Photovoltaic Silver Paste Market Report – Research, Industry Analysis Reports and Market Demands

Global Photovoltaic Silver Paste Market 2025 by Manufacturers, Regions, Type and Application, Forecast to 2031

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Table of Content

1 Market Overview

1.1 Product Overview and Scope
1.2 Market Estimation Caveats and Base Year
1.3 Market Analysis by Type
- 1.3.1 Overview: Global Photovoltaic Silver Paste Consumption Value by Type: 2020 Versus 2024 Versus 2031
- 1.3.2 Front Side Silver Paste
- 1.3.3 Back Side Silver Paste
1.4 Market Analysis by Application
- 1.4.1 Overview: Global Photovoltaic Silver Paste Consumption Value by Application: 2020 Versus 2024 Versus 2031
- 1.4.2 PERC Solar Cell
- 1.4.3 BSF Solar Cell
- 1.4.4 TOPCon Solar Cell
- 1.4.5 HJT Solar Cell
- 1.4.6 Others
1.5 Global Photovoltaic Silver Paste Market Size & Forecast
- 1.5.1 Global Photovoltaic Silver Paste Consumption Value (2020 & 2024 & 2031)
- 1.5.2 Global Photovoltaic Silver Paste Sales Quantity (2020-2031)
- 1.5.3 Global Photovoltaic Silver Paste Average Price (2020-2031)

2 Manufacturers Profiles

3 Competitive Environment: Photovoltaic Silver Paste by Manufacturer

3.1 Global Photovoltaic Silver Paste Sales Quantity by Manufacturer (2020-2025)
3.2 Global Photovoltaic Silver Paste Revenue by Manufacturer (2020-2025)
3.3 Global Photovoltaic Silver Paste Average Price by Manufacturer (2020-2025)
3.4 Market Share Analysis (2024)
- 3.4.1 Producer Shipments of Photovoltaic Silver Paste by Manufacturer Revenue ($MM) and Market Share (%): 2024
- 3.4.2 Top 3 Photovoltaic Silver Paste Manufacturer Market Share in 2024
- 3.4.3 Top 6 Photovoltaic Silver Paste Manufacturer Market Share in 2024
3.5 Photovoltaic Silver Paste Market: Overall Company Footprint Analysis
- 3.5.1 Photovoltaic Silver Paste Market: Region Footprint
- 3.5.2 Photovoltaic Silver Paste Market: Company Product Type Footprint
- 3.5.3 Photovoltaic Silver Paste Market: Company Product Application Footprint
3.6 New Market Entrants and Barriers to Market Entry
3.7 Mergers, Acquisition, Agreements, and Collaborations

4 Consumption Analysis by Region

4.1 Global Photovoltaic Silver Paste Market Size by Region
- 4.1.1 Global Photovoltaic Silver Paste Sales Quantity by Region (2020-2031)
- 4.1.2 Global Photovoltaic Silver Paste Consumption Value by Region (2020-2031)
- 4.1.3 Global Photovoltaic Silver Paste Average Price by Region (2020-2031)
4.2 North America Photovoltaic Silver Paste Consumption Value (2020-2031)
4.3 Europe Photovoltaic Silver Paste Consumption Value (2020-2031)
4.4 Asia-Pacific Photovoltaic Silver Paste Consumption Value (2020-2031)
4.5 South America Photovoltaic Silver Paste Consumption Value (2020-2031)
4.6 Middle East & Africa Photovoltaic Silver Paste Consumption Value (2020-2031)

5 Market Segment by Type

5.1 Global Photovoltaic Silver Paste Sales Quantity by Type (2020-2031)
5.2 Global Photovoltaic Silver Paste Consumption Value by Type (2020-2031)
5.3 Global Photovoltaic Silver Paste Average Price by Type (2020-2031)

6 Market Segment by Application

6.1 Global Photovoltaic Silver Paste Sales Quantity by Application (2020-2031)
6.2 Global Photovoltaic Silver Paste Consumption Value by Application (2020-2031)
6.3 Global Photovoltaic Silver Paste Average Price by Application (2020-2031)

7 North America

7.1 North America Photovoltaic Silver Paste Sales Quantity by Type (2020-2031)
7.2 North America Photovoltaic Silver Paste Sales Quantity by Application (2020-2031)
7.3 North America Photovoltaic Silver Paste Market Size by Country
- 7.3.1 North America Photovoltaic Silver Paste Sales Quantity by Country (2020-2031)
- 7.3.2 North America Photovoltaic Silver Paste Consumption Value by Country (2020-2031)
- 7.3.3 United States Market Size and Forecast (2020-2031)
- 7.3.4 Canada Market Size and Forecast (2020-2031)
- 7.3.5 Mexico Market Size and Forecast (2020-2031)

