February 24, 2024
Metal Organic Framework Market

Metal Organic Framework Market Is Expected To Be Flourished By Growing Application In Gas Storage

The global metal organic framework market is comprised of highly porous crystalline materials constructed via metal ion or metal ion cluster nodes interconnected by multitopic organic linkers. They have applications in gas storage and separation, drug delivery, catalysis and sensing among others. Due to their porous nature and high surface area, they can adsorb hydrogen, methane and carbon dioxide better than traditional materials like zeolites. This property makes them attractive for use in fuel cells and hydrogen storage applications. The increasing demand for cleaner fuels is expected to drive their use in such applications. They also find increasing usage in gas separation for production of industrial gases and in natural gas treatment plants.

The global metal organic framework market is estimated to be valued at US$ 484.06 Mn in 2023 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 Dynamics:

One of the key drivers for the metal organic framework market is the growing demand from the gas storage and separation applications. MOFs have better adsorption capacity than conventional porous materials and can selectively adsorb gases mixtures like hydrogen and carbon dioxide. This property makes them suitable for capturing carbon dioxide from natural gas and biogas streams. Their high surface areas also provide opportunities for compact and lightweight hydrogen storage, important for fuel cell vehicles. The global push towards cleaner fuels is expected to drive research into MOF based fuel cell and hydrogen technologies. Moreover, the growing shale gas production is increasing the need for gas separation and treatment equipment at production sites and LNG facilities. MOFs can potentially replace polymeric and zeolite based separation modules used in such plants. However, high material costs and scaling up challenges are impeding faster commercialization of MOFs. Significant research is ongoing to develop cheaper and scalable synthesis methods to make MOFs competitive with existing technologies. Once those challenges are addressed, their usage in gas related industries is expected to grow at a strong pace over the forecast period.

Segment Analysis

The metal organic framework market is segmented based on type, application and region. Among types, zinc-based metal organic frameworks dominates the market and accounts for over 35% share in global revenue. Zinc is low-cost and exhibits high structural stability which makes zinc-based MOFs preferred material for gas storage and separation applications.

PEST Analysis

Political: Regulations around industrial gas emissions are becoming stricter, especially in developed economies. This is positively impacting the demand for MOFs in industrial gas capture and separation processes.

Economic: Rising energy costs and focus on reduced carbon footprint is driving investments in cleaner technologies. MOFs offer economically viable solutions for industrial processing which is boosting their adoption across industries.

Social: Growing environmental awareness among public and industries is generating demand for green technologies. MOFs enable more efficient utilization of resources and support sustainable industrial growth.

Technological: Continuous research on development of novel MOF structures with tailored properties is expanding the scope of their applications. Many industries are actively exploring MOFs for novel separation processes.

Key Takeaways

The Global Metal Organic Framework Market Growth is expected to witness high over the forecast period supported by rising uptake across industries. The global metal organic framework market is estimated to be valued at US$ 484.06 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

North America dominated the market in historical period and is expected to maintain its lead. Presence of major end-use industries and favorable government policies are driving the regional market. Asia Pacific is projected to be the fastest growing regional market for MOFs driven by expanding manufacturing sector, rapid industrialization and growing energy demands in major economies like China and India.

Key players operating in the metal organic framework market include 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. Key players are focused on introducing innovative MOF structures with superior performance and wider application range to gain competitive advantage.

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