Solar Electrically Conductive Adhesive Market
The global Solar Electrically Conductive Adhesive Market was valued at US$ 166.45 Mn in 2020, estimated to reach US$ 291.50 Mn in 2030 with a CAGR of 7.26% from 2021-2030.
Electrically conductive adhesives are used to join electronic/electrical components. These adhesives help to complete the circuit and also maintain the conductivity of the circuit. These adhesives are also used in solar panels and solar cells. Electrically conductive adhesives possess qualities like low shrinkage, moisture resistance, and strong bonds primarily due to the presence of filler materials.
Market Drivers: Enhanced performance characteristics and reduction of assembly cost the key factors driving the solar electrically conductive adhesives market
Solar panel adhesives help reduce assembly cost. They also aid in achieving high volume manufacturing goals. For instance, currently, renewable energy technologies like photovoltaic modules are burdened by high costs in terms of assembly & material. Higher production volumes of solar panels & automated adhesive assembly are expected to provide cost reduction in upcoming years. Consequently, electrically conductive adhesives play a vital role during the process of manufacturing and installation in the solar industry. Moreover, Adhesives eliminate the need for mechanical fasteners such as screws and U-bolts, and further facilitate in complete removal of stress points caused by these fasteners. They also offer long-lasting protection, durability, and structural strength to the solar panel due to their characteristic features such as high thermal & electrical management and resistance against UV rays. As a result, enhanced performance characteristics & reduction of assembly cost are some of the significant factors driving the solar panel adhesives market.
Market Challenges: Stringent regulations related to the use of VOCs in electrically conductive adhesives may limit the market growth
Stringent regulations related to the use of volatile organic compounds (VOCs) in the manufacturing of electrically conductive adhesive are the factors restraining the market growth. The market is facing challenges because of technological changes. Shorter leads may damage temperature-delicate components in several applications and to control such obstacles electrical components should be assembled after soldering. Conversely, this hampers productivity due to higher costs of production and time consumed in the manufacturing process. Growing concern over the emission of volatile organic compounds (VOCs) is anticipated to impede the market growth during the forecast period. During the manufacturing of electronics adhesives, VOC is discharged that may expose to health and environmental concerns. VOCs are the major contributors to smog & ozone formation at low atmospheric levels.
Market Opportunities: Increasing demand of renewable energy is expected to exhibit growth prospects for the market
Solar being a major part of renewable energy sources, is gaining momentum, owing to its being one of the clean sources of energy. The increase in the use of solar energy will ultimately pave the way for the growth of solar electrically conductive adhesives globally. According to the International Energy Agency (IEA), renewable electricity generation in 2021 is expected to expand by more than 8% to reach 8 300 TWh, the fastest year-on-year growth since the 1970s. Additionally, Solar PV and wind are set to contribute two-thirds of renewables growth. China alone should hold for almost half of the global increase in renewable electricity in 2021, followed by the United States, the European Union and India. Moreover, renewable energy use increased by 3% in 2020 despite being a pandemic situation. The increase demand was also fueled due to the fact that demand for all other fuels declined. The key driving factor for the growth was contributed by an almost 7% growth in electricity generation from renewable sources. Long-term contracts, priority access to the grid as well as continuous installation of new plants underpinned renewables growth despite lower electricity demand, supply chain challenges & construction delays in many parts of the world. Consequently, the share of renewables in global electricity generation jumped to 29% in 2020, up from 27% in 2019. All these factors will directly impact the use of solar electrically conductive adhesives towards the growth opportunity.
Impact of COVID-19 on Market
The astounding consequences of the COVID-19 pandemic have affected each and every one of us. The global personal losses are simply devastating & preventative measures like widespread shutdowns & physical distancing—while necessary—have completely transformed our day-to-day reality into what can feel like a surreal nightmare. The COVID-19 outbreak continues to unfold everyday with severe impact on people, communities, and businesses. And the solar electrically conductive adhesives market was no exception. Adhesives and sealants companies are facing major challenges on a number of fronts due to the COVID-19 pandemic, including the solar Electrically Conductive Adhesives Market. COVID-19 has hugely impacted the supply of raw materials for the manufacturing of Solar Electrically Conductive Adhesives, due to the presence of lockdown world-wide and halt in the transportation segment.
Solar Electrically Conductive Adhesive Market, By Chemistry
Solar Electrically Conductive Adhesives is segmented by chemistry which includes Silicones, Acrylics, Epoxy, Bismaleimides, Butyl and Hybrid Solutions. The Market for Epoxy is expected to dominate the segment owing to its efficient and long lasting results in connecting the solar panels with its substrates and other materials.
Solar Electrically Conductive Adhesive Market, By Application
Solar Electrically Conductive Adhesives can further be segmented by application and that includes solar panels and solar cells.
Solar Electrically Conductive Adhesive Market. By Materials
By materials the Solar Electrically Conductive Adhesives market is segmented into Ethyl Vinyl Acetate (EVA), Fluoropolymers and others.
Solar Electrically Conductive Adhesive Market, By Region
Asia-Pacific is expected to dominate the market, during the analysis period due to the due to rising solar power segment in the region. This region is expected to witness significant rise in product demand due to beneficial government initiatives taken in order to increase the installed capacity of solar panels in the region. North America, Europe and Middle East & Africa are expected to exhibit significant growth on the Solar Electrically Conductive Adhesives Market during the analysis timeframe.
