What material reduces handgun recoil?
STEEL, the more you have, the less felt recoil there is, no matter the caliber.
Sorry if this sounds sarcastic, but its true. Actual recoil is a straight calculation involving the energy that comes out of the muzzle (bullet and powdergas) and gun weight. See Newton's Third Law of physics.
No amount of "energy absorbing" material or design can reduce recoil. What they can do, is change the feel of the recoil in your hand, thereby seeming to reduce recoil. Felt recoil is a very subjective thing. Two different people can shoot the same gun and ammo, and yet have very different impressions of the feel of the recoil. Some folks are much more sensitive to it than others.