The encapsulant material for PV module market is anticipated to attain a valuation of US$ 5.61 billion in 2024 which will soar to US$ 12.00 billion by the end of 2034, thriving at a CAGR of 7.90% during the forecast period.
The impact of solar energy policies and subsidies on market growth is projected to bring promising opportunity during the projected period. With the growing use of solar photovoltaic (PV) panels, there is a high need for encapsulants that protect PV modules from environmental conditions and assure long term durability.
Increased demand across end use industries such as automotive, renewable energy and electronics is anticipated to fuel the market growth. Technological advancements in encapsulant materials and production techniques to meet the altering needs of the end users.
Attributes | Key Insights |
---|---|
Encapsulant material for PV module Industry Estimated Size in 2024 | US$ 5.61 billion |
Projected Industry Value in 2034 | US$ 12.00 billion |
Value-based CAGR from 2024 to 2034 | 7.90% |
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Attributes | Details |
---|---|
Historical Value in 2019 | US$ 3.93 billion |
Market Value in 2023 | US$ 5.20 billion |
Market Estimated Size in 2024 | US$ 5.61 billion |
Projected Market Value in 2034 | US$ 12.00 billion |
During the historical period, the encapsulant material for PV module market rose at a CAGR of 5.70%. This growth was a reflection of the following factors:
The encapsulant material for PV module market is anticipated to thrive at a CAGR of 7.90% during the projected period. The factors driving the market growth during this period are:
Growing Investments in Solar Projects and Increasing Focus on Sustainable Solutions Driving Demand
Rising investments in solar projects, including utility scale and distributed generating, help to expand the encapsulant materials industry. Investments in solar infrastructure boost demand for encapsulants, as developers seek dependable materials to safeguard PV modules and enhance energy output.
Growing environmental awareness and a focus on sustainable energy solutions are encouraging the use of eco friendly encapsulant materials that meet sustainability criteria. Manufacturers are reacting to this trend by creating encapsulants with a lower environmental effect and higher recyclability.
Quality Control and Expensive Cost are Key Obstacle Stifling the Market Growth
Quality control is a major concern for the Encapsulant material for PV module market players due to its differences in raw materials, production procedures and environmental conditions. Maintaining its quality throughout the manufacturing process is a key challenge stifling the market growth.
Balancing the demand for high performance encapsulant materials with cost effectiveness is a problem for manufacturers and solar developers. While superior materials may provide greater durability and efficiency, they sometimes come at a higher cost, affecting total project economics. The influence of cost competitiveness on material selection decisions by solar panel manufacturers is likely to affect the market growth. Finding a balance between performance, reliability, and affordability is critical for the widespread use of encapsulant materials in the PV sector.
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In the comparative view of adjacent industries, the encapsulant material for PV module industry exhibits a robust 7.90% CAGR from 2024 to 2034, while the encapsulant market at 8.7% CAGR from 2024 to 2034, and the PV module encapsulant film market to advance at 4.7% CAGR from 2023 to 2033.
This underscores the robust growth and promising trajectory of the encapsulant material for PV module industry in the coming years.
Encapsulant Material for PV Module Market:
Attributes | Encapsulant Material for PV Module Market |
---|---|
CAGR from 2024 to 2034 | 7.90% |
Key Trends | Growing need for durable materials is a key trend further surging the demand for encapsulant material for PV module. |
Opportunity | Growing shift towards the use of sustainable materials brings promising opportunities for the market growth. |
Encapsulant Market:
Attributes | Encapsulant Market |
---|---|
CAGR from 2024 to 2034 | 8.7% |
Key Trends | Growing concern about the environment is driving the industry toward eco-friendly encapsulant materials that match with sustainability goals and legislation. |
Opportunity | The growing use of solar photovoltaic (PV) panels generates demand for encapsulants to preserve PV modules, which is fuelled by worldwide initiatives supporting renewable energy. |
PV Module Encapsulant Film Market:
Attributes | PV Module Encapsulant Film Market |
---|---|
CAGR from 2023 to 2033 | 4.7% |
Key Trends | Growing adoption for ethylene vinyl acetate (EVA) is an emerging trend propelling the market growth. |
Opportunity | Surging demand for ultra-clear encapsulant films is key opportunity driving the market. |
India leads the encapsulant material for PV module market with 11.80%, followed by China at 8.80%, Italy at 5.10%, the Canada at 4.80%, and United States at 4.40%, reflecting diverse global patterns and emerging market dynamics in the encapsulant material for PV module industry.
Countries | Forecast CAGRs from 2024 to 2034 |
---|---|
India | 11.80% |
China | 8.80% |
Italy | 5.10% |
Canada | 4.80% |
The United States | 4.40% |
The encapsulant material for PV module market in India is rapidly expanding with a CAGR of 11.80% during the forecast period, owing to its ambitious renewable energy objectives and increased solar installations. With favorable government regulations and incentives, demand for high quality encapsulant materials to improve the reliability and efficiency of solar modules is increasing.
