Solar Encapsulant Market is Projected to Reach $4,555.4 Million by 2023, Registering a CAGR of 28.4% During the Forecast Period

The global solar encapsulant market is projected to reach $4,555.4 million by 2023, registering a CAGR of 28.4% during the forecast period, P&S Market Research.
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.
APAC is expected to continue being the largest and fastest-growing solar encapsulant market in the coming years. In recent years, the region has witnessed a significant increase in the number of solar cell production units because of the shift of module manufacturers from Europe to China. Price inflation in solar products in Europe has resulted in the movement of many domestic players to APAC for production, which has further led to the growth of the APAC solar encapsulant market.
North America is expected to continue holding the second-largest share in the market. The market growth in the region is driven by the increasing need for high-performance encapsulating films that provide greater mechanical strength and chemical resistance to PV modules. Additionally, owing to the increasing demand for solar products, manufacturers in the region are focusing on increasing their production capacity, which in turn, is boosting the growth of the North American solar encapsulant 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.
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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