Near Infrared Absorbing Materials Market

Updated on : October 25, 2024

Near Infrared Absorbing Materials Market

Near Infrared Absorbing Materials Market was valued at USD 308 million in 2023 and is projected to reach USD 453 million by 2028, growing at 7.9% cagr from 2023 to 2028. The market is mainly led by the significant usage of near infrared absorbing material in various end-use industries. The growing demand from the electronics & telecommunication  sector, rising demand for industrial sector, driving the market for near infrared absorbing market.

Near Infrared Absorbing Materials Market Size Forecast & Trends

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Near Infrared Absorbing Materials Market Dynamics

Driver: Increasing demand for advanced technologies.

Advancements in technology have been a significant driver for the development and adoption of near-infrared absorbing materials. These materials have gained prominence due to their unique ability to selectively absorb and manipulate near-infrared light, opening new possibilities for a wide range of applications. Advancements in characterization and measurement techniques have played a vital role in driving the adoption of near-infrared absorbing materials. Sophisticated instruments and tools enable accurate evaluation of material properties, including absorption spectra, transmittance, and reflectance. This level of characterization allows researchers and engineers to fine-tune the materials' performance and optimize their integration into specific applications. For example, Optical Filters: Near-infrared absorbing materials are used in optical filters to selectively block or transmit specific wavelengths of light. For example, in digital cameras and imaging devices, near-infrared absorbing filters are employed to enhance image quality by reducing unwanted infrared interference and improving color accuracy.

Restraint: Integration challenges

Integration challenges serve as restraints to the widespread adoption and implementation of near-infrared absorbing materials. While these materials offer promising benefits, certain barriers and complexities must be overcome to effectively integrate them into various applications.

Near-infrared absorbing materials need to be compatible with existing technologies, substrates, and manufacturing processes. Ensuring proper adhesion, compatibility with different materials, and compatibility with deposition techniques can be challenging.

Opportunity: Growing renewable energy sector

The growing renewable energy sector presents significant opportunities for the utilization and advancement of near-infrared absorbing materials. As the world increasingly focuses on transitioning to clean and sustainable energy sources, these materials can play a crucial role in enhancing the efficiency and performance of renewable energy systems. Here is an overview of the opportunities presented by the growing renewable energy sector.

Near-infrared absorbing materials can enhance the efficiency of solar energy systems by capturing a broader range of the solar spectrum, including near-infrared wavelengths.  Near-infrared absorbing materials have the potential to be utilized in photothermal applications, where they can absorb near-infrared radiation and convert it into heat. This heat can then be harnessed for various purposes, including water heating, space heating, or industrial processes, reducing the reliance on conventional energy sources

Challenge: High cost of Materials.

The high cost of materials poses a significant challenge in the development and widespread adoption of near-infrared absorbing materials. These materials often involve complex synthesis processes, specialized equipment, and rare or expensive components, leading to increased production costs.

The production of near-infrared absorbing materials can be expensive due to the requirement of sophisticated manufacturing techniques and stringent quality control processes. Some near-infrared absorbing materials rely on rare elements or components that are scarce and expensive to obtain. Limited availability of these materials can drive up their costs, making them less economically viable for large-scale applications.

MARKET ECOSYSTEM

The market ecosystem for near-infrared absorbing materials is composed of a diverse array of entities and stakeholders that collectively contribute to the development, implementation, and advancement of near infrared absorbing materials. At the core of this ecosystem are material providers who focus on research, development, and manufacturing of near infrared absorbing material and systems. They continuously innovate and produce novel materials and their applications  to meet the evolving demands of the 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).

Near Infrared Absorbing Materials Market Ecosystem

Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis

"700-1000nm Infrared range type is the largest type near infrared absorbing materials market in 2023, in terms of value"

 The 700-1000nm is the largest market share of near infrared range in the near infrared absorbing materials market in term of value in 2023. The 700-1000nm infrared (IR) range, also known as the short-wavelength near-infrared (SW-NIR) range, is a segment of the electromagnetic spectrum that encompasses wavelengths ranging from 700 nanometers (nm) to 1000 nm. This IR range is of particular interest in various fields due to its unique properties and applications.

