Global Near Infrared Absorbing Material Market is set to expand at an 8.4% CAGR by 2034 | Future Market Insights, Inc.
In the United States, the pharmaceutical and healthcare sectors heavily rely on the near infrared (NIR) absorbing material market for NIR spectroscopy applications. These materials play a crucial role in formulation monitoring, quality control, and drug analysis procedures, thereby driving advancements in pharmaceutical research and development. Their widespread utilization underscores their significance in ensuring product efficacy and safety, while also streamlining processes essential for maintaining regulatory standards and innovation within the industry.
NEWARK, Del, March 25, 2024 (GLOBE NEWSWIRE) — The near infrared (NIR) absorbing material market is predicted to be valued at US$ 340 million by 2024. The market valuation is estimated to be US$ 764 million by 2034, projected at a CAGR of 8.4%.
An important motivator is the growth in need for NIR absorbing materials in several industries, such as the food and beverage, pharmaceutical, agricultural, and automotive sectors. The nondestructive analytical method of NIR spectroscopy, utilized for material identification, process monitoring, and quality control, makes substantial use of these compounds.
The need for NIR absorbing materials is driven by the expansion in the usage of NIR spectroscopy in agricultural monitoring, food quality testing, and pharmaceutical analysis.
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Notwithstanding, certain challenges may impede the expansion of the NIR-absorbing material Market. Alternative materials and technology for spectroscopic applications are a significant concern. Competitive technologies like mid-infrared (MIR) and Raman spectroscopy also offer feasible possibilities, even though NIR spectroscopy has many benefits, including fast analysis, non-destructive nature, and versatility.
Impeding the expansion of the market might be the development of novel materials and improved analytical methods that provide substitutes for NIR-absorbing materials.
Despite these obstacles, the NIR absorbing material market offers numerous prospects for growth. Creating novel NIR-absorbing materials with improved characteristics, such as increased stability, wider spectrum coverage, and higher absorption efficiency, represents a significant potential.
Research and development initiatives may unlock significant market potential opportunities focused on expanding application areas, improving manufacturing processes, and investigating novel materials.
The growing use of NIR spectroscopy in developing sectors, including biotechnology, environmental monitoring, and security, creates new markets for market expansion.
Key Takeaways from the Market Study
- Under material type, the organic material segment registered to expand at a CAGR of 8.2% by 2034.
- The United States is estimated to register at a CAGR of 8.7% by 2034.
- Japan registers significant growth, projected at a CAGR of 9.9% by 2034.
- Based on function type, the high transparency segment is registered to expand at 8% CAGR by 2034.
“The expansion in the application scope of NIR spectroscopy across various industries is one significant driver for the near infrared absorbing material market,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape
A few market players in the near-infrared absorbing material market compete for market share by offering various NIR-absorbing materials. The businesses make research and development investments to improve material qualities and meet certain industry needs.
Firms in this competitive market segment frequently employ strategic partnerships and collaborations to advance technology and expand their markets. Some of the key developments are
- In 2023, Edmund Optics teamed with ISP Optics to provide worldwide availability of ISP Optics, which has an extensive collection of high-quality optical components in over 15 infrared (IR) materials.
- In 2023, AGEO acquired Heraeus platinum temperature sensor business.
Key Players in the Near Infrared Absorbing Material Market
- 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
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More Valuable Insights Available
Future Market Insights offers an unbiased global near infrared absorbing material market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the near infrared absorbing material market is segmented based on Material Type (Organic Material, Inorganic Materials), Function Type (High Transparency, Absorption, Heat Resistance, Solubility, Others), End User (Electronics And Telecommunications, Industrial, Defense And Security, Photovoltaics, Others), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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