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The near-infrared radiation absorption materials market size will be approximately US$298 million in 2022 and is expected to reach US$621.9 million by 2032. Near-infrared absorbing materials are used in optical filters in electronic displays, cameras, and imaging equipment to selectively block or filter unwanted near-infrared radiation from substances. Infrared-absorbing coatings on screens and windows prevent eavesdropping by blocking near-infrared signals used by some surveillance technologies.
Near-infrared absorbing coatings can be applied to solar panels and solar concentrators to control heat and improve energy conversion efficiency. Near-infrared absorbing materials used in roofing systems help reduce heat gain, thereby reducing indoor temperatures and energy consumption.
It is critical to ensure that near-infrared absorbing materials perform consistently and reliably across a variety of applications and environmental conditions. Integrating near-infrared absorbing materials into existing products or systems requires compatibility with other materials, coatings, and substrates. Materials that absorb near-infrared radiation must be able to withstand exposure to light, temperature changes, humidity and other environmental factors. Thus, risks associated with near-infrared absorbing materials may reduce acceptance rates, further complicating commercial prospects.
Economic uncertainty and reduced consumer spending during the pandemic have reduced demand for products and applications that use materials that absorb near-infrared radiation, such as in electronics, automotive and construction. Hence, the reduction in the number of COVID-19 cases and the implementation of subsequent strategies by governments and NGOs is expected to contribute to the growth of the market.
Materials that absorb near-infrared radiation are being integrated into smart materials and devices such as textiles, coatings, and films to enhance their functionality. These materials provide features such as temperature regulation, privacy protection, and energy-saving applications. The healthcare industry uses near-infrared absorbing materials for medical imaging, diagnostic tools, and treatments. These materials can improve image contrast and targeted treatment in applications such as photothermal therapy and near-infrared fluorescence imaging. Near-infrared absorbing coatings are used in building materials to regulate indoor temperatures, reduce energy consumption and promote sustainable construction. Hence, the growing popularity is expected to accelerate the market expansion.
Based on material type, the near-infrared absorbing materials market is segmented into organic and inorganic. In 2022, organic materials accounted for the majority of the market value at $184.8 million. Organic materials are often used in medicine and healthcare due to their biocompatibility, making them suitable for diagnostic imaging and targeted therapy. Organic materials can be synthesized with specific absorption properties, allowing for customized solutions in applications such as sensing and photothermal therapy. Moreover, rising usage will further accelerate trends in the segment.
Based on volume, the market for near-infrared absorbing materials is divided into 700-1000 MN, 1000 and above. The 700-1000 MN segment will have approximately 60% dominant market share by 2022 and is expected to grow at a profitable rate until 2032. Short-wave NIR absorbing materials are suitable for applications such as NIR-I fluorescence imaging and in vivo imaging due to their compatibility with biological tissues due to their unique properties. Therefore, the above factors are expected to accelerate market demand.
Based on function, the near-infrared absorbent materials market is segmented into high transparency, heat resistance, solubility, absorptivity, and others. The heat-resistant materials segment is expected to grow at a CAGR of 6.8% by 2032. Materials that absorb near-infrared to control temperature help dissipate excess heat in electronic devices, preventing overheating and improving device performance. Thus, high-quality services and increasing use of near-infrared absorbing materials are expected to accelerate business growth.
Based on application, the near-infrared absorbing materials market is segmented into Solar & Photovoltaic Cells, Filters & Coatings, Sensors & Detectors, Anti-Reflective Coatings, Medical Imaging & Diagnostics, Security & Surveillance, and others. Solar cells dominated the market in 2022 and are expected to continue to grow until 2032. Near-infrared absorbing materials built into solar cells capture a wider range of wavelengths, increasing energy conversion efficiency and increasing the power of solar panels.
Based on application, the near-infrared absorption materials market is segmented into Electronics & Semiconductors, Energy & Solar, Healthcare & Medical, Aerospace & Defense, Automotive, Consumer Products, Construction, and Others. Healthcare and medical held the dominant market share in 2022 and is expected to continue to grow until 2032. Near-infrared absorbing materials enhance contrast and visualization in medical imaging technologies, helping to make accurate diagnoses.
The near-infrared absorption materials market in the US will exceed US$71.8 million in 2022 and is expected to expand significantly from 2023 to 2032. North America has a robust healthcare industry with a strong focus on advanced diagnostics. Near-infrared absorbing materials are being used to improve imaging techniques and targeted therapies. Thus, the above-mentioned variables will actively contribute to the growth of business in North America.
These players are focusing on strategic partnerships, new product launches and commercialization to expand the market.
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