Solar encapsulant market is projected to reach $4,555.4 million by 2023
The market growth is mainly driven by the growing application of solar encapsulating materials in the construction, automotive, and electronics industries. Solar encapsulant is a thin-film sheet that is used as a protecting material in a solar panel or module. The sheet protects the solar panel from corrosion, dust, adverse weather conditions, and delamination.
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On the basis of material, the solar encapsulant market is categorized into ethylene vinyl acetate (EVA), polyvinyl butyral (PVB), polyolefin elastomer, and others. Other materials include thermoplastic polyurethane (TPU), polydimethylsiloxane (PDMS), and ionomers. During the forecast period, the market is expected to witness the highest growth in terms of volume in the PVB material type. Increasing use of PVB films by manufacturers in automotive, construction, and consumer goods industries is primarily driving their growth in the solar encapsulant market.
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Research and development (R&D) in the solar cell technology expected to provide further growth opportunities in the market
R&D in the solar cell technology has resulted in the development of third-generation PVs that have the potential to overcome current efficiency and performance limits. Increasing focus of manufacturers on R&D to improve the efficiency and durability of solar cells and their materials is expected to contribute to the growth of the solar encapsulant market and provide lucrative growth opportunities to the emerging players.
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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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