Vietnam Solar Encapsulation Market Size, Share, Trends and Forecast by Material, Technology, Application, and Region, 2025-2033

Vietnam Solar Encapsulation Market Overview:

The Vietnam solar encapsulation market size reached USD 15.16 Million in 2024. The market is projected to reach USD 44.10 Million by 2033, exhibiting a growth rate (CAGR) of 11.27% during 2025-2033. The market is fueled by rapid manufacturing capacity expansion and international investments. Moreover, government policy support and strategic initiatives are significantly supporting the market expansion. Additionally, the expanding solar photovoltaic installations and technological advancements in encapsulation materials are augmenting the Vietnam solar encapsulation market share.

Vietnam Solar Encapsulation Market Trends:

Rapid Manufacturing Capacity Expansion and International Investment

Vietnam has emerged as a manufacturing hub for solar photovoltaic components, driven by substantial foreign direct investment and capacity expansion by leading global manufacturers. Moreover, major international solar companies have established significant manufacturing facilities across the country, creating increased demand for high-quality encapsulation materials. The expansion of the solar panel market in Vietnam directly correlates with increased encapsulation material requirements, as each solar panel requires specialized materials like Ethylene Vinyl Acetate (EVA) to protect photovoltaic cells from environmental factors. Apart from this, the strategic location of Vietnam, coupled with competitive manufacturing costs and a skilled workforce, has attracted billions in investment, positioning the country as a critical supplier in the global solar supply chain and subsequently driving demand for advanced encapsulation solutions.

Government Policy Support and Direct Power Purchase Agreement Implementation

The government has implemented comprehensive policy frameworks that significantly support renewable energy development and create favorable market conditions for solar encapsulation materials. As per industry reports, in July 2024, the government enacted Decree No. 80/2024/ND-CP, establishing a Direct Power Purchase Agreement (DPPA) framework that facilitates increased private sector involvement in renewable energy. The mechanism allows corporations to engage directly with renewable energy producers to negotiate power purchase contracts. In addition to this, the Ministry of Industry and Trade has released supportive regulations for rooftop solar PV installations, with new net-metering schemes planned for implementation. These policy initiatives have created a stable regulatory environment that encourages long-term investments in solar infrastructure, directly benefiting the Vietnam solar encapsulation market growth as increased solar installations require corresponding increases in protective encapsulation materials for optimal panel performance and longevity.

Growing Rooftop Solar Market and Strategic Acquisitions

The Vietnamese solar energy sector is experiencing significant growth in rooftop installations and strategic acquisitions by international renewable energy platforms, creating substantial demand for encapsulation materials. According to an industry report, major acquisitions, such as Levanta Renewables' purchase of a 28.7 MWp rooftop solar system in July 2024, demonstrate the attractiveness of Vietnam's renewable energy market to international investors. Furthermore, the rooftop solar segment has gained particular momentum due to government incentives, decreasing system costs, and increasing corporate sustainability commitments. Besides this, large-scale manufacturing companies are increasingly adopting rooftop solar solutions, which is positively impacting the market. This trend directly drives demand for high-quality encapsulation materials that ensure long-term reliability and performance in Vietnam's tropical climate conditions.

Vietnam Solar Encapsulation Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on material, technology, and application.

Material Insights:

• Ethylene Vinyl Acetate
• Non-Ethylene Vinyl Acetate
• UV Curable Resins

A detailed breakup and analysis of the market based on material have also been provided in the report. This includes ethylene vinyl acetate, non-ethylene vinyl acetate, and UV curable resins.

Technology Insights:

• Single-crystal/Polycrystalline Silicon Solar Technology
• Thin-film Solar Technology
  • Cadmium Telluride (CdTe)
  • Copper Indium Gallium Selenide (CIGS)
  • Amorphous Silicon (a-Si)

The report has provided a detailed breakup and analysis of the market based on technology. This includes single-crystal/polycrystalline silicon solar technology and thin-film solar technology (cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous silicon (a-Si)).

Application Insights:

• Construction
• Electronics
• Automotive
• Others

A detailed breakup and analysis of the market based on application have also been provided in the report. This includes construction, electronics, automotive, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets. This includes Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Solar Encapsulation Market News:

• December 2024: Bamboo Capital Group from Vietnam, alongside Taiwanese firms Foxlink and Micro Electricity, signed a strategic cooperation agreement aimed at propelling renewable energy technologies and solutions. The trio will work together to craft energy technology and data service solutions, with a joint venture set to be established by June 2025. This partnership is expected to enhance Vietnam's renewable energy ecosystem and drive demand for advanced encapsulation materials.

Vietnam Solar Encapsulation Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam solar encapsulation market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam solar encapsulation market on the basis of material?
• What is the breakup of the Vietnam solar encapsulation market on the basis of technology?
• What is the breakup of the Vietnam solar encapsulation market on the basis of application?
• What is the breakup of the Vietnam solar encapsulation market on the basis of region?
• What are the various stages in the value chain of the Vietnam solar encapsulation market?
• What are the key driving factors and challenges in the Vietnam solar encapsulation market?
• What is the structure of the Vietnam solar encapsulation market and who are the key players?
• What is the degree of competition in the Vietnam solar encapsulation market?

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam solar encapsulation market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam solar encapsulation market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam solar encapsulation industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.