Near Infrared Absorbing Materials Market Size & Share 2023 to 2032
Market Size by Material Type (Organic, Inorganic), by Function (High transparency, Heat resistance, Solubility), by Application, by End Use & Forecast.
Report ID: GMI6449
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Published Date: August 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Near Infrared Absorbing Materials Market Size
Near Infrared Absorbing Materials Market size was valued at around USD 298 million in 2022 and is estimated to reach USD 621.9 million by 2032. NIR absorbing materials are used in optical filters for electronic displays, cameras, and imaging devices to selectively block or filter out unwanted NIR radiation. Infrared-absorbing coatings on screens and windows prevent eavesdropping by blocking NIR signals used by some surveillance techniques.
Near Infrared Absorbing Materials Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
NIR-absorbing coatings can be applied to solar panels and solar concentrators to manage heat and improve energy conversion efficiency. NIR-absorbing materials used in roofing systems help reduce heat absorption, leading to lower indoor temperatures and energy consumption.
Ensuring consistent and reliable performance of NIR absorbing materials across various applications and environmental conditions is crucial. Integrating NIR absorbing materials into existing products or systems requires compatibility with other materials, coatings, and substrates. NIR absorbing materials must withstand exposure to light, temperature variations, humidity, and other environmental factors. Thus, the risks associated with Near infrared absorbing materials may drive down the acceptance rate, further hampering the business landscape.
COVID-19 Impact
Economic uncertainties and reduced consumer spending during the pandemic led to decreased demand for products and applications that incorporate near-infrared absorbing materials, such as electronics, automotive, and construction. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the market progress.
Near Infrared Absorbing Materials Market Trends
Near-infrared absorbing materials are being integrated into smart materials and devices, such as textiles, coatings, and films, to enhance their functionality. These materials enable features like thermoregulation, privacy protection, and energy-efficient applications. The healthcare sector is leveraging near-infrared absorbing materials for medical imaging, diagnostic tools, and therapies. These materials enable improved imaging contrast and targeted treatments in applications like photothermal therapy and NIR fluorescence imaging. Near-infrared absorbing coatings are being used in building materials to regulate indoor temperatures, reduce energy consumption, and contribute to sustainable building practices. Thus, the growing prevalence is expected to expedite the market expansion.
Near Infrared Absorbing Materials Market Analysis
Based on material type, the near infrared absorbing materials market is segmented as organic and inorganic. Organic held a majority market value of USD 184.8 million in 2022. Organic materials are often used in medical and healthcare applications due to their biocompatibility, making them suitable for diagnostic imaging and targeted therapies. Organic materials can be synthesized with specific absorption properties, allowing for tailored solutions in applications like sensors and photothermal therapy. Moreover, an increasing usage will further accelerate the segment trends.
Based on range, the near infrared absorbing materials market is segmented as 700-1000 MN, 1000 & above. 700-1000 MN held a dominant market share of around 60% in 2022 and is expected to grow at a lucrative pace by 2032. Short wavelength NIR-absorbing materials are suitable for applications like NIR-I fluorescence imaging and in vivo imaging due to their compatibility with biological tissues. Thus, the aforementioned factors are projected to expedite the market demand.
Based on function the near infrared absorbing materials market is segmented as high transparency, heat resistance, solubility, absorption, others. Heat resistance segment is anticipated to grow at 6.8% CAGR by 2032. NIR absorbing materials used for thermal management help dissipate excess heat in electronic devices, preventing overheating and improving device performance. Thus, the high-quality services and growing usage of Near infrared absorbing materials are anticipated to expedite the business growth.
Based on application the near infrared absorbing materials market is segmented as solar cells and photovoltaics, optical filters and coatings, sensors and detectors, anti-reflective coatings, medical imaging and diagnostics, security and surveillance, others. Solar cells held a dominant market share in 2022 and is anticipated to grow by 2032. NIR-absorbing materials integrated into solar cells capture a broader range of wavelengths, improving energy conversion efficiency and increasing the output of solar panels.
Based on application the near infrared absorbing materials market is segmented as electronics and semiconductor, energy and solar, healthcare and medical, aerospace and defense, automotive, consumer goods, building and construction, others. Health care and medical held a dominant market share in 2022 and is anticipated to grow by 2032. NIR absorbing materials enhance contrast and visualization in medical imaging techniques, aiding in accurate diagnostics.
U.S. near infrared absorbing materials market exceeded USD 71.8 million in 2022 and is anticipated to expand at a significant pace from 2023-2032. North America has a strong healthcare sector with a focus on advanced diagnostics. NIR absorbing materials are used for enhanced imaging techniques and targeted therapies. Thus, the above-mentioned variables would augment the business growth in the North America positively.
Near Infrared Absorbing Materials Market Share
Some of the major market players operating in the near infrared absorbing materials market are :
These players focus on strategic partnerships, new product launch & commercialization for market expansion.
Near Infrared Absorbing Materials Industry News:
Near infrared absorbing materials market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:
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Market, By Material Type
Market, By Range
Market, By Function
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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Verified data sources
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