The global encapsulant materials for PV modules market is expected to garner a valuation of US$ 5.61 billion in 2024, thriving at a 7.90% CAGR during the forecast period. The market is forecasted to reach US$ 12.00 billion by 2034.
A key driver in the market is the surging demand from end-user industries such as renewable energy, electronics, and automotive. Ongoing innovations in the encapsulant materials and production methods are expected to drive market growth. With increasing demand for solar photovoltaic panels, the demand for better-performing encapsulant is also growing.
The market is at its best phase but it still needs to deal with some obstacles to keep up with the competition. The complexity of encapsulant ingredients and manufacturing techniques are likely to remain a challenge as it disrupt the product development process and quality of the overall material. Strict regulations and certifications for research and testing may add to the operating cost which may restrain the market growth.
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“Key market players search for innovative encapsulant solutions is likely to shower the market with plethora of opportunities during the forecast period,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The encapsulant materials for PV modules market in India is anticipated to thrive at a CAGR of 11.80% through 2034.
- China is forecasted to flourish at a CAGR of 8.80% during the projected period.
- Italy is likely to surge at a CAGR of 5.10% throughout the forecast period.
- The ethylene vinyl acetate (EVA) segment dominates the market with a market share of 32.80% in 2024.
- The industrial segment leads with a market share of 42.60% in 2024 in the encapsulant materials for PV modules market.
Competitive Landscape
The encapsulant material for the PV module market is highly fragmented as the key players are strengthening their position in the market. Key players are giving tough competition to the new entrants by incorporating modern materials science in the production of encapsulants to enhance the versatility and longevity of PV modules.
Key players are using strategies like collaborations with other industry stakeholders, like solar panel manufacturers, research institutions, and regulatory bodies, to enable these players to boost the adoption of innovative encapsulant solutions while also driving standardization efforts to ensure quality and safety in the industry.
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
Recent Developments
- In February 2024, Celanese Corporation, a global specialty materials and chemical company, introduced the iDose® TR by Glaukos Corporation. This product employs Celanese’s VitalDose® EVA to provide continuous medicine release for glaucoma therapy.
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More Insights Available
Future Market Insights offers an unbiased analysis of the Encapsulant Materials for the PV Modules market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the Encapsulant Materials for PV Modules market, the report is segmented on the basis of Material Type (Ethylene Vinyl Acetate (EVA), Polyvinyl Butyral (PVB), Polyolefins (PO), Silicones, Ethylene Ionomers and Others), End Use (Commercial, Industrial and Residential), across 7 major regions (North America, Latin America, East Asia, South Asia Pacific, Western Europe, Eastern Europe and the Middle East and Africa).
Segmentation Analysis of the Encapsulant material for PV module Industry
By Material Type:
- Ethylene Vinyl Acetate (EVA)
- Polyvinyl Butyral (PVB)
- Polyolefins (PO)
- Silicones
- Ethylene Ionomers
- Others
By End Use:
- Commercial
- Industrial
- Residential
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Chemicals and Materials Domain at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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