Chicago, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The Near Infrared Absorbing Materials Market is projected to grow from USD 308 million in 2023 to USD 453 million by 2028, at a CAGR of 7.9% from 2023 to 2028, as per the recent study by MarketsandMarkets™. The Near infrared absorbing materials market is mainly driven by the demand from various end use industries such as electronics & telecommunication, industrial, defense and security, photovoltaics, others. It is also driven by developing and emerging economies such as US and China.
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Browse In-Depth TOC On "Near Infrared Absorbing Materials Market”
136 - Market Data Tables
51 - Figures
195 - Pages
List of Key Players in Near Infrared Absorbing Materials Market:
- B Sumitomo Metal Mining Co., Ltd. (Japan)
- Nanophase Technologies Corporation (US)
- Heraeus Holding (Germany)
- Keeling & Walker (UK)
- Edmund Optics (US)
- Merck (US)
- 3M (US)
- Resonac Holdings Corporation (Japan)
- Advanced nano products co ltd (South Korea)
- Nippon Shokubai Co., Ltd (Japan)
Drivers, Restraints, Opportunities and Challenges in Near Infrared Absorbing Materials Market:
- Drivers: Increasing demand for advanced technologies.
- Restraints: Integration challenges.
- Opportunity: Growing renewable energy sector.
- Challenges: High cost of Materials.
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Key Findings of the Study:
- Absorption function accounted for the largest share of the near infrared absorbing materials market in 2023” in terms of value.
- Electronics & Telecommunications was largest end-use industry for near infrared absorbing materials market in 2023.
- North America was the largest market for Near infrared Absorbing Material Market in 2023, in terms of value.
Based on functions, The Near IR Absorbing material Market is segmented based on Function into High Transparency, Absorption, Heat Resistance, Solubility and Others. The others segment includes flexibility, durability, chemical stability, and compatibility. The Absorption segment accounted for a 33.0% share of the overall Near IR Absorbing material Market in 2022. 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.
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Sumitomo Metal Mining has a global presence with operations and subsidiaries in various countries. It has mining projects and exploration activities in countries like Japan, Indonesia, Chile, and Peru. The company also has sales offices and subsidiaries in countries around the world.
The company places a strong emphasis on research and development (R&D) to drive innovation and technological advancements. It invests in R&D activities to enhance mining efficiency, develop new materials, and explore sustainable solutions.
Diversification and Business Expansion: Sumitomo Metal Mining has diversified its business beyond mining and smelting. It has expanded into areas such as energy, electronics, and advanced materials, leveraging its expertise to contribute to various industries. The company actively engages in corporate social responsibility (CSR) activities, focusing on areas such as community development, education, and employee well-being. It strives to be a responsible corporate citizen and contribute positively to society.
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