The near infrared (NIR) absorbing material market is predicted to be valued at US$ 340 million by 2024. The market valuation is estimated to be US$ 764 million by 2034, projected at a CAGR of 8.4%.
An important motivator is the growth in need for NIR absorbing materials in several industries, such as the food and beverage, pharmaceutical, agricultural, and automotive sectors. The nondestructive analytical method of NIR spectroscopy, utilized for material identification, process monitoring, and quality control, makes substantial use of these compounds.
The need for NIR absorbing materials is driven by the expansion in the usage of NIR spectroscopy in agricultural monitoring, food quality testing, and pharmaceutical analysis.
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Notwithstanding, certain challenges may impede the expansion of the NIR-absorbing material Market. Alternative materials and technology for spectroscopic applications are a significant concern. Competitive technologies like mid-infrared (MIR) and Raman spectroscopy also offer feasible possibilities, even though NIR spectroscopy has many benefits, including fast analysis, non-destructive nature, and versatility.
Impeding the expansion of the market might be the development of novel materials and improved analytical methods that provide substitutes for NIR-absorbing materials.
Despite these obstacles, the NIR absorbing material market offers numerous prospects for growth. Creating novel NIR-absorbing materials with improved characteristics, such as increased stability, wider spectrum coverage, and higher absorption efficiency, represents a significant potential.
Research and development initiatives may unlock significant market potential opportunities focused on expanding application areas, improving manufacturing processes, and investigating novel materials.
The growing use of NIR spectroscopy in developing sectors, including biotechnology, environmental monitoring, and security, creates new markets for market expansion.
Key Takeaways from the Market Study
· Under material type, the organic material segment registered to expand at a CAGR of 8.2% by 2034.
· The United States is estimated to register at a CAGR of 8.7% by 2034.
· Japan registers significant growth, projected at a CAGR of 9.9% by 2034.
· Based on function type, the high transparency segment is registered to expand at 8% CAGR by 2034.
“The expansion in the application scope of NIR spectroscopy across various industries is one significant driver for the near infrared absorbing material market,” says an Analyst at Future Market Insights (FMI).
Competitive Landscape
A few market players in the near-infrared absorbing material market compete for market share by offering various NIR-absorbing materials. The businesses make research and development investments to improve material qualities and meet certain industry needs.
Firms in this competitive market segment frequently employ strategic partnerships and collaborations to advance technology and expand their markets. Some of the key developments are
· In 2023, Edmund Optics teamed with ISP Optics to provide worldwide availability of ISP Optics, which has an extensive collection of high-quality optical components in over 15 infrared (IR) materials.
· In 2023, AGEO acquired Heraeus platinum temperature sensor business.
Key Players in the Near Infrared Absorbing Material Market
Sumitomo Metal Mining Co. Ltd.
Nanophase Technologies Corporation
Heraeus Holding
Keeling & Walker
Edmund Optics
Merck
3M
Resonac Holdings Corporation
Advanced Nano Products Co Ltd
Nippon Shokubai Co. Ltd
More Valuable Insights Available
Future Market Insights offers an unbiased global near infrared absorbing material market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the near infrared absorbing material market is segmented based on Material Type (Organic Material, Inorganic Materials), Function Type (High Transparency, Absorption, Heat Resistance, Solubility, Others), End User (Electronics And Telecommunications, Industrial, Defense And Security, Photovoltaics, Others), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)