Global Near Infrared Material Absorbing Market Size, Segmentation, Trends and Growth Analysis Forecast by 2031

Near Infrared Material Absorbing Market Analysis and Overview :

The Near Infra Red Absorbing Material Market is currently valued at USD 263.7 million in 2022, registering a CAGR of 12.02% over the forecast period, 2023-2031.

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Near-infrared (NIR) absorbing materials, also known as NIR absorbers refer to substances or compounds that can absorb electromagnetic radiation in the near-infrared region of the electromagnetic spectrum. This region typically spans wavelengths ranging from approximately 700 nanometers (nm) to 2500 nm.

The factors driving the growth of the studied market are the growing demand for electronics and the telecommunication sector, and the rising demand for the industrial sector are driving the growth of the studied market.

Near Infrared Material Absorbing Market Latest Trends:

The National Science Foundation announced a new effort to bring atomic-level precision to the equipment and technologies that underpin much of modern life, which will change industries such as information technology in the coming decades. For instance, in September 2021, The Center for Integration of Modern Optoelectronic Materials on Demand announced a five-year, USD 25 million Science and Technology Center grant sponsored by the University of Washington. Furthermore, the growing consumption of advanced manufacturing and fabricating technologies is further driving the consumption of optoelectronic components in the industrial sector, with the use of Infrared (IR) Inspection windows.

Segmentation :

The Near InfraRed Absorbing Materials Market is Segmented

By Type :

• Organic
• Inorganic

By IR Range :

• 700-1000 nm
• Above 1000 nm

End User :

• Hospitals
• Government Organizations
• Third-Party Administrators (TPAs)
• Pharmaceutical
• Biotechnology
• Medical Device Companies

Geography

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

The report offers the value (in USD million) for the above segments.

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Market Driver:

Increasing Demand for Advanced Technologies

An article titled, “Near-infrared absorbing glazing for energy-efficient windows: A critical review and performance assessments from the building requirements” published in June 2023, reported that spectrally selective windows, such as near-infrared absorbing (NIR) glazings, low-e glazings, and various smart windows, have been widely studied, developed, and applied in different climatic conditions for building energy-saving purposes. This is one major pathway of the spectrally selective glazings to achieve energy savings is through solar radiation control, either by NIR reflection or absorption. 

Furthermore, in 2023, AGEO world’s largest supplier of passive electronic components acquired the Heraeus platinum temperature sensor business. Thus, the widespread application of NIR in various technologies across various sectors is driving the growth of the studied market

Growing Demand for Renewable Energy Sector

An article titled, “Near-Infrared Light Responsive TiO2 for Efficient Solar Energy Utilization” published in December 2021, reported that TiO2, as a benchmark in the field of ultraviolet photocatalysis, is one of the most widely used semiconductor photocatalysts.  The basic mechanisms for NIR light conversion employed by TiO2 and the preparation methods of photoactive materials and their applications in photocatalytic pollutants purification, hydrogen, and oxygen evolution, multifunctional smart windows, nitrogen photo fixation, as well as carbon dioxide photoreduction and photocatalytic disinfection is increasing the demand for NIR in renewable energy production, thereby contributing studied market’s growth.

Market Restraints:

High Manufacturing and Fabricating Costs

The high cost of manufacturing near-infrared absorbing material is slowing down the growth of the studied market over the forecast period.

Covid - 19 Impact  on Near Infrared Material Absorbing Market

An article titled, “Near-Infrared Spectroscopy as a Potential COVID-19 Early Detection Method: A Review and Future Perspective” published in June 2022, reported that NIR is a fast and low-cost diagnosis method for COVID-19 disease can play an important role in controlling its proliferation. Moreover, near-infrared spectroscopy (NIRS) is a quick, non-destructive, non-invasive, and inexpensive technique for profiling the chemical and physical structures of a wide range of samples. Furthermore, the NIRS has the advantage of incorporating the Internet of Things (IoT) application for the effective control and treatment of the disease. Thus, such instances show that due to benefits offered by NIR in COVID-19 sample detection, the demand for NIR has significantly increased in the current scenario due to the benefits offered by NIR across the various industrial sectors the studied market is expected to witness high growth over the forecast period.

