Encapsulant Materials for PV Modules Market Size, Share, Growth, and Industry Analysis, By Type (EVA Film, POE Film, & Others), By Application (Monofacial Module & Bifacial Module) and Regional Forecast to 2032

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ENCAPSULANT MATERIALS FOR PV MODULES MARKET REPORT OVERVIEW

The global Encapsulant Materials for PV Modules Market Size was USD 6.10 billion in 2023 and the market is projected to touch USD 8.12 billion by 2032, exhibiting a CAGR of 1.9% during the forecast period.

A photovoltaic module encapsulant film is a discriminating component in the production of solar panels. They act as a protective layer that encases and seals solar cells. They ensure their durability and longevity in several environmental conditions. They offer an obstruction that shields the mild solar cells from environmental factors such as moisture, dust, dirt and mechanical impacts. This protection prevents damage to the solar cells and other internal components.

Rising inclination towards the development of new encapsulant materials that are eco-friendly are fueling the market growth. Government initiatives and their policies are offering many opportunities for market expansion by designing innovative products.

COVID-19 Impact: Market Growth Hindered by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Due to the slowdown of the supply chain, the market growth has affected and impacts on other areas such as production, manufacturing units and others. The disruptions in the import and export system hampered the production and demand of the products. Because manufacturers grappled with sourcing materials and maintaining operations has enforced a temporary slowdown in the market. Nevertheless, while the pandemic recovered, it became apparent that solar energy and renewable sources were vital for building resilience and reducing carbon emissions. Governments and organizations worldwide started giving priority for green recovery and renewable energy expenditure that stimulated the market growth.

LATEST TRENDS

"Shifting towards Non-EVA Encapsulation Materials Boosting Market Progress"

A present trend in the market that is boosting the market growth is the changeover to non-EVA encapsulation materials. There is a growing preference towards non-EVA encapsulation materials for instance polyolefin-based films, polyvinyl butyral, and thermoplastics polyurethane. These substitute resources offer better long-term performance, higher adhesion, and enhanced resistance to potential-induced degradation. This market trend is boosting the market expansion.

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ENCAPSULANT MATERIALS FOR PV MODULES MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into EVA film, POE film, & others.

• EVA Film: It is known for its brilliant thermal stability, excellent durability, and adhesive properties which are extensively used in the PV industry.
• POE Film: It is a newer substitute that can offer improved transparency and elasticity. It also offers improved resistance to yellowing and better anti-PID (Potential Induced Degradation) performance compared to EVA.
• Others: There are other market types including TPO film, PVB film, and Silicone-based encapsulant which possess distinct characteristics and supply to specific application necessities.

By Application

Based on application the global market can be categorized into monofacial module & bifacial module.

• Monofacial Module: It is the most ordinary and conventional solar panel system that is single-sided cells located at the front surface. It has high solar power panel efficiency and are widely used in various solar energy applications
• Bifacial Module: This type of solar panels has a reflective back or dual panes of glass holding the solar cells in place to harness energy from both sides.

DRIVING FACTORS

"Rising Environmentally Sustainable Solutions Pushing Market Enlargement"

One of the key attributes in the global encapsulant materials for PV modules market growth is the rising need for ecological sustainable solutions is propelling the market development. Due to the rising apprehension for the environment and depleting conventional energy sources are fueling the demand for the product. The requirement for reducing carbon footprint across the globe, there has been a major shift towards renewable energy sources. They have highly created the demand for the solar encapsulation market. Furthermore, urbanization has amplified demand for solar panels. Hence, in turn increased demand for encapsulation for the setting up of solar panels directly enhances the utilization of solar encapsulation. These are the factors that are encouraging demand for the product and consequently propelling the market growth.

Reduction in Cost of Solar Energy Systems Impelling Market Growth

Another growing factor for the market expansion is the dropping cost of solar energy systems. The price of solar energy has decreased appreciably making it more accessible and cost-saving for end-users. The progression in technology and improvements in manufacturing processes are attracting many clients. Since the cost of modules persists to decrease, increasing demand for PV materials is promoting market growth. Additionally, government policies and incentives are also boosting the market enlargement. The policies and incentives for the implementation of renewable energy sources by the governments are encouraging customers to use the modules. These policies comprise tax credits, feed-in tariffs, and renewable portfolio standards. In addition, many countries have set renewable energy targets which are escalating the demand for the materials.

RESTRAINING FACTORS

"Recycling Trouble and Degradation of Solar Encapsulation Materials Hindering Market Growth"

The limiting factor for the impediment of the market growth is the intricacy of recycling solar encapsulation materials. Existing solar PV panels were not designed to be recovered; the materials for encapsulating solar panels are hard to separate and also make the recycling process of solar difficult. This factor is decreasing demand for the product and it hindered the market growth. This process is not only labor-intensive but also relatively difficult, which indicates it’s not always cost-effective to reprocess solar panels. If they are still recycled, some valuable materials inside often end up being lost or not fully in good condition, which can be a real downer for the environment, and this can be a limitation for the market growth.

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ENCAPSULANT MATERIALS FOR PV MODULES MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Region Dominating the Market due to Existence of Manufacturing Infrastructure"

Asia Pacific has emerged as the most dominant region in the global encapsulant materials for PV modules market share due to the presence of incredible manufacturing infrastructure and great technology, which reduces the manufacturing cost of solar cells. China, Japan, India, and South Korea are major contributors to the market expansion. These countries use solar encapsulation in producing different devices, including semiconductors, consumer electronics, and displays in automobile and electronics, and technological advancements include semiconductors, consumer electronic, and electronic manufacturing. Europe is witnessing significant growth in the market due to the agreement that solar encapsulation is thriving in some countries. The U.K. is the key contributor to the market expansion. In this country, the demand for the product is growing in the automotive industry and renewable energy sectors. The automotive industry depends on encapsulation in diverse applications, as well as sensors, automotive electronics, and control units.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Product Improvement and Market Strategies"

Many prominent industry players in this market are focusing on developing and offering a wide range of solar encapsulation materials and solutions to cater to the diverse needs of solar panel manufacturers and end-users by providing improved efficiency, durability, and cost-effectiveness. There are many companies in the market that use some techniques such as merger, acquisitions, partnership and using new advanced technologies for producing and developing new products and stay ahead in the market.

List of Market Players Profiled

• First (U.S.)
• Sveck (China)
• HIUV (China)
• Betterial (South Korea)
• Tianyang (China)
• STR Solar (U.S.)
• Lucent CleanEnergy (India)
• Mitsui Chemicals (Japan)
• Vishakha Renewables (India)
• RenewSys (India)
• Cybrid Technologies (China)
• TPI Polene (Thailand)
• 3M (U.S.)
• Hanwha (South Korea)
• SSPC (U.S.)
• LUSHAN (China)

INDUSTRIAL DEVELOPMENT

February 2024: Celanese Corporation, a global specialty materials and chemical business, unveiled the iDose® TR by Glaukos Corporation. It uses Celanese’s VitalDose® EVA to allow non-stop medication release for the treatment of glaucoma.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.