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How Large and Fast is the Metal-Organic Framework Market Growing?
The metal-organic framework market size has been expanding rapidly in recent years. According to the Metal-Organic Framework Global Market Report 2024, the market will grow from $0.37 billion in 2023 to $0.49 billion in 2024 at a compound annual growth rate CAGR of 31.3%. The growth in the historic period can be largely attributed to robust economic growth in emerging markets, an increase in smartphone usage, technological advancements in metal-organic frameworks, and rising demand for clean energy.
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What are the growth projections for the Metal-Organic Framework Market?
The market is expected to see tremendous growth in the next few years. It is projected to grow to $1.25 billion in 2028 at a compound annual growth rate CAGR of 26.7%. The growth during the forecast period can be hinged on increasing government support, increased gas storage capacities, the growing use of electronics, and rising urbanization. These key drivers are expected to sustain the market expansion, making the metal-organic framework market an appealing area for investment.
The full report can be accessed here for a detailed understanding: https://www.thebusinessresearchcompany.com/report/metal-organic-framework-global-market-report
Which Key Players are Active in the Metal-Organic Framework Market?
A range of companies operates within the metal-organic framework market. Some of the major players include NuMat Technologies Inc, NovoMOF AG, MOFapps, Atomis Inc, Advanced Chemical Synthesis and Manufacturing ACSYNAM, and MOFgen Ltd, to name a few. These major companies are constantly innovating and developing new metal-organic frameworks to improve efficiency and operations across different areas of application.
What are the Emerging Trends in the Metal-Organic Framework Market?
One of the remarkable trends in the forecast period includes cutting-edge advancements such as the use of artificial intelligence AI in the discovery and identification of different metal-organic frameworks. Stakeholders in the metal-organic framework market are utilizing machine learning algorithms for faster material discovery, heralding a new era in the sector.
How is the Metal-Organic Framework Market Segmented?
The metal-organic framework market report segments the market into two main categories:
1 By Product Type: Zinc-Based, Copper-Based, Iron-Based, Aluminum-Based, Magnesium-Based, And Other Types
2 By Application: Gas Storage, Gas and Liquid Adsorption, Catalysis, Drug Delivery, Other Applications
Which Region Secures the Top Position in the Global Metal-Organic Framework Market?
North America held the largest market share in the metal-organic framework MOF market in 2023. However, other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa are also expected to witness significant growth in the coming years, further contributing to the global market size.
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