Recent Developments:
In June 2019: Heraeus Holding had introduced its latest SOL966X series of high-performance, high-efficiency metallization pastes at the 13th annual SNEC PV Power Expo. This series include SOL9661B for high efficiency PERC solar cells, SOL9662B series for double printing, and SOL9661B2 series for “double passivation” solar cells. Also, company continues to expand its portfolio beyond paste to offer manufacturers with essential module products to help those lower costs & increase efficiency. In addition, the company had introduced its newly developed Electrically Conductive Adhesive known as Hecaro which having excellent reliability and module level TUV certification.
Key Players
Key players are listed in this report such as Permabond LLC, Henkel, 3M, Panacol, Daejoo Electronic Materials Co Ltd, Threebond, Delo, Heraeus Holding, Teamtechnik, Parker Hannifin Corp, Etc.
Market Taxonomy
By Chemistry
By Application
By Material
By Region
Key Questions Addressed by the Report
Global Solar Electrically Conductive Adhesive Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Solar Electrically Conductive Adhesive Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Solar Electrically Conductive Adhesive Market, By Chemistry
5.1 Y-o-Y Growth Comparison, By Chemistry
5.2 Global Solar Electrically Conductive Adhesive Market Share Analysis, By Chemistry
5.3 Global Solar Electrically Conductive Adhesive Market Size and Forecast, By Chemistry
5.3.1 Silicones
5.3.2. Acrylics
5.3.3. Epoxy
5.3.4. Bismaleimides
5.3.5. Butyl
5.3.6. Hybrid Solutions
6 Global Solar Electrically Conductive Adhesive Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Solar Electrically Conductive Adhesive Market Share Analysis, By Application
6.3 Global Solar Electrically Conductive Adhesive Market Size and Forecast, By Application
6.3.1 Solar Cells
6.3.2 Solar Panels
7 Global Solar Electrically Conductive Adhesive Market, By Material
7.1 Y-o-Y Growth Comparison, By Material
7.2 Global Solar Electrically Conductive Adhesive Market Share Analysis, By Material
7.3 Global Solar Electrically Conductive Adhesive Market Size and Forecast, By Material
7.3. 1 Fluoropolymers
7.3.2. Ethylene vinyl acetate
7.3.3. Others
8Global Solar Electrically Conductive Adhesive Market, By Region
8.1 Global Solar Electrically Conductive Adhesive Market Share Analysis, By Region
8.2 Global Solar Electrically Conductive Adhesive Market Share Analysis, By Region
8.3 Global Solar Electrically Conductive Adhesive Market Size and Forecast, By Region
9 North America Solar Electrically Conductive Adhesive Market Analysis and Forecast (2020-2030)
9.1 Introduction
9.2 North America Solar Electrically Conductive Adhesive Market Share Analysis, By Chemistry
9.3 North America Solar Electrically Conductive Adhesive Market Size and Forecast, By Application
9.4 North America Solar Electrically Conductive Adhesive Market Size and Forecast, By Material
9.5 North America Solar Electrically Conductive Adhesive Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10EuropeSolar Electrically Conductive Adhesive Market Analysis and Forecast (2020-2030)
10.1 Introduction
10.2 Europe Solar Electrically Conductive Adhesive Market Share Analysis, By Chemistry
10.3 Europe Solar Electrically Conductive Adhesive Market Size and Forecast, By Application
10.4 Europe Solar Electrically Conductive Adhesive Market Size and Forecast, By Material
10.5 Europe Solar Electrically Conductive Adhesive Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11Asia Pacific Solar Electrically Conductive Adhesive Market Analysis and Forecast (2020-2030)
11.1 Introduction
11.2 Asia Pacific Solar Electrically Conductive Adhesive Market Share Analysis, By Chemistry
11.3 Asia Pacific Solar Electrically Conductive Adhesive Market Size and Forecast, By Application
11.4 Asia Pacific Solar Electrically Conductive Adhesive Market Size and Forecast, By Material
11.5 Asia Pacific Solar Electrically Conductive Adhesive Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12Latin America Solar Electrically Conductive Adhesive Market Analysis and Forecast (2020-2030)
12.1 Introduction
12.2 Latin America Solar Electrically Conductive Adhesive Market Share Analysis, By Chemistry
12.3 Latin America Solar Electrically Conductive Adhesive Market Size and Forecast, By Application
12.4 Latin America Solar Electrically Conductive Adhesive Market Size and Forecast, By Material
12.5 Latin America Solar Electrically Conductive Adhesive Market Size and Forecast, Country
13Middle East Solar Electrically Conductive Adhesive Market Analysis and Forecast (2020-2030)
13.1 Introduction
13.2 Middle East Solar Electrically Conductive Adhesive Market Share Analysis, By Chemistry
13.3 Middle East Solar Electrically Conductive Adhesive Market Size and Forecast, By Application
13.4 Middle East Solar Electrically Conductive Adhesive Market Size and Forecast, By Material
13.5 Middle East Solar Electrically Conductive Adhesive Market Size and Forecast, By Country
14Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15Company Profiles
15.1 Permabond LLC
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategy
15.2. Henkel
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. 3M
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Panacol
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Daejoo Electronic Materials Co Ltd
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Threebond
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Delo
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Heraeus Holding
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Teamtechnik
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Parker Hannifin Corp
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