Technical developments and a greater emphasis on sustainable energy solutions are driving market growth. As India prioritizes clean energy programs, the market for encapsulant material for PV module is expected to rise steadily, creating attractive prospects for renewable energy producers and suppliers.
The encapsulant material for PV module market in China is anticipated to thrive at a CAGR of 8.80% over the projected period. China The encapsulant material for PV module market is powered by the enormous electronics manufacturing industry, which produces a diverse variety of items such as cellphones, laptops, and consumer electronics. Encapsulants shield electronic components from moisture, dust, and mechanical stress during production and use.
The increasing expansion of the solar energy sector increases the need for encapsulants, which are required for the production of solar PV modules. With aggressive renewable energy targets, the need for encapsulant materials in the solar industry is likely to rise.
Italy is likely to flourish at a CAGR of 5.10% by the end of 2034. During the forecast period. The encapsulant material for PV module market in Italy, has great development potential, according to its dedication to renewable energy adoption. With favorable government incentives and a focus on sustainable development, Italy is experiencing significant investments in solar energy infrastructure.
The need for encapsulant materials is increasing as solar module makers look for long lasting, high performance solutions to improve photovoltaic system efficiency and lifetime. Its strategic geographical location and abundant sunshine availability increase the appeal of its PV business, establishing the nation as a major participant in the global solar energy scene.
Canada is expected to rise at a CAGR of 4.80% through 2034. The encapsulant material for PV module market in Canada is growing steadily, owing to its soaring solar energy industry. With increased expenditures in renewable energy and government measures supporting clean energy use, demand for encapsulant materials is increasing.
Advances in solar technology and increased environmental awareness are propelling the industry ahead. Companies in Canada encapsulant materials market are focused on innovation, sustainability, and product efficiency to satisfy the changing demands of the solar industry and capitalize on the opportunities given by shift to a greener energy future.
The United States is projected to surge at a CAGR of 4.40% during the projection period. In the United States, the encapsulant material for PV module market is largely driven by its widespread application in the solar energy industry. With a rising emphasis on renewable energy sources, notably solar electricity, encapsulants are commonly used in the production of solar photovoltaic (PV) modules.
These encapsulants protect sensitive solar cells from environmental elements such as moisture, dust, and mechanical stress, assuring solar panels longevity and performance. The electronics and automotive sectors in the United States also add to the need for encapsulants, notably in the manufacture of electronic components and vehicle electronics.
Category | Market Share in 2024 |
---|---|
Ethylene Vinyl Acetate (EVA) | 32.80% |
Industrial | 42.60% |
The ethylene vinyl acetate (EVA) segment is likely to dominate the encapsulant material for PV module market with a market share of 32.80% in 2024. Ethylene vinyl acetate (EVA) is the go to choice in the market owing to its flexibility, longevity and sustainable properties, propelling the segment growth.
Industrial segment leads the end use segment in the encapsulant material for PV module market with a market share of 42.60% in 2024. This growth is a reflection of the surging industrial scale solar installations coupled with the increasing demand for reliable encapsulation solutions in order to improve the longevity and overall performance of photovoltaic modules.
The competitive landscape for encapsulant material for PV module market is highly fragmented with leading players battling hard to retain their position in the market. Investing in research and development and latest innovations are key strategies for new entrants to compete in the encapsulant material market.
New entrants are also giving tough competition to the leading players in the encapsulant materials market. Leading players are also making strategic moves to win this competition by implementing strategies like mergers and acquisitions in the encapsulant market.
Recent Developments
Attribute | Details |
---|---|
Estimated Industry Size in 2024 | US$ 5.61 billion |
Projected Industry Valuation in 2034 | US$ 12.00 billion |
Value-based CAGR 2024 to 2034 | 7.90% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Industry Analysis | Value in US$ billion |
Key Regions Covered |
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Key Industry Segments Covered |
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Key Countries Profiled |
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Key Companies Profiled |
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The Encapsulant material for PV module market is projected to hit at US$ 5.61 billion by 2024.
The encapsulant material for PV module market is slated to incline at a 7.90% CAGR by 2034.
The Encapsulant material for PV module market is estimated to US$ 12.00 billion by 2034.
India is expected to lead the market, experiencing an 11.80% CAGR through 2034.
