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:
Principal Consultant
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 | 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 |
|
| Key Industry Segments Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
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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Encapsulant Material for PV Module Market
