InfoLink’s 2024 global solar PV encapsulant shipment ranking

Solar PV encapsulant is a key material used in the encapsulation process of PV modules. It bonds PV cells with PV glass and backsheet, protecting the cells and sealing them into functional PV modules that generate DC electricity.

According to InfoLink’s PV Bill of Material Market Report (February 2025 edition), for TOPCon glass-glass modules, encapsulant accounts for about 7% of the integrated manufacturing cost.

InfoLink has compiled a global solar PV encapsulant shipment ranking based on its Bill of Material (BoM) Database. Data is sourced from publicly available manufacturer disclosures and InfoLink’s research. In case of discrepancies, the manufacturer’s official data shall prevail.
 

Top five suppliers make up over 75% of global deliveries; Betterial rises to third place

According to InfoLink’s research, global PV module production reached about 640 GW in 2024. Calculations show that the top five encapsulant suppliers accounted for over 75% of global deliveries in 2024, a slight increase from 2023.

First remained the market leader, with its 2024 shipments growing by 25% YoY. Leveraging its strong competitive edge as the leading global PV encapsulant manufacturer, First further expanded its market share.
 

Sveck retained second place, with its 2024 shipment volume remaining largely stable, seeing only a minor decline from 2023.

The most notable change among the top three was Betterial’s rise to third place. Its 2024 shipments increased by 27% YoY, pushing it into the top three thanks to rapid volume growth.
 

Declining profit margins drive PV encapsulant makers to expand beyond China

Since the second half of 2023, the overall downturn in the solar PV industry has affected encapsulant, a crucial BoM of modules. Falling upstream raw material prices have further squeezed profits for encapsulant manufacturers. In recent years, rapid expansion has resulted in a significant supply surplus. Existing manufacturers have ramped up capacity, while new players have entered the market at a fast pace. According to InfoLink, China's encapsulant production capacity has exceeded 10 billion square meters, while non-China capacity has also grown rapidly since 2023.

Amid fierce market competition and industry headwinds, solar PV encapsulant manufacturers are not only striving to maintain shipment volumes but are also seeking product differentiation and accelerating global expansion strategies.


 

According to InfoLink’s PV Bill of Material Market Report, PV encapsulant manufacturers were mainly located in Southeast Asia before 2024, such as Vietnam, Thailand, and Malaysia. As module makers expand beyond China more rapidly and diversely, suppliers of encapsulant—a key part of the module BOM—are also adjusting their plans to meet customer needs.

In 2024, due to AD/CVD duties imposed on four Southeast Asian countries—Cambodia, Vietnam, Malaysia, and Thailand and growing U.S. domestic module production, encapsulant manufacturers started looking for new sites to enhance their global supply capabilities and serve local markets. The main emerging locations of deployment include Indonesia, Turkey, and the U.S.

For example, Betterial set a base in Indonesia in 2024 and has planned to expand to Turkey in 2025 to supply both Chinese and non-Chinese clients, and to reach Europe and the Middle East. HIUV also partnered with U.S. manufacturer Fuller in 2024 to enter the U.S. market.

The PV industry is still in a downturn amid ongoing trade barriers and changing policies. In this environment, manufacturers need clear strategies and must watch for geopolitical risks both at home and abroad.

For example, encapsulant is becoming a more important cost factor in module production. To stay competitive, manufacturers are focusing more on controlling costs and supplying markets outside China. This improves production efficiency and boosts both competitiveness and profits of modules. PV BoMs will continue to drive the industry toward better efficiency and sustainability.

As the PV market constantly changes, key questions remain: Will supply of materials like silver paste, glass, encapsulant, frames, backsheets, junction boxes, and ribbons stay stable? How will prices move? Will new technologies create opportunities? Where is the next market boom?

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