The ethylene vinyl acetate (EVA) segment is projected to attain a market share of 32.80% through 2024.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Technology Roadmap 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends 4. Key Success Factors 4.1. Product Adoption / Usage Analysis 4.2. Product USPs / Features 4.3. Strategic Promotional Strategies 5. Global Market Demand Analysis 2019 to 2023 and Forecast, 2024 to 2034 5.1. Historical Market Volume (Tons) Analysis, 2019 to 2023 5.2. Current and Future Market Volume (Tons) Projections, 2024 to 2034 5.3. Y-o-Y Growth Trend Analysis 6. Global Market - Pricing Analysis 6.1. Regional Pricing Analysis By Material Type 6.2. Global Average Pricing Analysis Benchmark 7. Global Market Demand (in Value or Size in US$ Million) Analysis 2019 to 2023 and Forecast, 2024 to 2034 7.1. Historical Market Value (US$ Million) Analysis, 2019 to 2023 7.2. Current and Future Market Value (US$ Million) Projections, 2024 to 2034 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Market Background 8.1. Macro-Economic Factors 8.1.1. Global GDP Growth Outlook 8.1.2. Global Chemical Industry Overview 8.1.3. Manufacturing Value-Added 8.1.4. Industry Value Added 8.1.5. Parent Market Outlook 8.1.6. Other Macro-Economic Factors 8.2. Forecast Factors - Relevance & Impact 8.2.1. Top Companies Historical Growth 8.2.2. GDP Growth Forecast 8.2.3. Manufacturing Industry Forecast 8.2.4. Global Urbanization Growth Outlook 8.2.5. End-use Industry Growth Outlook 8.2.6. Other Forecast Factors 8.3. Value Chain 8.3.1. Product Manufacturers 8.3.2. End Users 8.3.3. Avg. Profitability Margins 8.4. COVID-19 Crisis - Impact Assessment 8.4.1. Current Statistics 8.4.2. Short-Mid-Long Term Outlook 8.4.3. Likely Rebound 8.5. Market Dynamics 8.5.1. Drivers 8.5.2. Restraints 8.5.3. Opportunity Analysis 8.6. Global Supply Demand Analysis 8.7. Key Regulations & Certifications 8.8. Production Process Overview 8.9. Trade Scenario 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material Type 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Million) and Volume Analysis By Material Type, 2019 to 2023 9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Material Type, 2024 to 2034 9.3.1. Ethylene Vinyl Acetate (EVA) 9.3.2. Polyvinyl Butyral (PVB) 9.3.3. Polyolefins (PO) 9.3.4. Silicones 9.3.5. Ethylene Ionomers 9.3.6. Others 9.4. Market Attractiveness Analysis By Material Type 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Million) and Volume Analysis By End Use, 2019 to 2023 10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By End Use, 2024 to 2034 10.3.1. Commerical 10.3.2. Industrial 10.3.3. Residential 10.4. Market Attractiveness Analysis By End Use 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region 11.1. Introduction 11.2. Historical Market Size (US$ Million) and Volume Analysis By Region, 2019 to 2023 11.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Region, 2024 to 2034 11.3.1. North America 11.3.2. Latin America 11.3.3. East Asia 11.3.4. South Asia Pacific 11.3.5. Western Europe 11.3.6. Eastern Europe 11.3.7. Middle East and Africa (MEA) 11.4. Market Attractiveness Analysis By Region 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 12.1. Introduction 12.2. Pricing Analysis 12.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 12.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 12.4.1. By Country 12.4.1.1. USA 12.4.1.2. Canada 12.4.1.3. Mexico 12.4.2. By Material Type 12.4.3. By End Use 12.5. Market Attractiveness Analysis 12.5.1. By Country 12.5.2. By Material Type 12.5.3. By End Use 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13.1. Introduction 13.2. Pricing Analysis 13.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 13.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 13.4.1. By Country 13.4.1.1. Brazil 13.4.1.2. Chile 13.4.1.3. Rest of Latin America 13.4.2. By Material Type 13.4.3. By End Use 13.5. Market Attractiveness Analysis 13.5.1. By Country 13.5.2. By Material Type 13.5.3. By End Use 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 14.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 14.4.1. By Country 14.4.1.1. China 14.4.1.2. Japan 14.4.1.3. South Korea 14.4.2. By Material Type 14.4.3. By End Use 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Material Type 14.5.3. By End Use 15. South Asia Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 15.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 15.4.1. By Country 15.4.1.1. India 15.4.1.2. ASEAN 15.4.1.3. ANZ 15.4.1.4. Rest of SAP 15.4.2. By Material Type 15.4.3. By End Use 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Material Type 15.5.3. By End Use 16. