The encapsulant material for PV module market is anticipated to attain a valuation of USD 5.61 billion in 2024 which will soar to USD 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 | USD 5.61 billion |
| Projected Industry Value in 2034 | USD 12.00 billion |
| Value-based CAGR from 2024 to 2034 | 7.90% |
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| Attributes | Details |
|---|---|
| Historical Value in 2019 | USD 3.93 billion |
| Market Value in 2023 | USD 5.20 billion |
| Market Estimated Size in 2024 | USD 5.61 billion |
| Projected Market Value in 2034 | USD 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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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 | USD 5.61 billion |
| Projected Industry Valuation in 2034 | USD 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 USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Industry Segments Covered | Material Type, End Use, Region |
| Key Countries Profiled | The United States, Canada, Mexico, Brazil, Chile, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, Germany, Italy, France, The United Kingdom, Spain, BENELUX, NORDICS, Russia, Poland, Hungary, Balkan & Baltics, KSA, Other GCC Countries, Türkiye, South Africa, Other African Union |
| Key Companies Profiled | Expafol; Brentwood Plastics; Exxon Mobil; Dow; LyondellBasell; Celanese; Braskem; Mitsui Chemicals Inc.; Sumitomo Chemical Co; HIUV New Materials; Topray Solar; Betterial Film Technologies |
The Encapsulant material for PV module market is projected to hit at USD 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 USD 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.
| Estimated Market Size in 2024 | USD 4.1 Billion |
|---|---|
| Projected Market Value in 2034 | USD 9.5 Billion |
| Value-based CAGR (2024 to 2034) | 8.7% |
| Market Size (2023) | USD 2.6 Billion |
|---|---|
| Market Size (2033) | USD 4.2 Billion |
| Market CAGR (2023 to 2033) | 4.7% |
| Market Size (2022) | USD 1,119.38 Million |
|---|---|
| Market Size (2032) | USD 2,649.99 Million |
| Market CAGR (2022 to 2032) | 9% |
| Market Size 2022 | USD 3.6 Billion |
|---|---|
| Market Size 2032 | USD 8.2 Billion |
| Value CAGR (2022 to 2032) | 8.4% |
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Encapsulant Material for PV Module Market
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