February 25, 2024
metal organic framework market

The Global Metal Organic Framework Market Is Driven By Rising Demand From The Gas Storage Industry

Metal organic frameworks (MOFs) are porous crystalline materials composed of metal ions or clusters coordinated to organic linkers to form one-, two-, or three-dimensional structures. MOFs have gained significant attention in recent years owing to their highly tunable porous structures and properties. MOFs find numerous applications in gas storage, drug delivery, catalysis, separation, sensing and others due to their exceptional properties such as ultrahigh porosity, high surface area, customizable pore size and functionality. The global Metal Organic Framework market offers lucrative opportunities owing to their wide range of applications and continued research and development activities aimed at developing novel and advanced MOF materials with tailor-made properties.

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 key trends:

One of the key trends gaining traction in the global metal organic framework market is its increasing application in gas storage and separation. Metal organic frameworks exhibit exceptionally high porosity and surface area making them promising candidate materials for gas storage and separation. MOFs ability to selectively adsorb gases based on their size, shape and affinity makes them ideal for capturing carbon dioxide and methane from natural gas and synthesis gas. Leading gas companies are actively funding research on developing commercial scale MOF based gas storage and separation technologies. For instance, the joint research collaboration between US Gas company Air Products, Rice University and University of Notre Dame is focused on designing and optimizing MOF materials for gas separation and storage applications at an industrial scale.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. Metal organic frameworks require heavy R&D investment and have intellectual property barriers.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have a few substitute options but metal organic frameworks are differentiated products with performance advantages.

Bargaining power of suppliers: The bargaining power of suppliers is low given the availability of raw material alternatives and competition among suppliers.

Threat of new substitutes: The threat of new substitutes is moderate. While no direct substitutes exist, new materials may emerge that challenge applications of metal organic frameworks.

Competitive rivalry: Competition is intense as key players aim to strengthen their market presence through innovations.

Key Takeaways

The Global Metal Organic Framework Market Demand is expected to witness high growth.

Regional analysis: The Asia Pacific metal organic framework market is expected to be the fastest growing region owing to increasing industrial applications in countries like China and India. North America is currently the dominating region in the global metal organic framework market backed by presence of major players and growing R&D activities.

Key players related content comprises Key players operating in the metal organic framework market are BASF SE, MOF Technologies Ltd., Strem Chemicals Inc., Covestro AG, Sigma-Aldrich Co. LLC, and ExxonMobil Corporation.

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