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