The global busbar coating material market size is expected to reach USD 274.9 million by 2029 according to a new study by Polaris Market Research. The report “Busbar Coating Material Market Share, Size, Trends, Industry Analysis Report By Product (Epoxy Powder, Mylar, Tedlar, Teonex, Kapton, Nomex, Others); By Region, Segment Forecast, 2021 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing need for energy efficiency, increasing energy costs, and rising adoption of green energy sources are driving the overall industry growth. There has been increasing adoption of power-efficient energy systems with low maintenance, which further supports market growth. Increasing demand for parallel battery connection and stringent government regulations regarding energy use boost the adoption of busbars thus favoring the busbar coating materials market growth.
The D2C model allows industry participants to eliminate several links in the value chain, bypassing the traditional retail and wholesale participants thus resulting in increased profitability. Consumers are demanding enhanced consumer experience through tailormade services which can be easily achieved through the D2C model. Such trends are favoring market growth.
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Companies have developed coating materials that are highly versatile and are free from constraints concerning size, shape, and base metal. Moreover, these materials also have a wide range of tolerance for a variety of factors including stress, strain, among others and can be applied even when all the processes such as milling, punching, among others are completed. This allows the insulation to be consistent throughout thus guaranteeing high performance.
Busbar coating material market participants, as well as major paints & coating producers, have revised their strategies in order to capitalize on the booming market. The market is characterized by brands acting as potential disruptors that are constantly innovating to better cater to consumer preferences. Thus, major companies have to take into account the same factor as well while still protecting their market share and gaining a foothold in unchartered territories.
Polaris Market Research has segmented the busbar coating material market report on the basis of product and region:
Busbar Coating Material, Product Outlook (Revenue, USD Million, 2017 - 2029)
Busbar Coating Material, Regional Outlook (Revenue, USD Million, 2017 - 2029)