PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1392113
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1392113
Global Metal Organic Framework Market is expected to reach US$ 1,398.5 Mn by 2030, from US$ 640.6 Mn in 2023, exhibiting a CAGR of 11.8% during the forecast period.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 640.6 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 11.80% | 2030 Value Projection: | US$ 1,398.5 Mn |
Metal organic framework (MOF) is a class of materials that possess a unique structure composed of metal ions or clusters coordinated by organic ligands. These materials have garnered significant attention due to their exceptional properties such as high surface area, tunable porosity, and diverse chemical functionality. MOFs have wide-ranging applications in various fields, including gas storage and separation, catalysis, drug delivery, and sensing.
Global metal organic framework market is experiencing significant growth due to several key factors. One of the primary drivers behind this growth is increasing demand for MOFs in gas storage and separation applications. MOFs exhibit high porosity and specific surface areas, making these attractive for the storage and separation of gases such as hydrogen, methane, and carbon dioxide. Rising need for clean and sustainable energy sources has further boosted demand for MOFs in this sector.
MOFs have gained prominence in the field of catalysis, where their tunable chemical functionalities enable efficient and selective catalytic reactions. Growing awareness about the environmental benefits of using MOFs as catalysts has led to their adoption in various industries, including petroleum refining, chemical synthesis, and environmental remediation.
Despite the favorable market conditions, the MOF market still faces certain challenges. One of the major restraints is the high cost associated with the synthesis and production of MOFs. The complex nature of the materials and the need for specialized equipment and expertise contribute to the elevated costs. However, ongoing research efforts aimed at developing cost-effective synthesis methods and scaling up production are expected to alleviate this restraint in the future.