Energy & Mining News

Global Solar Encapsulant Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

Press Release

The rising demand for rooftop photovoltaic (PV) modules and advancements in the solar cell technology are driving the growth of the solar encapsulant market. In 2017, the market attained a size of $1,036.0 million, and it is predicted to generate a revenue of $4,555.4 million by 2023, progressing at a CAGR of 28.4% during the forecast period (2018–2023). Solar encapsulant refers to a thin-film sheet that guards the solar module or cell from external moisture, delamination, air and dust. It is also used to offer electrical and optical transmissivity to the solar module.

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On the basis of technology, the solar encapsulant market is bifurcated into thin-film and crystalline silicon solar technology. Of these, during the 2013–2017 period, crystalline silicon solar technology dominated the market in terms of volume and value, and it is predicted to lead it during the forecast period as well. This technology offers quicker payback pertaining to energy saving and higher conversion efficiency, due to which its deployment is rising. However, the thin-film solar technology is predicted to be the faster-growing in the market in terms of volume and value, witnessing a CAGR of 23.0% and 28.7%, respectively.

This dominance of the category on the solar encapsulant market is ascribed to the rising focus of the market players on increasing the thin-film solar cells production capacity to meet the surging demand for solar panels. The semi-transparency and flexibility of solar thin-film modules escalates their adoption in handheld solar applications. Though the crystalline silicon solar technology is widely used in manufacturing solar modules, the fragile nature and the high production cost of crystalline modules have shifted manufacturers toward cost-efficient solar module-creation technology, such as the thin-film solar cell technology.

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Based on material, the solar encapsulant market is broadly classified into ethylene vinyl acetate (EVA), polyolefin elastomer, and polyvinyl butyral (PVB). Out of these, during the historical period (2013–2017), the EVA category led the market, and in 2017, it held a volume share of 74.2%. It is further expected to maintain its lead during the forecast period, owing to benefits such as excellent toughness and elasticity, great adhesive strength, and effective protection against delamination and corrosion to solar cells.

Solar Encapsulant Market – Competitive Landscape

Some of the major players operating in the global solar encapsulant market are Hangzhou First Applied Material Co. Ltd., Changzhou Sveck Technology Co. Ltd. (Sveck), RenewSys India Pvt. Ltd. (RIPL), STR Holdings Inc., and Encapsulantes de Valor Añadido S.A. (EVASA), E.I. du Pont de Nemours and Company, Jiangsu Akcome Science & Technology Co. Ltd., Saint-Gobain S.A., ISOVOLTAIC AG, Eastman Chemical Company, Bridgestone Corporation, Mitsui Chemicals Inc., and 3M Company.

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GLOBAL SOLAR ENCAPSULANT MARKET SEGMENTATION

By Material

  • Ethylene vinyl acetate (EVA)
  • Polyvinyl butyral (PVB)
  • Polyolefin elastomer
  • Others (TPU, ionomers, and PDMS)

By Technology

  • Crystalline silicon solar technology
  • Thin-film solar technology
    • Cadmium telluride (CdTe)
    • Copper indium gallium selenide (CIGS)
    • Amorphous silicon (a-Si)

By Application

  • Construction
  • Automotive
  • Electronics
  • Others (aerospace and defense)

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Rest of LATAM
  • Middle-East and Africa (MEA)
    • Saudi Arabia
    • South Africa
    • Rest of MEA

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