Metal Organic Frameworks Market size to exceed $27.3 Bn by 2032

Metal Organic Frameworks Market size is estimated to reach USD 27.3 billion by 2032according to a new research report by Global Market Insights Inc.
 

The report cites that a commendable growth of the electronics sector, pushed by the increasing usage of smartphones and consumables, will favor the market growth. Electronics production worldwide has crossed leaps and bounds in recent years, mainly owing to an increased government emphasis on enhancing the in-house productivity of electronic hardware and software components.
 

According to the Indian Brand Equity Foundation (IBEF) Report, the government of India has earmarked an investment of nearly US$ 17 billion over 2021-2026 across four PLI Schemes: Smartphones, semiconductors and Design, IT Hardware, and Components. Besides, the Ministry of Electronics & Information Technology unleashed the Vision document on Electronics Manufacturing, which targets achieving US$ 300 billion worth of electronic manufacturing in the country by 2025-26. Such investments and initiatives will create a favorable growth outlook for the metal organic frameworks industry. Due to their ability to selectively absorb gas molecules, MOFs can be effectively used as gas sensors.
 

By functionalizing MOFs with specific functional groups, they can be made to detect specific gases such as carbon monoxide, nitrogen dioxide, or methane. They can also be used as electrode materials in electrochemical devices such as batteries, capacitors, and LEDs. Therefore, the broad application spectrum of MOFs can significantly contribute to market growth.
 

Browse key industry insights spread across 321 pages with 413 market data tables & 29 figures & charts from the report, “Metal Organic Frameworks Market - By product (Aluminum, Copper, Iron, Zinc, Magnesium), By Synthetic market (Hydro thermal, Microwave, ultrasonic, mechanochemical, electrochemical), By Application (catalyst, carbon capture) - Global Forecast to 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/metal-organic-frameworks-market
 

Zinc-based MOFs to attain lucrative gains due to their low toxicity

Based on the product, the metal organic frameworks market is expected to expand at over 15% gains up to 2032. Zinc (Zn) & its derivatives are used as metal clusters and organic ligands to create Zn-MOFs. Zn has emerged as a prime contender for the creation of MOFs for biological systems led by its inherent low-toxicity transition metal cations. The remarkable attributes associated with the product, in turn, will add to the popularity of zinc-based metal organic frameworks.
 

Increasing utilization in organic synthesis will boost the demand for microwave synthetic technique

Regarding the synthetic method, the microwave segment is projected to surpass USD 5 billion by 2032. In this method, Microwave (MW) radiation is used to supply energy to the reaction. Despite its extensive usage in organic syntheses, the technique finds widespread applications in the rapid synthesis of nano-porous materials, which will open new growth avenues for the MOF market.
 

Escalating research projects to elevate product usage in carbon capture applications

Regarding the application, the carbon capture segment is primed to witness over 13.5% CAGR from 2023 to 2032, attributed to the increasing usage of MOFs in a variety of carbon capture applications. MOFs are porous materials having a high surface area, tunable pore size, and chemical properties that can be tailored to capture & store carbon dioxide selectively. In addition, a noticeable rise in the number of R&D projects undertaken by government and private organizations will aid market growth.
 

Strong presence of notable MOF manufacturers to ad market growth across North America

North America metal organic frameworks market is anticipated to cross USD 8.6 billion by 2032. North America is one of the largest and most established markets for MOFs. The region has a well-developed R&D infrastructure, with leading MOF manufacturers & suppliers based in the U.S. and Canada. The rising consumption of MOFs for usage in R&D centers and pharmaceuticals is slated to drive regional market growth.
 

Innovative approach to define the competitive outlook

Key manufacturers operating in the metal organic frameworks market include companies such as BASF SE, Framergy Inc, Mosaic Materials, MOF Technologies, NuMat, CSIRO, Promethean Particles, MOF Apps, Prof MOF, and Novo MOF. These firms are consistently undertaking R&D initiatives and have been introducing new and advanced products to remain competitive in the market.