Thanks to the momentum of dual carbon targets, global demand for solar PV installations continues to rise, leading to growing demand for encapsulation films, a key material that determines the quality and longevity of PV modules. Recently, TrendForce published the rankings for global PV encapsulation film shipments in the first half of 2024. Companies like First, Sveck, Betterial, HiUV , Sinopont, Cybrid, and Lushan made the list. With Betterial’s strong entry into the top top ranks, a new TOP 3 list for encapsulation film shipments has emerged.

New Rankings of Top3, with the Market Share Accounting for More Than 75%

According to TrendForce, the top seven companies in encapsulation film shipments in the first half of 2024 are as follows:

Top7 Companies of Global Encapsulation Film Shipment in H1 2024

Overall, competition in the global PV encapsulation film market is becoming increasingly intense, with leading companies like First, Sveck, and Betterial standing out. TrendForce estimates that based on a module production of 283 GW in the first half of 2024, the corresponding demand for encapsulation films will reach 2.57 billion square meters, a year-on-year increase of 15%, expanding the market space.

From the rankings, the combined shipments of the TOP 3 companies exceeded 1.94 billion square meters, accounting for over 75% of the market share. First maintained its leading position with the highest shipment volume, followed closely by Sveck and Betterial, both showing continued growth and strong potential.

In terms of short-term industry trends, second-tier manufacturers are rapidly capturing market share, expanding their presence swiftly. A notable change in the rankings is Betterial’s leap into the TOP 3 with robust shipment growth, trailing Sveck by only 10 million square meters, making it the standout performer in the first-half rankings.

Diversified Encapsulation Requirements Boost the Differentiated Market Competition

In the first half of 2024, global demand for PV encapsulation films continued to grow. As the industry marches forward, two key characteristics of the global PV encapsulation film market stand out:

1. Looking ahead, encapsulation film shipments will maintain a steady growth trend. On one hand, the market continues to expand. But at the same time, due to declining prices in the supply chain and fluctuations in raw material prices, the industry is experiencing a scenario where production increases but prices decrease.

2. There are continuously breakthroughs in various PV module technologies, and the current popular technologies in the market are imposing higher and more diverse packaging requirements on encapsulation film products. This requires film manufacturers to have the ability to continuously collaborate with downstream module manufacturers in technology iteration and product verification, gradually forming a differentiated competition pattern.

Global Layout Expands Further, Overseas Capacity Advantage

Based on a deep understanding of the global PV market, and to enhance global delivery capabilities and flexibility. Leading companies like First and Betterial are accelerating their expansion, setting up production bases domestically while steadily deploying to regions such as Southeast Asia, further advancing their global footprint.

Overseas Layout of Major Encapsulant Manufacturers

As for the overseas capacity, with the construction of new encapsulation film production lines and technological upgrades, companies have significantly expanded their capacity. First was one of the first companies in the PV encapsulation film industry to establish overseas capacity, having set up a wholly-owned subsidiary in Thailand as early as 2016.

Additionally, Betterial, which has experienced explosive growth in recent years, has laid out clear plans to expand capacity in overseas bases such as in Vietnam and Indonesia. Its Vietnam base has already surpassed 30 GW in planned encapsulation film capacity, making it the first company to invest and mass-produce encapsulation films in Vietnam. With the imminent launch of its Indonesian encapsulation film project, Betterial is set to secure a significant advantage in expanding its overseas market.

A more comprehensive global layout means that these companies are equipped with stronger global supply and localized sales capabilities. In this new phase of technological iteration, which company will leverage higher-quality products and more comprehensive services to stride forward globally? Let’s wait and see. The time for diverse, differentiated competition is coming.

(Photo credit: Betterial)