The global solar PV backsheet market is expected to grow at a CAGR of 6% over the forecast period (2025-2031). The market growth is driven by the increase in environmental concern, increasing demand for green energy, and the reduction of solar panel prices in both developing and underdeveloped economies. Additionally, increasing awareness about cost-effective renewable energy sources and government incentives, schemes, and subsidies for solar rooftop panels, are contributing to the market growth. Further, fluctuation in crude oil prices lead to a widespread adoption of renewable sources contributing to the market growth.
The global solar PV backsheet market is segmented by type (fluoropolymer and non-fluoropolymer), application (residential, commercial, and industrial), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).
Market Dynamics
The residential segment is anticipated to grow significantly during the forecast period, owing to the increasing adoption of solar panels in a residential setting for various applications in the household such as solar-powered ventilation systems, solar-heated swimming pools, solar room heaters, solar power pump systems, solar battery charging system and more. Further, solar power enables cutting down the electricity bills and is more secure than any other electric resource, which is leading to increased adoption and subsequently market growth.
Asia-Pacific is projected to hold the highest market share owing to the significant contribution of the major economies including China, Australia, Japan, South Korea, India, and Singapore. The increasing adoption of solar panels in the regional manufacturing industries is contributing to the market growth. Major market players are investing in the Asia-Pacific region, presenting significant opportunities for the market. Government initiatives and support towards the adoption of solar panels and other renewable sources, such as a reduced rate of corporate income tax, are bolstering the market.
The major companies serving the global solar PV back sheet market include Toray Industries Inc., DuPont de Nemours, Inc., 3M Co., Dunmore Corp., Arkema SA, ZTT International Ltd., Coveme SpA, and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions contributing significantly to market growth.
Recent Developments
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