The Vietnam solar encapsulation market reached USD 15.16 Million in 2024 and is forecasted to reach USD 44.10 Million by 2033, growing at a CAGR of 11.27% during 2025-2033. This growth is driven by the rapid manufacturing capacity expansion, increased international investments, and supportive government policies promoting renewable energy. Technological advancements in encapsulation materials and the expanding solar photovoltaic installations contribute significantly to the market's expansion.

Study Assumption Years

• Base Year: 2024

• Historical Year/Period: 2019-2024

• Forecast Year/Period: 2025-2033

Vietnam Solar Encapsulation Market Key Takeaways

• The market size was USD 15.16 Million in 2024 with a projected USD 44.10 Million by 2033.

• The market is expected to grow at a CAGR of 11.27% during 2025-2033.

• Rapid expansion of manufacturing capacity and significant international investments are fueling market growth.

• Government policies such as the Direct Power Purchase Agreement (DPPA) framework implemented in 2024 support renewable energy development.

• Increasing rooftop solar installations and strategic acquisitions by international renewable energy platforms are boosting demand.

• Vietnam's strategic location, competitive manufacturing costs, and skilled workforce attract foreign investments.

• Technological advancements in encapsulation materials enhance solar panel performance and durability.

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Market Growth Factors

Vietnam is one of the world's largest producers of solar photovoltaic. Driven by foreign investments in the sector and the increasing output of foreign manufacturers, the demand for solar panels in Vietnam is steadily increasing as is the demand for photovoltaic encapsulation materials such as Ethylene Vinyl Acetate (EVA). Vietnam's connectivity and competitive manufacturing costs, along with a highly-skilled labor force, have attracted billions of dollars of investment, allowing the country to be a key player in the global solar supply chain and grow the global solar encapsulation market.

Government policy support promotes the market's development. Decree No. is one example. In July 2024, Decree 80/2024/ND-CP establishes a DPPA framework. The framework allows corporations to sign contracts for renewable power producers. Net-metering programs from the Ministry of Industry and Trade stabilize the regulatory framework for investment in solar power infrastructure over the long term, thus driving a demand for encapsulation materials. The encapsulation materials protect the solar panels and improve the solar panels' performance and longevity in the photovoltaic (PV) market.

Rooftop solar panels increase in number and international renewable energy companies buy local companies; these actions cause industry growth. In July 2024, Levanta Renewables made an acquisition of a 28.7 MWp rooftop solar system within Vietnam, and it highlighted the country's attractiveness for international investors. Because the government incentivizes, system costs drop, and corporations commit more to sustainability, major rooftop solar manufacturers in Vietnam's tropical climate environment need high-performing encapsulation materials.

Market Segmentation

Material Insights

• Ethylene Vinyl Acetate: Essential for protecting photovoltaic cells, widely used in Vietnam's solar encapsulation.

• Non-Ethylene Vinyl Acetate: Also included as a significant material segment in the market.

• UV Curable Resins: Represent an advanced category of encapsulation materials used in solar panels.

Technology Insights

• Single-crystal/Polycrystalline Silicon Solar Technology: A primary technology segment analyzed in the market.

• Thin-film Solar Technology:

• Cadmium Telluride (CdTe)

• Copper Indium Gallium Selenide (CIGS)

• Amorphous Silicon (a-Si)

Application Insights

• Construction: Encapsulation materials used for solar panels in construction applications.

• Electronics: Adoption of encapsulation materials for electronic solar applications.

• Automotive: Usage in automotive solar-related applications.

• Others: Additional applications covered under this segment.

Regional Insights

The market analysis covers three major regions: Northern Vietnam, Central Vietnam, and Southern Vietnam. While the report does not specify which region dominates with explicit statistics, these regions collectively account for the growing demand in the Vietnam solar encapsulation market.

Recent Developments & News

In December 2024, Bamboo Capital Group from Vietnam, in collaboration with Taiwanese companies Foxlink and Micro Electricity, signed a strategic cooperation agreement to advance renewable energy technologies and solutions. The joint venture, expected to be established by June 2025, aims to develop energy technology and data service solutions. This partnership is anticipated to strengthen Vietnam’s renewable energy ecosystem, subsequently driving demand for advanced solar encapsulation materials.

Key Players

• Bamboo Capital Group

• Foxlink

• Micro Electricity

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