In terms of optical properties, the 700-1000nm IR range offers a balance between absorption and transmission characteristics. This range is commonly referred to as the "therapeutic window" in medical applications because it allows for efficient penetration into biological tissues while minimizing adverse effects such as thermal damage.

“Inorganic material types accounted for the largest material share of the near infrared absorbing materials market in 2023” in terms of value.

Inorganic materials, including antimony tin oxide (ATO), indium tin oxide (ITO), quantum dots, doped tungsten oxide, and others, contribute significantly to the near-infrared absorbing material market. 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.

“Absorption function accounted for the largest share of the near infrared absorbing materials market in 2023” in terms of value.

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.

In the field of photovoltaics, absorption is of utmost importance for efficient energy conversion in solar cells. NIR absorbing materials are designed to absorb a specific range of NIR wavelengths, enabling them to harness a broader spectrum of solar radiation. By efficiently absorbing NIR light, these materials can convert a larger portion of the solar energy into electrical energy, enhancing the overall performance and efficiency of solar cells. In medical applications, NIR absorbing materials with strong absorption capabilities are utilized for targeted therapies and imaging.

" Electronics & Telecommunications was largest end-use industry for near infrared absorbing materials market in 2023, in terms of value"

The Electronics & Telecommunications by end use, accounted for the largest market share in the for near infrared absorbing materials market, in terms of value, in 2023. However, the Electronics & Telecommunications is projected to grow at the highest CAGR in value during the forecast period. The electronics and telecommunications industry is a dynamic and rapidly evolving sector that relies on advanced technologies and materials to meet the demands of an interconnected world. Near-infrared absorbing materials play a crucial role in this industry, enabling various applications that enhance performance, functionality, and user experience.

In the field of electronics, near-infrared absorbing materials find application in optical filters, which are used to selectively transmit or block specific wavelengths of light. These filters help improve image quality, reduce glare, and enhance the clarity of displays and imaging devices. For example, organic dyes and polymers can be used as color filters in liquid crystal displays (LCDs) to achieve vibrant and accurate color reproduction.

" North America was the largest market for Near infrared Absorbing Material Market in 2023, in terms of value."

The Near infrared Absorbing Material Market   in North America is anticipated to register a highest CAGR  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 fuels 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 major players operating in the North America region include Inframat Advanced Materials LLC ,   Epolin LLC, American elements among others.

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Near Infrared Absorbing Materials Market Players

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). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of near infrared absorbing material have opted for new product launches to sustain their market position.

Near Infrared Absorbing Materials Market Report Scope

Near Infrared Absorbing Materials Market Segmentation

This report categorizes the global near Infrared absorbing material market based on IR Range, Material type, functions, end use industry and region.

On the basis of IR range, the near infrared absorbing material market has been segmented as follows:

• 700-1000nm
• 1000nm above

On the basis of Material type, the near infrared absorbing material market has been segmented as follows:

• Organic Material
• Inorganic Materials

On the basis of Function type, the near infrared absorbing material market has been segmented as follows:

• High Transparency
• Absorption
• Heat Resistance,
• Solubility
• Others.

On the basis of End use industry, the near infrared absorbing material market has been segmented as follows:

• Electronics and Telecommunications
• Industrial
• Defense and security
• Photovoltaics
• Others.

On the basis of region, the near infrared absorbing material market has been segmented as follows:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Recent Developments

• In 2023 Edmund Optics®, a renowned supplier of optical components for diverse applications, has teamed up with ISP Optics to provide worldwide availability of ISP Optics' extensive collection of high-quality optical components in over 15 infrared (IR) materials. Through this partnership, Edmund Optics becomes a global ecommerce distributor for ISP Optics.
• In 2023, AGEO, the world's leading supplier of passive electronic components, acquires Heraeus' platinum temperature sensor business.

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