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 16.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 16.4.1. By Country 16.4.1.1. Germany 16.4.1.2. Italy 16.4.1.3. France 16.4.1.4. UK 16.4.1.5. Spain 16.4.1.6. BENELUX 16.4.1.7. NORDICS 16.4.1.8. Rest of W. Europe 16.4.2. By Material Type 16.4.3. By End Use 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By Material Type 16.5.3. By End Use 17. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 17.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 17.4.1. By Country 17.4.1.1. Russia 17.4.1.2. Poland 17.4.1.3. Hungary 17.4.1.4. Balkan & Baltics 17.4.1.5. Rest of E. Europe 17.4.2. By Material Type 17.4.3. By End Use 17.5. Market Attractiveness Analysis 17.5.1. By Country 17.5.2. By Material Type 17.5.3. By End Use 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18.1. Introduction 18.2. Pricing Analysis 18.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 18.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 18.4.1. By Country 18.4.1.1. KSA 18.4.1.2. Other GCC Countries 18.4.1.3. Türkiye 18.4.1.4. South Africa 18.4.1.5. Other African Union 18.4.1.6. Rest of MEA 18.4.2. By Material Type 18.4.3. By End Use 18.5. Market Attractiveness Analysis 18.5.1. By Country 18.5.2. By Material Type 18.5.3. By End Use 19. Country-wise Market Analysis 19.1. Introduction 19.1.1. Market Value Proportion Analysis, By Key Countries 19.1.2. Global Vs. Country Growth Comparison 19.2. USA Market Analysis 19.2.1. By Material Type 19.2.2. By End Use 19.3. Canada Market Analysis 19.3.1. By Material Type 19.3.2. By End Use 19.4. Mexico Market Analysis 19.4.1. By Material Type 19.4.2. By End Use 19.5. Brazil Market Analysis 19.5.1. By Material Type 19.5.2. By End Use 19.6. Chile Market Analysis 19.6.1. By Material Type 19.6.2. By End Use 19.7. China Market Analysis 19.7.1. By Material Type 19.7.2. By End Use 19.8. Japan Market Analysis 19.8.1. By Material Type 19.8.2. By End Use 19.9. South Korea Market Analysis 19.9.1. By Material Type 19.9.2. By End Use 19.10. India Market Analysis 19.10.1. By Material Type 19.10.2. By End Use 19.11. ASEAN Market Analysis 19.11.1. By Material Type 19.11.2. By End Use 19.12. ANZ Market Analysis 19.12.1. By Material Type 19.12.2. By End Use 19.13. Germany Market Analysis 19.13.1. By Material Type 19.13.2. By End Use 19.14. Italy Market Analysis 19.14.1. By Material Type 19.14.2. By End Use 19.15. France Market Analysis 19.15.1. By Material Type 19.15.2. By End Use 19.16. UK Market Analysis 19.16.1. By Material Type 19.16.2. By End Use 19.17. Spain Market Analysis 19.17.1. By Material Type 19.17.2. By End Use 19.18. BENELUX Market Analysis 19.18.1. By Material Type 19.18.2. By End Use 19.19. NORDICS Market Analysis 19.19.1. By Material Type 19.19.2. By End Use 19.20. Russia Market Analysis 19.20.1. By Material Type 19.20.2. By End Use 19.21. Poland Market Analysis 19.21.1. By Material Type 19.21.2. By End Use 19.22. Hungary Market Analysis 19.22.1. By Material Type 19.22.2. By End Use 19.23. Balkan & Baltics Market Analysis 19.23.1. By Material Type 19.23.2. By End Use 19.24. KSA Market Analysis 19.24.1. By Material Type 19.24.2. By End Use 19.25. Other GCC Countries Market Analysis 19.25.1. By Material Type 19.25.2. By End Use 19.26. Türkiye Market Analysis 19.26.1. By Material Type 19.26.2. By End Use 19.27. South Africa Market Analysis 19.27.1. By Material Type 19.27.2. By End Use 19.28. Other African Union Market Analysis 19.28.1. By Material Type 19.28.2. By End Use 20. Market Structure Analysis 20.1. Market Analysis by Tier of Companies 20.2. Market Concentration 20.3. Market Share Analysis of Top Players 20.4. Production Capacity Analysis 20.5. Market Presence Analysis 20.5.1. By Product Footprint of Players 20.5.2. By Regional Footprint of Players 20.5.3. By Application Footprint of Players 21. Competition Analysis 21.1. Competition Dashboard 21.2. Competition Benchmarking 21.3. Competition Deep Dive 21.3.1. Expafol 21.3.1.1. Overview 21.3.1.2. Product Portfolio 21.3.1.3. Profitability by Market Segments (Product/Channel/Region) 21.3.1.4. Sales Footprint 21.3.1.5. Strategy Overview 21.3.2. Brentwood Plastics 21.3.3. Exxon Mobil 21.3.4. Dow 21.3.5. LyondellBasell 21.3.6. Celanese 21.3.7. Braskem 21.3.8. Mitsui Chemicals Inc 21.3.9. Sumitomo Chemical Co 21.3.10. HIUV New Materials 21.3.11. Topray Solar 21.3.12. Betterial Film Technologies 21.3.13. Other Key Players 22. Primary Insights 23. Assumptions and Acronyms Used 24. Research Methodology
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