With the near infrared absorbing materials trend picking across the world, the global near infrared absorbing material market is set to gain from this phenomenon and jump from a value of USD 340 million in 2024 to USD 764 million by 2034, expanding at a CAGR of 8.4%.
| Attributes | Details |
|---|---|
| Near Infrared Absorbing Material Market Value for 2024 | USD 340 million |
| Near Infrared Absorbing Material Market Value for 2034 | USD 764 million |
| Near Infrared Absorbing Material Market Forecast CAGR for 2024 to 2034 | 8.4% |
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In 2019, the global near infrared (NIR) absorbing material market was estimated to reach a valuation of USD 203.5 million. The near infrared absorbing material market witnessed significant growth, registering a CAGR of 10.9% from 2019 to 2023.
| Historical CAGR | 10.9% |
|---|---|
| Forecast CAGR | 8.4% |
The valuation escalated to USD 203.5 million during this time due to the surge in usage of NIR spectroscopy applications in various sectors. A somewhat slower growth rate is predicted for the market, with a projected CAGR of 8.4% from 2019 to 2023.
The market is foreseen to continue developing positively despite the slowdown, driven by further technical improvements, the boom in applications in various industries, and a rising need for accurate analytical solutions.
Industry-specific requirements, environmental laws, and strategic partnerships anticipate the future market landscape. This will spur innovation and market expansion in the near-infrared absorbing material segment.
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The below section shows the leadig segment. Based on the material type, the organic material segment is registered to expand at 8.2% CAGR by 2034. Based on function type, the high transparency segment is registered to expand at 8% CAGR by 2034.
Escalation of environmental sustainability and surge in laws governing the usage of hazardous chemicals Industries push the market growth towards organic materials. The electronics, automotive, and architecture industries need materials and coatings with extraordinary transparency to improve product aesthetics and functionality.
| Category | CAGR by 2034 |
|---|---|
| Organic Material | 8.2% |
| High Transparency | 8% |
Within the coatings industry, the organic material segment is expected to experience significant growth, with a projected CAGR of 8.2% by 2034.
The escalating need for sustainable and eco-friendly coating solutions leads to the segmental expansion of the market. Compared to synthetic materials, organic materials are non-toxic and biodegradable, thus aligning with the shifting consumer and regulatory demands for environmentally friendly products.
Developments in the technology of organic materials have produced better performance attributes, such as rise in need for stickiness and durability, which have accelerated their acceptance in various industries.
The market for transparent coatings is expected to grow strongly in the high transparency sector, with a predicted 8% CAGR by 2034. The accelerating need for superior optical qualities and clarity coatings drives this growth trajectory.
Transparent coatings with high levels of transparency are sought after by industries including electronics, automotive, and architecture to improve the functionality and aesthetics of their products.
The coatings are crucial for applications needing flawless surface finishes and eye-catching aesthetics because they provide advantages such as a boom in light transmission, less distortion, and greater optical clarity. The market for high transparency coatings is anticipated to rise in the upcoming years as demand for premium clear coatings keeps escalating.
The table mentions the top five countries ranked by revenue, with South Korea holding the top position.
South Korea dominates the market for near infrared absorbent materials because of its strong research and developmental skills, sophisticated technological infrastructure, and tactical alliances with important sectors. Due to its emphasis on innovation and quality control, the nation is now recognized as a top producer and supplier of high-performance NIR absorbing materials worldwide.
Forecast CAGRs for Near Infrared Absorbent Materials from 2024 to 2034
| Countries | CAGR through 2034 |
|---|---|
| United States | 8.7% |
| United Kingdom | 9.4% |
| China | 8.9% |
| Japan | 9.9% |
| South Korea | 10.1% |
The pharmaceutical and healthcare industries in the United States mainly use the near infrared absorbing material market for NIR spectroscopy applications. The materials are widely used in formulation monitoring, quality control, and drug analysis procedures, which advances pharmaceutical research and development.
The food and beverage sector employs most of the near infrared absorbing material market in the United Kingdom. NIR absorbing materials are used for quality assessment, ingredient analysis, and process monitoring, guaranteeing product uniformity and regulatory compliance and raising the bar in food and beverage manufacturing facilities.
The agricultural industry in China mostly utilizes the market for near-infrared absorbent materials. NIR-absorbing materials are essential for precision farming, crop yield optimization, and overall agricultural productivity. They are used in soil analysis, crop monitoring, and agricultural research applications.
In Japan, the automotive industry broadly uses the near infrared absorbing material market. NIR absorbing compounds are incorporated into coatings, paints, and other automobile materials to improve longevity, UV resistance, and thermal stability and to guarantee that automotive components operate at their best and last a long time under various operating conditions.
The near-infrared absorbent material market in South Korea is mostly used in the semiconductor and electronics industries. To guarantee high production standards and dependability in the processes involved in the fabrication of electronic devices, NIR absorbing materials are used in semiconductor inspection, defect detection, and process monitoring applications.
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Many major market players compete with one another by providing a wide variety of NIR absorbing materials that are suited for different sectors. The businesses intensify their research and development to improve material qualities, meet needs unique to their industries, and maintain their competitive edge.
Players often use these tactics for enhancing their market positions and form strategic alliances and collaborations for technological improvement and expansion. Product differentiation and innovation are also majorly driven by manufacturer rivalry due to the upsurge in demand for NIR spectroscopy applications in several industries, including agriculture, food processing, and pharmaceuticals.
Key Developments in the Near Infrared Absorbing Material industry
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 340 million |
| Projected Market Valuation in 2034 | USD 764 million |
| Value-based CAGR 2024 to 2034 | 8.4% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Material Type, Function Type, End user, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | 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 |
As of 2024, the market for near infrared absorbing materials is expected to be valued at USD 340 million.
The near infrared absorbing material market is projected to expand at a CAGR of 8.4% between 2024 and 2034.
The organic material segment is projected to dominate the industry.
By 2034, the market value of Near Infrared Absorbing Material is expected to reach USD 764 million.
South Korea is likely the top-performing market, with a CAGR of 10.1%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material Type 5.1. Organic Material 5.2. Inorganic Materials 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Function type 6.1. High Transparency 6.2. Absorption 6.3. Heat Resistance 6.4. Solubility 6.5. Others 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User 7.1. Electronics and Telecommunications 7.2. Industrial 7.3. Defense and Security 7.4. Photovoltaics 7.5. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. East Asia 8.5. South Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Sumitomo Metal Mining Co., Ltd. 18.2. Nanophase Technologies Corporation 18.3. Heraeus Holding 18.4. Keeling & Walker 18.5. Edmund Optics 18.6. Merck 18.7. 3M 18.8. Resonac Holdings Corporation 18.9. Advanced Nano Products Co., Ltd. 18.10. Nippon Shokubai Co., Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
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Near Infrared Absorbing Material Market
