Near Infrared Absorbing Materials Market is projected to reach USD 453 million by 2028

"Rising demand from electronics & telecommunication application boost the Near Infrared absorbing material market"

The Near Infrared Absorbing materials Market is projected to reach USD 453 million by 2028, at a CAGR of 7.9% from USD 308 million in 2023. The increasing use of inorganic materials different chemicals drives the market. In addition, Near-infrared (NIR) absorbing materials find various applications in the electronic and telecommunication industries, offering unique functionalities and performance advantages. NIR absorbing materials are used in the fabrication of optical filters and sensors for electronic devices and telecommunications systems.

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"High Transparency, by function accounts for the second-largest market share in 2022"

High transparency is a crucial function of NIR absorbing materials as it allows for the efficient transmission of NIR light while minimizing unwanted scattering or reflection. This transparency enables the materials to be seamlessly integrated into optical systems, sensors, and devices where precise control of NIR wavelengths is essential. This function is of utmost importance in various applications where precise control and manipulation of NIR light are required.

"1000nm above IR range is expected to be the fastest growing at CAGR for Near IR absorbing materials market during the forecast period, in terms of value."

This IR range has unique properties and applications that make it valuable in various fields. In terms of optical characteristics, the 1000nm and above IR range exhibits higher absorption compared to shorter IR wavelengths. This range is often used for sensing and analysis of molecular vibrations, as many chemical compounds have characteristic absorption peaks in this region. The MIR range allows for the identification and characterization of organic and inorganic molecules, making it suitable for application

"Based on region, Europe was the second largest market for Near IR absorbing materials in 2022, in terms of value."

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Europe 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. The Germany has maximum share of this market and fastest growing country at the CAGR 8.46% in this market

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
By Designation: C-Level - 20%, Director Level - 10%, and Others - 70%
By Region: Asia Pacific - 30%, Europe -30%, North America - 20%, Middle East & Africa - 10%, and South America-10%

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).

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This release was published on openPR.