Segmental Analysis :

Organic Materials are Expected to Witness Significant Growth Over the Forecast Period

Materials of near-infrared absorption involve cyanine dyes having an extended polymethine, phthalocyanine dyes with a metal center of aluminum or zinc, phthalocyanine dyes, nickel dithiolene complexes with a square-planar geometry, quinone analogs, diammonium compounds, and azo derivatives. Since, organic materials are electrically, optically, or thermally active in the NIR region, specifically at the telecommunication wavelengths (e.g., 1310 and 1550 nm) can in principle be used in a device for optical attenuation and absorption or antireflection, owing to their unique electrical and optical properties, low-cost fabrication, and feasibility for use in a monolithically integrated optical device, the segment is expected to witness significant growth over the forecast period.

Above 1000 nm Segment is Expected to Witness High Growth Over the Forecast Period

Near-infrared spectrometry provides a vibrational spectrum of an analyte over the wavelength range of 1000–2500 nm. These are produced by overtones and combinations of the fundamental vibrations of the chemical bonds in the analyte. Compared to the mid-infrared region, the near-infrared region is limited in its ability to provide detailed qualitative information on chemical structures due to the wide, overlapping bands that are observed. Thus, the segment is expected to witness significant growth over the forecast period.

Pharmaceutical, Biotechnology, and Medical Device Companies are Expected to Witness Significant Growth Over the Forecast Period

NIR supports continuous or batch manufacturing and delivers high-quality products with analytical workflows that meet all compliance needs. Apply non-destructive techniques to meet high-throughput demands. Furthermore, infrared spectroscopy is a method of qualitative and quantitative analysis that is fast, time-saving, cost-effective, accurate, and non-destructive. This method has been applied for quantitative analysis of compounds in complex matrices such as plant-based medicine and supplements supported by chemometrics techniques. Thus, the segment is expected to witness high growth over the forecast period.

North America Region is Expected to Witness High Growth Over the Forecast Period

North America is a prominent region in the near-infrared absorbing material market, driven by its advanced technological infrastructure, strong manufacturing base, and focus on sustainability. The region is characterized by a diverse range of end-use industries that extensively utilize near-infrared absorbing materials. Thus, the region is expected to witness significant growth over the forecast period.

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Near Infrared Material Absorbing Market Competitive Landscape

The Near InfraRed Absorbing Materials Market is slightly competitive due to the presence of a few companies working globally and regionally in this segment. Some of the major players working in this segment are :

Key Players :

• Sumitomo Metal Mining
• Edmund's Optics
• NanoPhase Technologies Application
• 3M
• Merck
• Nippon Shokubai Co. Ltd.
• Resonac Holdings.

Recent Development :

1) In June 2023: Kyoto Semiconductor Co., Ltd. (President and CEO: Yoshihisa Shinya, Headquarters: Shimotsuke-shi, Tochigi, Japan), a leader in optical device solutions with Japanese quality manufacturing based on world-class technology, announced 14 products of SWIR*1 type reflective sensor “KPR series”. The SWIR-type reflective sensor "KPR series" was developed expecting to be used in a wide range of applications such as the medical and healthcare fields, analysis and measurement fields, office electronic equipment fields, and sensing of various materials. Kyoto Semiconductor handles an extensive variety of SWIR-type LEDs (light emitting elements) using InGaAsP and SWIR-type photodiodes (light receiving elements) using InGaAs

2) In June 2023, a study published by MDPI Journal reported that NIR spectroscopy for the qualification of agricultural products at any point of the supply chain, from soil to feed and food. The article reported that NIR spectroscopy is often used in agriculture without or with the minor preparation of highly complex natural samples, it is very important to gain knowledge about the effects of the various factors influencing the performance. These factors may include sampling, sample preparation, and presentation to measurement, physical and chemical matrices, spectrometer technology, data pretreatment, data evaluation methods, results interpretation, the spectroscopic relevance of the targeted estimate, or the user’s care at any point.

Frequently Asked Questions (FAQ) :

Q1. What is the CAGR of Near Infrared Material Absorbing Market during the forecast period ?

Q2. Which Region is expected to hold the highest Market share?

Q3. What segments are covered in the Near Infrared Material Absorbing Market Report ?

Q4. Which are the major companies in the Near Infrared Material Absorbing Market ?