Near Infrared Absorbing Materials Market to Grow with a CAGR of 7.34% through 2028

Growing utilization in various industries like electronics & telecommunication, defence & security and photovoltaics industry are factors driving the Global Near Infrared Absorbing Materials Market in the forecast period 2024-2028.

According to TechSci Research report, “Near Infrared Absorbing Materials Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Near Infrared Absorbing Materials Market stood at USD 307.06 million in 2022 and is anticipated to grow with a CAGR of 7.34% and is expected to reach USD 470.40 million by 2028. Near-infrared absorbing materials possess a distinctive characteristic, as they effectively balance high transparency to visible light with the selective absorption of near-infrared wavelengths. When integrated into window materials, these substances efficiently mitigate the energy from near-infrared sunlight, thereby proficiently curbing temperature elevation within a room while maintaining satisfactory illumination levels. NIR absorbing materials are employed in recycling facilities to sort and identify materials based on their NIR spectra. This technology allows for automated sorting of recyclables, such as plastics, glass, and paper, resulting in higher recycling rates and reduced waste sent to landfills. The demand for NIR materials in recycling and waste management is poised to grow as recycling becomes an integral part of the circular economy.

Furthermore, the industrial sector's transition towards sustainability is driving the adoption of NIR absorbing materials in various energy-related applications. In concentrated solar power systems, NIR materials are used as selective absorbers to capture and convert solar energy into heat. This renewable energy source holds great potential for industries seeking to reduce their reliance on fossil fuels. Additionally, the development of energy-efficient industrial processes, facilitated by NIR materials, aligns with the global push for sustainable practices.

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Additionally, material characterization and analysis are fundamental in numerous industrial processes, from alloy composition in metallurgy to polymer properties in plastics manufacturing. NIR absorbing materials are pivotal in these applications, allowing industries to rapidly analyze material composition, moisture content, and structural properties. The speed and non-destructive nature of NIR spectroscopy streamlines R&D processes, reduces product development timelines, and enhances product quality.

The Global Near Infrared Absorbing Materials Market is segmented into material, function, end use industry, regional distribution, and company.

Based on material, the inorganic segment commands the highest share of revenue. In the near-infrared absorbing material market, inorganic materials play a crucial role, with significant contributions from substances such as antimony tin oxide (ATO), indium tin oxide (ITO), quantum dots, and doped tungsten oxide, among others. These materials possess exceptional attributes that make them highly suitable for near-infrared absorption applications. For instance, ATO and ITO find widespread use as transparent conductive coatings with near-infrared absorbing capabilities. This feature makes them particularly well-suited for various applications, including smart windows and optoelectronic devices, where their distinctive properties are effectively utilized.

Based on function, the inorganic segment commands the highest share of revenue. Absorption is a fundamental property of near-infrared (NIR) absorbing materials, serving as a crucial function that enables them to selectively take in light within the NIR spectrum. This function holds significant importance in various applications where precise absorption of specific wavelengths is a primary goal. In the field of photovoltaics, absorption is of utmost significance for efficiently converting solar energy into electricity in solar cells. NIR absorbing materials are carefully engineered to absorb a specific range of NIR wavelengths, allowing them to capture a broader spectrum of solar radiation. By effectively absorbing NIR light, these materials enhance their ability to convert a larger portion of solar energy into electrical energy, thereby improving the overall efficiency and performance of solar cells. In the realm of medical applications, NIR absorbing materials with strong absorption characteristics find utility in targeted therapies and imaging, facilitating precise and effective medical procedures.

Furthermore, optical transparency is a fundamental attribute of near-infrared (NIR) absorbing materials, serving as a vital function that enables the efficient transmission of NIR light. This exceptional transparency minimizes undesired scattering or reflection, making these materials ideal for seamless integration into optical systems, sensors, and devices where precise control of NIR wavelengths is of paramount importance. The significance of this feature is particularly pronounced in diverse applications where accurate control and manipulation of NIR light play a critical role.

Based on end use industry, the electronics & telecommunications segment commands the highest share of revenue. The Electronics & Telecommunications segment has established itself as the predominant market share holder in the near-infrared absorbing materials market. Nevertheless, this sector is poised to demonstrate the highest Compound Annual Growth Rate (CAGR) in terms of value over the forecast period. The Electronics & Telecommunications industry is known for its dynamic and rapidly evolving nature, heavily relying on cutting-edge technologies and materials to meet the ever-expanding demands of our interconnected global landscape. Within this industry, near-infrared absorbing materials play a pivotal role, enabling a diverse array of applications that significantly contribute to enhancing overall performance, functionality, and the end-user experience. The electronics and telecommunications sector stands as a vibrant and rapidly progressing industry that relies heavily on cutting-edge technologies and materials to meet the demands of our interconnected world. Within this industry, near-infrared absorbing materials assume a pivotal role, enabling a diverse range of applications that elevate performance, functionality, and overall user experience. In the realm of electronics, near-infrared absorbing materials find valuable utility in the creation of optical filters. These filters are instrumental in selectively transmitting or obstructing specific wavelengths of light, leading to enhancements in image quality, glare reduction, and the overall clarity of displays and imaging equipment. As an illustrative example, organic dyes and polymers emerge as notable choices for deploying color filters in liquid crystal displays (LCDs), achieving the objective of vibrant and precise color reproduction.

Based on region, North America took center stage as the leading contender in the Global Near Infrared Absorbing Materials Market. The Near-Infrared Absorbing Material Market in North America is positioned for rapid growth in the upcoming forecast period. The increasing demand for energy-efficient solutions is a significant driver behind the heightened need for NIR absorbing materials in North America. The region places a strong emphasis on energy efficiency and sustainability across various applications. For instance, these materials are applied in smart windows and solar control films, effectively reducing solar heat gain, and enhancing overall energy efficiency in buildings. Prominent industry players operating within the North American region include Inframat Advanced Materials LLC, Epolin LLC, American Elements, among others.

On the other hand, Europe emerges as a significant region within the near-infrared absorbing material market, primarily owing to its advanced technological infrastructure, robust manufacturing capabilities, and unwavering commitment to sustainability. This region boasts a diverse array of end-use industries that heavily rely on near-infrared absorbing materials.

Major companies operating in Global Near Infrared Absorbing Materials Market are:

• Sumitomo Metal Mining Co., Ltd.
• Nanophase Technologies Corporation
• Heraeus Holding
• Keeling & Walker Ltd
• Edmund Scientific Corporation
• Nippon Shokubai Co., Ltd.
• Resonac Holdings Corporation
• Inframat Advanced Materials LLC
• Epolin LLC
• American Elements

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“Growing environmental concerns are propelling the utilization of NIR absorbing materials in monitoring and remote sensing applications. These materials are integrated into satellite and airborne sensors designed for the analysis of land, water, and atmospheric conditions. By gathering data within the NIR spectrum, researchers and scientists can effectively track variations in vegetation, pinpoint sources of pollution, and evaluate climate-related parameters. This emerging trend plays a pivotal role in addressing pressing environmental issues and enabling well-informed decisions regarding sustainable resource management creates a lucrative opportunity in the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Near Infrared Absorbing Materials Market By Material (Organic, Inorganic), By Function (High Transparency, Absorption, Heat Resistance), By End Use Industry (Electronics & Telecommunications, Industrial Sector, Defence & Security, Photovoltaics, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Near Infrared Absorbing Materials Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Near Infrared Absorbing Materials Market.

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