The United States is projected to grow rapidly at a CAGR of 4.40% during the forecast period. In the United States, the PV module market encapsulant materials is mainly driven by its widespread application in the solar energy industry. With the increasing focus on renewable energy sources, especially solar power, encapsulants are commonly used in the production of photovoltaic (PV) modules.
NEWARK, Del., April 24, 2024 (Globe Newswire) — The global encapsulants market for solar modules market is expected to be valued at USD 5.61 billion in 2024. and is growing rapidly. 7.90% CAGR During the forecast period.The market is predicted to be 12 billion USD By 2034.
The major driver of the market is the surge in demand from end-user industries such as renewable energy, electronics, and automotive. Continuous innovation in encapsulant materials and manufacturing methods is expected to drive market growth. As the demand for photovoltaic panels increases, so does the demand for better performing encapsulants.
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Although the market is at its best stage, several obstacles still need to be addressed to catch up with the competition. The complexity of encapsulant compositions and manufacturing techniques will continue to be a challenge as they disrupt the product development process and overall material quality. Strict regulations and certification for research and testing may increase operating costs and restrain market growth.
“Key market players are exploring innovative encapsulant solutions and many opportunities are likely to befall the market during the forecast period.” Nikhil Kaitwade, Vice President, Future Market Insights, Inc. said:
Key points from market research
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Encapsulation materials for solar PV modules market in India is expected to grow at a CAGR of 11.80% till 2034.
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China is projected to prosper at a CAGR of 8.80% during the forecast period.
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Italy is likely to soar at a CAGR of 5.10% over the forecast period.
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Ethylene vinyl acetate (EVA) segment will dominate the market with a market share of 32.80% in 2024.
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The industrial sector will lead in the encapsulant market for PV modules market with a market share of 42.60% in 2024.
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competitive environment
Encapsulation materials in the PV module market is highly fragmented as major players are strengthening their market positions. Leading companies are giving tough competition to new entrants by incorporating the latest materials science into encapsulant manufacturing to increase the versatility and longevity of PV modules.
Leading companies are adopting strategies such as collaboration with other industry players, such as solar panel manufacturers, research institutions, and regulators, to help these companies accelerate the adoption of innovative encapsulant solutions. It also allows us to advance standardization efforts to ensure quality and safety in the industry.
Overview of major companies
Recent trends
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In February 2024, Celanese Corporation, a global specialty materials and chemical company, introduced Glaukos Corporation’s iDose® TR. This product features Celanese’s VitalDose® EVA to provide continuous drug release for glaucoma treatment.
More insights available
Future Market Insights provides an unbiased analysis of the Encapsulants for PV Modules market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand the opportunities in the Encapsulation Materials for PV Modules market, the report is segmented on the basis of material type (Ethylene Vinyl Acetate (EVA), Polyvinyl Butyral (PVB), Polyolefin (PO), Silicone, Ethylene Ionomer, etc.) Masu. Used (commercial, industrial, residential) in seven major regions (North America, Latin America, East Asia, South Asia Pacific, Western Europe, Eastern Europe, Middle East, and Africa).
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Segmentation analysis of encapsulant for solar cell 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 and Pacific
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east asia
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middle east and africa
About the Chemicals and Materials domain of Future Market Insights
Future Market Insights’ chemicals and materials team provides expert analysis, time-efficient research, and strategic recommendations with the aim of providing authentic insights and accurate results to help clients around the world. provide information. With over 100 reports and a repertoire of over 1 billion data points, our team has been clearly analyzing industries in over 50 countries for over 10 years. The team provides a quick analysis of key trends such as competitive environment, profit margins, and R&D efforts.
author:
Nikhil Kaitwade (Vice President, Future Market Insights, Inc.) has over 10 years of experience in market research and business consulting. He has successfully completed over 1,500 of his client assignments, primarily in the automotive, chemical, industrial equipment, oil and gas, and service industries.
His core competencies center around developing research methodologies, proprietary analytical frameworks, creating statistical data models for price analysis, competitive mapping, and market feasibility analysis. His expertise also extends widely beyond analysis, advising clients on identifying growth potential, investment/sale decisions, and market entry decisions in established and niche market segments. Masu.
Nikhil holds an MBA degree in Marketing and IT and a postgraduate degree in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine, and EE Times.
Explore FMI’s extensive coverage in chemistry and materials.
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The encapsulants market is expected to reach USD 4.1 billion in 2024. The encapsulant industry is projected to grow at a promising CAGR of 8.7% from 2024 to 2034.
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With a projected CAGR of 4.7% from 2023 to 2033, the PV module encapsulant film market is expected to reach a valuation of USD 4.2 billion by the end of the forecast period.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, Greater New York Chamber of Commerce Member) provides deep insight into the drivers driving market demand. FMI has established itself as one of the world’s leading providers of market intelligence, advisory services, consulting, and events for the packaging, food and beverage, consumer, technology, healthcare, industrial, and chemical markets. With a vast team of 400 analysts located around the world, FMI provides global, regional and local expertise on diverse sectors and industry trends across more than 110 countries.
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