South Korea Photovoltaic EVA Encapsulating Film Market was valued at USD 0.4 Billion in 2022 and is projected to reach USD 0.6 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
South Korea's photovoltaic EVA encapsulating film market is experiencing significant growth, driven by the nation's commitment to renewable energy and advancements in solar technology. EVA (ethylene-vinyl acetate) films are crucial in safeguarding solar cells from environmental factors, thereby enhancing the efficiency and longevity of photovoltaic modules.
In September 2022, Hanwha Solutions, a key player in South Korea's chemical and energy sectors, announced a strategic investment of $549 million to bolster its solar cell material business. This initiative aims to increase the production capacity of EVA, a vital component in solar modules, elevating Hanwha's total EVA production to 920,000 tons. This move positions Hanwha ahead of competitors like Exxon Mobil, which has a capacity of 790,000 tons. The investment underscores Hanwha's dedication to strengthening its foothold in the solar energy market through technological advancements and robust production capabilities.
Industries across South Korea are increasingly integrating EVA encapsulating films into various applications. In the architectural sector, these films are incorporated into building-integrated photovoltaics (BIPV), seamlessly merging solar panels with building materials to generate energy while maintaining aesthetic appeal. The automotive industry is also exploring the use of EVA films in solar roofs for electric and hybrid vehicles, aiming to enhance energy efficiency and reduce carbon emissions.
However, the market faces challenges, notably the rising costs associated with EVA films, which could impede broader adoption. Manufacturers are actively seeking innovative solutions to mitigate these expenses, such as refining production processes and sourcing cost-effective raw materials. Additionally, the complexity of recycling EVA encapsulants poses environmental concerns, prompting the industry to invest in research and development for more sustainable alternatives.
Despite these challenges, the outlook for South Korea's photovoltaic EVA encapsulating film market remains positive. The government's supportive policies and the escalating demand for renewable energy solutions are expected to drive continued growth. As industries strive to meet sustainability goals, the adoption of EVA encapsulating films is projected to expand, solidifying South Korea's position as a leader in the global photovoltaic market.
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3M
Guangzhou Lushan New Materials
KENGO
Mitsui Chemicals
Hangzhou First PV Material Co.
HiUV
STR Solar
Zhejiang Feiyu New Energy Co.
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Vishakha Renewables
Hangzhou Xinzi New Energy
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Photovoltaic EVA Encapsulating Film Market
Standard EVA Film
Low-Temperature EVA Film
High-Temperature EVA Film
Transparent EVA Film
Solar Panels
Building Integrated Photovoltaics (BIPV)
Concentrated Photovoltaics (CPV)
Thin-Film Solar Cells
Below 0.4 mm
0.4 mm to 0.6 mm
Above 0.6 mm
Residential
Commercial
Industrial
Utility-Scale Solar Power Plants
Direct Sales
Distributors
Online Platforms
Retail Stores
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Photovoltaic EVA Encapsulating Film Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Photovoltaic EVA Encapsulating Film Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Photovoltaic EVA Encapsulating Film Market, By Type
6. South Korea Photovoltaic EVA Encapsulating Film Market, By Application
7. South Korea Photovoltaic EVA Encapsulating Film Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Photovoltaic EVA Encapsulating Film Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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