Global Encapsulant Material for PV Module Market to rise at a 7.90% CAGR through 2034, reaching US$ 12 billion
Future Market Insights Global and Consulting Pvt. Ltd.
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.
NEWARK, Del, April 24, 2024 (GLOBE NEWSWIRE) — 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. Increasing demand for solar photovoltaic panels, the demand for better performing encapsulant is also growing.
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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 disrupts 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.
“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
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The encapsulant materials for PV modules market in India is anticipated to thrive at a CAGR of 11.80% through 2034.
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China is forecasted to flourish at a CAGR of 8.80% during the projected period.
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Italy is likely to surge at a CAGR of 5.10% throughout the forecast period.
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The ethylene vinyl acetate (EVA) segment dominates market with a market share of 32.80% in 2024.
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Industrial segment leads with a market share of 42.60% in 2024 in the encapsulant materials for PV modules market.
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Competitive Landscape
The encapsulant material for 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 their versatility and longevity of PV modules.
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Key players are using strategies like collaborations with other industry stakeholders, like solar panel manufacturers, research institutions, and regulatory bodies, 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
Recent Developments
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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.
More Insights Available
Future Market Insights offers an unbiased analysis of the Encapsulant Materials for 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).
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Segmentation Analysis of the Encapsulant material for PV module Industry
By Material Type:
By End Use:
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Commercial
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Industrial
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Residential
By Region:
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North America
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Latin America
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Western Europe
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Eastern Europe
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South Asia & Pacific
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East Asia
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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 to provide 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.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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