Metal Organic Framework Market Is Estimated To Witness High Growth Owing To Opportunity For Gas Stor
Author : Leena Shedmake | Published On : 02 Feb 2024
Metal-organic frameworks (MOFs) are crystalline porous materials composed of metal ions or metal-containing clusters coordinated to organic ligands. Key advantages of MOFs include high porosity, design flexibility, and tunable pore size, making them suitable for gas storage applications. The global need for efficient gas storage, especially in industrial processes and transportation, has created a huge demand for MOFs.
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 Opportunity:
The opportunity for gas storage applications is expected to drive significant growth of the metal organic framework market over the forecast period. MOFs offer high gas storage capacity and selectivity for industrially important gases like hydrogen, methane, carbon dioxide and nitrogen, making them ideal for transportation and industrial gas storage. They provide a safer, more efficient and eco-friendly solution compared to conventional gas storage methods. Moreover, the tunable pore size and chemistry of MOFs allows for selective adsorption of specific gas molecules, an important consideration in industrial gas separation processes. With the rising focus on development of hydrogen fuel cell vehicles and carbon capture technologies, demand for efficient gas storage solutions is likely to increase substantially in the coming years, offering lucrative opportunities for MOF manufacturers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the metal organic framework market is moderate as a lot of capital is required for R&D, manufacturing infrastructure and marketing.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few established players operating in the market providing alternatives to buyers.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power as raw materials for metal organic frameworks are complex chemicals requiring specialized synthesis procedures.
Threat of new substitutes: Potential threat from new substitutes like zeolites and porous silica materials is moderate as each material has its own advantages.
Competitive rivalry: The rivalry in the market is high among key players to gain major market share through inorganic and organic growth strategies.
SWOT Analysis
Strength: Metal organic frameworks have highly tunable and accessible pore structures allowing for precise design of materials.
Weakness: Commercialization of metal organic frameworks requires optimization of synthesis procedures to make them cost effective.
Opportunity: Emerging applications in gas storage, catalysis and separation offer significant growth opportunities.
Threats: Technological advancements in competing materials can impact demand for metal organic frameworks.
Key Takeaways
The Global Metal Organic Framework Market Growth is expected to witness high over the forecast period driven by increasing investments in R&D. 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.
Regional analysis related content:
North America accounted for the largest market share of over 35% in 2024 owing to strong presence of players involved in metal organic framework research and development. The US held the major share of the North American market and receives increased government grants for advanced materials.
Key players related content:
Key players operating in the metal organic framework market are Sterigenics International, Inc., Ionisos SA., Gray Star, Inc., Reviss Services Ltd., Nordion Inc., Steris Isomedix Services, Scantech Sciences Inc., and Symec Engineers (India) Pvt. Ltd. Sterigenics International focus on expanding application areas of their patented radiation sterilization technology.
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