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
Updated on : April 23, 2024
Near Infrared Absorbing Materials Market
The global near infrared absorbing material 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.
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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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Key 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.
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Report Metric |
Details |
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Years considered for the study |
2023-2028 |
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Base Year |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Value (USD Billion/Million) |
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Segments |
IR Range, Material type, functions, End Use, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
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) |
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 market has been segmented as follows:
- 700-1000nm
- 1000nm above
On the basis of Material type, the market has been segmented as follows:
- Organic Material
- Inorganic Materials
On the basis of Function type, the market has been segmented as follows:
- High Transparency
- Absorption
- Heat Resistance,
- Solubility
- Others.
On the basis of End use industry, the market has been segmented as follows:
- Electronics and Telecommunications
- Industrial
- Defense and security
- Photovoltaics
- Others.
On the basis of region, the 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.
Frequently Asked Questions (FAQ):
What is the expected growth rate of the near infrared absorbing material market?
This study's forecast period for the near infrared absorbing material market is 2023-2028. The market is expected to grow at a CAGR of 7.9%, in terms of value, during the forecast period.
Who are the major key players in the near infrared absorbing material market?
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) are the leading manufacturers and service provider of near infrared absorbing material market.
What are the emerging trends in Near Infrared absorbing material market ?
Nanotechnology is playing a crucial role in the development of near infrared absorbing materials. Innovations in nanomaterials and nanocomposites are enabling the production of materials with enhanced properties, such as improved light absorption, higher thermal stability, and greater durability.
What are the drivers and opportunities for the near infrared absorbing material market?
The Increasing demand for advanced technologies in the near infrared absorbing material drive the infrared absorbing material market. The growing renewable energy sector presents significant opportunities for the utilization and advancement of near-infrared absorbing materials.
What are the restraining factors in the near infrared absorbing material market.
Integration challenges serve as restraints to the widespread adoption and implementation of near-infrared absorbing materials. .
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The study involved four major activities in estimating the market size of the Near Infrared absorbing material market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, the gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, the monetary chain of the market, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The Near Infrared absorbing material market comprises several stakeholders in the value chain, which include input suppliers, equipment manufacturers, technology providers, service providers, distribution and logistics, and end users. Various primary sources from the supply and demand sides of the Near Infrared absorbing material market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the Near Infrared absorbing material industry.
Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of Near Infrared absorbing material and the outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2021 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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Company Name |
Designation |
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Keeling & Walker |
Individual Industry Expert |
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Nanophase Technologies Corporation |
Sales Manager |
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American Elements |
Manager |
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Edmund Optics |
Marketing Manager |
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Evotech |
Senior Scientist |
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the Near Infrared absorbing material market.
- The key players in the industry have been identified through extensive secondary research.
- The industry's supply chain has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Near Infrared Absorbing Material Market: Bottum-Up Approach
Note: All the shares are based on the global market size.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
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Near Infrared Absorbing Material Market: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Near-infrared (NIR) absorbing materials, also known as NIR absorbers refer to substances or compounds that have the ability to 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. NIR absorbing materials are designed to selectively absorb light within this wavelength range while allowing other wavelengths, such as visible light or longer infrared radiation, to pass through or remain unaffected. These materials find diverse applications in various industries such as electronics & telecommunications, industrial, photovoltaics etc.
Key Stakeholders
- Raw material suppliers.
- Near Infrared absorbing material manufacturers.
- Near Infrared absorbing material traders, distributors, and suppliers.
- End-use industry participants.
- Government and research organizations.
- Associations and industrial bodies.
- Research and consulting firms.
- Research & development (R&D) institutions.
- Environmental support agencies.
Report Objectives
- To define, describe, and forecast the size of the Near Infrared absorbing material market, in terms of value.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on technology, type, application and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries.
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market.
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Growth opportunities and latent adjacency in Near Infrared Absorbing Materials Market