The global solar encapsulant market is projected to reach $4,555.4 million by 2023, registering a CAGR of 28.4% during the forecast period, P&S Intelligence.
The market growth is mainly driven by the growing application of solar encapsulating materials in the construction, automotive, and electronics industries. Solar encapsulant is a thin-film sheet that is used as a protecting material in a solar panel or module. The sheet protects the solar panel from corrosion, dust, adverse weather conditions, and delamination.
Access Report Summary with Detailed TOC on "Solar Encapsulant Market by Material (Ethylene Vinyl Acetate, Polyvinyl Butyral, Polyolefin Elastomer), by Technology (Crystalline Silicon Solar Technology, Thin-Film Solar Technology [Cadmium Telluride, Copper Indium Gallium Selenide, Amorphous Silicon]), by Application (Construction, Electronics, Automotive), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, China, India, Japan, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/solar-encapsulation-market
Insights on market segments
On the basis of material, the solar encapsulant market is categorized into ethylene vinyl acetate (EVA), polyvinyl butyral (PVB), polyolefin elastomer, and others. Other materials include thermoplastic polyurethane (TPU), polydimethylsiloxane (PDMS), and ionomers. During the forecast period, the market is expected to witness the highest growth in terms of volume in the PVB material type. Increasing use of PVB films by manufacturers in automotive, construction, and consumer goods industries is primarily driving their growth in the solar encapsulant market.
Based on technology, the solar encapsulant market is categorized into crystalline silicon solar technology and thin-film solar technology. The thin-film solar technology is further divided into cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous silicon (a-Si). The crystalline silicon solar technology is expected to continue holding a larger share in the solar encapsulant market in the coming years, as this technology provides higher conversion efficiency and quicker payback in terms of energy savings.
On the basis of application, the solar encapsulant market is categorized into automotive, construction, electronics, and others. Construction was the largest application area of solar encapsulants during the historical period and is estimated to account for 68.2% of the market in 2017. This can be attributed to the increasing demand for rooftop panel systems in the construction industry.
The market will witness fastest growth in Asia-Pacific (APAC)
APAC is expected to continue being the largest and fastest-growing solar encapsulant market in the coming years. In recent years, the region has witnessed a significant increase in the number of solar cell production units because of the shift of module manufacturers from Europe to China. Price inflation in solar products in Europe has resulted in the movement of many domestic players to APAC for production, which has further led to the growth of the APAC solar encapsulant market.
North America is expected to continue holding the second-largest share in the market. The market growth in the region is driven by the increasing need for high-performance encapsulating films that provide greater mechanical strength and chemical resistance to PV modules. Additionally, owing to the increasing demand for solar products, manufacturers in the region are focusing on increasing their production capacity, which in turn, is boosting the growth of the North American solar encapsulant market.
Research and development (R&D) in the solar cell technology expected to provide further growth opportunities in the market
R&D in the solar cell technology has resulted in the development of third-generation PVs that have the potential to overcome current efficiency and performance limits. Increasing focus of manufacturers on R&D to improve the efficiency and durability of solar cells and their materials is expected to contribute to the growth of the solar encapsulant market and provide lucrative growth opportunities to the emerging players.
Solar Encapsulant Market - Competitive Landscape
Some of the major players operating in the global solar encapsulant market are Hangzhou First Applied Material Co. Ltd., Changzhou Sveck Technology Co. Ltd. (Sveck), RenewSys India Pvt. Ltd. (RIPL), STR Holdings Inc., and Encapsulantes de Valor Añadido S.A. (EVASA), E.I. du Pont de Nemours and Company, Jiangsu Akcome Science & Technology Co. Ltd., Saint-Gobain S.A., ISOVOLTAIC AG, Eastman Chemical Company, Bridgestone Corporation, Mitsui Chemicals Inc., and 3M Company.
GLOBAL SOLAR ENCAPSULANT MARKET SEGMENTATION