CHICAGO, July 24, 2023 /PRNewswire/ -- The report "Near Infrared Absorbing Materials Market by Material (Organic Materials, Inorganic Materials), Function (High Transparency, Absorption, Heat Resistance), Absorption Range (700-1000nm, 1000nm), End Use Industry, Region - Global Forecast to 2028", is projected to reach USD 453 million by 2028, at a CAGR of 7.9% from USD 308 million in 2023. The Near infrared absorbing materials market is mainly driven by the demand from various end use industries such as electronics & telecommunication, industrial, defense and security, photovoltaics, others. It is also driven by developing and emerging economies such as US and China.
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"Inorganic material by material type is projected to grow at fastest CAGR, in terms of value, during the forecast period."
These materials possess unique properties that make them highly suitable for near-infrared absorption applications. ATO and ITO, for example, are widely used as transparent conductive coatings with near-infrared absorbing capabilities, making them ideal for applications such as smart windows and optoelectronic devices.
"700-1000nm" IR Range is the largest market share in terms of value, during the forecast period.
The 700-1000nm segment is the largest market share in value during the forecast period as it offers wide and different applications in various industries. The 700-1000nm range is often referred to as the short-wavelength near-infrared range. This range is of significant interest due to several reasons. Growing usage in remote sensing, thermal imaging, and surveillance systems is fueling the demand for near infrared absorbing materials in the 700-1000 nm IR range.
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"Absorption" by function segment accounted for the largest share in terms of value.
The Absorption segment accounted for a 33.0% share of the overall Near IR Absorbing material Market in 2022. Absorption is a fundamental function of near-infrared (NIR) absorbing materials, as it allows them to selectively absorb light within the NIR spectrum. This function plays a crucial role in numerous applications where targeted absorption of specific wavelengths is desired.
"North America is expected to be the fastest growing market for Near infrared absorbing materials market during the forecast period, in terms of value."
The Near IR Absorbing Material Market in North America is anticipated to register a CAGR of 08.2% between 2023 and 2028. The Near IR Absorbing Material Market in North America comprises the US, Mexico, and Canada. It was the largest market of The Near IR Absorbing Material Market in 2022. The energy-efficient solutions fuel the demand for NIR absorbing materials. North America places a strong emphasis on energy efficiency and sustainability. NIR absorbing materials can be used in various applications, such as smart windows or solar control films, to reduce solar heat gain and improve energy efficiency in buildings.
The key players in this market Sumitomo Metal Mining Co., Ltd. (Japan), Nanophase Technologies Corporation (US), Heraeus Holding (Germany), Keeling & Walker (UK), Edmund Optics (US), Merck (US), 3M (US), (Japan), Resonac Holdings Corporation (Japan), Advanced nano products co ltd (South Korea), Nippon Shokubai Co., Ltd. (Japan).
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