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The heightened demand for photovoltaic cells across industry verticals, owing to the growing demand for green energy solutions such as solar power, is driving the growth of the photovoltaic materials industry. Furthermore, the growing pollution levels worldwide are driving end users to increasingly invest in sustainable energy resources to reduce their carbon footprint. Moreover, the governments in major regions of the world are offering incentives and tax rebates to the photovoltaic cell users, which is further propelling its popularity. In addition, solar energy trapping photovoltaic cells are also being placed in public spaces in the pursuit of creating green cities, wherein these cells help to light up streetlights and large hoardings.
The rising focus of the leading market players in the development of photovoltaic materials that enhance the efficiency of the solar panels is expected to significantly bolster the industry growth in the forecast period. For example, in June 2019, DuPont de Nemours, Inc. (NYSE: DD) introduced the New DuPont Fortasun solar silicons product line. This silicon-based product line comprises sealants, potting agents, adhesives, among others. These materials aim to enhance the durability and productivity and the overall performance of solar panels. Furthermore, in July 2021, First Solar Inc. (NASDAQ: FSLR), an American solar panel manufacturer, announced its plan to expand its global manufacturing footprint with addition of a new 3.3 GW facility in Tamil Nadu, India. The company plans to invest USD 684 million in the fully-vertically integrated photovoltaic thin-film solar module manufacturing unit in India. Such developments are expected to positively impact the growth of the photovoltaic materials industry in the forecast period.
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The major players in the global photovoltaic materials market are DuPont de Nemours, Inc., American Elements Corporation, Merck KGaA, NovoPolymers NV, and Hangzhou First Applied Material Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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