Near Infrared Absorbing Material Market Poised for Significant Expansion, Targeting US$ 764 Million by 2034
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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