Sealants and adhesives are one of the essential components in solar panel, wind turbines, and fuel cells. Solar panel adhesives help reduce assembly cost. They also facilitate in achieving high volume manufacturing goals. For instance, currently, renewable energy technologies such as photovoltaic modules are burdened by high costs in terms of assembly and material. Higher production volumes of solar panels and automated adhesive assembly are expected to provide cost reduction in the next few years. Thus, adhesives play a vital role during the process of manufacturing and installation in the solar industry. Adhesives eliminate the need for mechanical fasteners such as screws and U-bolts, and further aid in complete removal of stress points caused by these fasteners. They also provide durability, long-lasting protection, and structural strength to the solar panel due to their characteristic features such as high thermal and electrical management and resistance against UV rays.

Based on resin, the global solar panel adhesives market can be segmented into epoxy and polyurethane. Epoxy resins are less expensive and more tolerant of mechanical changes due to their ability to expand and contract with substrate movements, while polyurethane resins offer high UV resistance, which aids in non-yellowing of solar panels even for maximum transmission of VIS and IR light. Solar panel adhesives increase the functionality of solar panels and offer the benefits of reduced leaks and corrosion, resistance to extreme environmental conditions, and enhanced sealant properties.

Enhanced performance characteristics and reduction of assembly cost are some of the key factors driving the solar panel adhesives market. Strong GDP growth, rapid pace of industrialization, and rise in manufacturing output, typically in developing economies, are some of the other factors fuelling market growth. Environmental concerns and regulations on harmful chemicals continue to hamper market growth. However, production and formulation of environmentally-friendly products, such as water based solar panel adhesives instead of solvent based adhesives, continues to serve as an opportunity for manufacturers. The usage of organic adhesives is limited in conventional power generation equipment, as they are high temperature machines. However, renewable energy equipment such as fuel cells and solar panels operate at low temperature. Therefore, the usage of organic adhesives is suitable for these applications. Manufacturers are investing in green product development programs to produce green adhesives based on organic starch, soy, vegetable oil, and water. For instance, polyurethane adhesives derived from fermentation and microbial process have been gaining popularity since the last few years.

Geographically, the market for solar panel adhesives can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is the leading consumer of solar panel adhesives. High taxation on coal- generated electricity in China has resulted in wide adoption of solar panel in the country. Furthermore, increase in prices of electricity coupled with the availability of cheaper solar panels in Japan, South Korea, and Australia is expected to boost the demand for solar panel adhesives during the forecast period. The solar energy industry is rapidly expanding in the U.S. and Canada. Manufacturers and distributors are focusing on manufacturing and installing of solar panel by eliminating the mechanical fasteners and to use structural adhesives for solar panel manufacturing and installation. These adhesives has the potential to streamline costs, decrease maintenance, and improve durability and product life expectancy of the solar energy systems. Recently, Tesla Inc., one of the leading electric car manufacturers, adopted conductive adhesives for bonding and connecting solar panels in its hybrid model roof. Middle East & Africa and Latin America are lucrative regions of the solar panel adhesives market due to the rise in project investments by various manufacturers.  

Key players operating in the global solar panel adhesives market are 3M Company, H.B. Fuller, Evonik Industries, Epic Resins, and Dow Corning Corporation.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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