or three-dimensional structures. MOFs are highly porous materials with extremely large surface areas that allow them to absorb gases like hydrogen, methane and carbon dioxide. They find widespread use as sorbents, gas separators and catalysis. The global demand for sustainable and environmentally-friendly products has led to a rise in use of MOFs for pollution control and carbon capture.

The global metal organic framework market is estimated to be valued at US$ 484.06 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the metal organic framework market is its increasing use for gas storage applications. MOFs hold significant potential for storage of natural gas, hydrogen and other fuels due to their high porosity and surface area. Various MOF structures have shown aptitude for storing methane, hydrogen and other fuels at high gravimetric and volumetric densities. Their tunable pore size also allows uptake of gases at both low and high pressures. Leading automakers and energy companies are investing in research on MOF based storage tanks for hydrogen vehicles and green fuels. This is expected to significantly drive the demand for MOFs over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the significant capital investment required and supply chain challenges pose barriers for new players. However, established players are continuously investing in R&D to develop advanced products and solutions.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous established players offering similar products in the market. Buyers can easily compare and choose from multiple options based on quality and price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material providers have few alternatives in the market. However, established players source raw materials from multiple suppliers minimizing dependence on any single source.
Threat of new substitutes: The threat of substitutes is low as metal organic frameworks offer unique characteristics that are difficult to replicate. However, continuous innovations may lead to new alternative technologies.
Competitive rivalry: The global market is moderately competitive with the presence of numerous international and domestic players. Market players focus on new product launches, expansions, partnerships and mergers & acquisitions to gain a competitive edge.

Key Takeaways

The Global Metal Organic Framework Market Demand is expected to witness high growth over the forecast period owing to increasing application in gas storage and separation. The global metal organic framework market is estimated to be valued at US$ 484.06 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific region dominates the global market and is expected to grow at the fastest rate during the forecast period driven by strong growth in countries like China and India. This can be attributed to rapid industrialization and growing demand from industries such as pharmaceuticals and petrochemicals in the region. North America is another major market for metal organic frameworks owing to substantial research activities and wide array of industrial applications in the region.

Key players: Key players operating in the metal organic framework market are Sterigenics International, Inc., Ionisos SA., Gray Star, Inc., Reviss Services Ltd., Nordion Inc., Sadex Corporation, Steris Isomedix Services, Scantech Sciences Inc., Steri-Tek, and Symec Engineers (India) Pvt. Ltd. Etc. These players are focusing on new product launches and mergers & acquisitions to expand their global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it