Growing demand of solar PV due to increasing investment in the modernization of infrastructure will drive the global solar encapsulation market to $1.3 billion by 2018, according to a report by Markets and Markets. Asia, with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest revenue growth during the next five years.
The factors driving growth in the solar encapsulation market are global electricity demand, which is expected to double by 2030; cost reduction potential of solar PV; and PV technology developments. Solar encapsulation is a moderately developing market with no other substitute that makes it a backbone of PV-module manufacturing. Therefore, the market is expected to continue with a steady growth rate.
Solar encapsulation manufacturers mainly focus on R&D to develop improved encapsulants for upcoming PV technologies, which offer more features such as higher efficiency, resistance against heat and moisture and flexibility. Expansion, mergers and acquisitions into new and emerging markets in Asia, Europe and North America has been and will be a key for success for solar encapsulant manufacturers.
Charts produced by Markets and Markets.
U.S.-based STR Holdings is the leader in the solar encapsulant market, followed by Hangzhou First PV Material Co. Ltd. (China) and Solutia (U.S.). The remainder of the market share is occupied by other players such as Bridgestone (Japan), Dow Corning (U.S.) and DuPont (U.S.).
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