8 Europe

8.1 Europe Photovoltaic Silver Paste Sales Quantity by Type (2020-2031)
8.2 Europe Photovoltaic Silver Paste Sales Quantity by Application (2020-2031)
8.3 Europe Photovoltaic Silver Paste Market Size by Country
- 8.3.1 Europe Photovoltaic Silver Paste Sales Quantity by Country (2020-2031)
- 8.3.2 Europe Photovoltaic Silver Paste Consumption Value by Country (2020-2031)
- 8.3.3 Germany Market Size and Forecast (2020-2031)
- 8.3.4 France Market Size and Forecast (2020-2031)
- 8.3.5 United Kingdom Market Size and Forecast (2020-2031)
- 8.3.6 Russia Market Size and Forecast (2020-2031)
- 8.3.7 Italy Market Size and Forecast (2020-2031)

9 Asia-Pacific

9.1 Asia-Pacific Photovoltaic Silver Paste Sales Quantity by Type (2020-2031)
9.2 Asia-Pacific Photovoltaic Silver Paste Sales Quantity by Application (2020-2031)
9.3 Asia-Pacific Photovoltaic Silver Paste Market Size by Region
- 9.3.1 Asia-Pacific Photovoltaic Silver Paste Sales Quantity by Region (2020-2031)
- 9.3.2 Asia-Pacific Photovoltaic Silver Paste Consumption Value by Region (2020-2031)
- 9.3.3 China Market Size and Forecast (2020-2031)
- 9.3.4 Japan Market Size and Forecast (2020-2031)
- 9.3.5 South Korea Market Size and Forecast (2020-2031)
- 9.3.6 India Market Size and Forecast (2020-2031)
- 9.3.7 Southeast Asia Market Size and Forecast (2020-2031)
- 9.3.8 Australia Market Size and Forecast (2020-2031)

10 South America

10.1 South America Photovoltaic Silver Paste Sales Quantity by Type (2020-2031)
10.2 South America Photovoltaic Silver Paste Sales Quantity by Application (2020-2031)
10.3 South America Photovoltaic Silver Paste Market Size by Country
- 10.3.1 South America Photovoltaic Silver Paste Sales Quantity by Country (2020-2031)
- 10.3.2 South America Photovoltaic Silver Paste Consumption Value by Country (2020-2031)
- 10.3.3 Brazil Market Size and Forecast (2020-2031)
- 10.3.4 Argentina Market Size and Forecast (2020-2031)

11 Middle East & Africa

11.1 Middle East & Africa Photovoltaic Silver Paste Sales Quantity by Type (2020-2031)
11.2 Middle East & Africa Photovoltaic Silver Paste Sales Quantity by Application (2020-2031)
11.3 Middle East & Africa Photovoltaic Silver Paste Market Size by Country
- 11.3.1 Middle East & Africa Photovoltaic Silver Paste Sales Quantity by Country (2020-2031)
- 11.3.2 Middle East & Africa Photovoltaic Silver Paste Consumption Value by Country (2020-2031)
- 11.3.3 Turkey Market Size and Forecast (2020-2031)
- 11.3.4 Egypt Market Size and Forecast (2020-2031)
- 11.3.5 Saudi Arabia Market Size and Forecast (2020-2031)
- 11.3.6 South Africa Market Size and Forecast (2020-2031)

12 Market Dynamics

12.1 Photovoltaic Silver Paste Market Drivers
12.2 Photovoltaic Silver Paste Market Restraints
12.3 Photovoltaic Silver Paste Trends Analysis
12.4 Porters Five Forces Analysis
- 12.4.1 Threat of New Entrants
- 12.4.2 Bargaining Power of Suppliers
- 12.4.3 Bargaining Power of Buyers
- 12.4.4 Threat of Substitutes
- 12.4.5 Competitive Rivalry

13 Raw Material and Industry Chain

13.1 Raw Material of Photovoltaic Silver Paste and Key Manufacturers
13.2 Manufacturing Costs Percentage of Photovoltaic Silver Paste
13.3 Photovoltaic Silver Paste Production Process
13.4 Industry Value Chain Analysis

14 Shipments by Distribution Channel

14.1 Sales Channel
- 14.1.1 Direct to End-User
- 14.1.2 Distributors
14.2 Photovoltaic Silver Paste Typical Distributors
14.3 Photovoltaic Silver Paste Typical Customers

15 Research Findings and Conclusion

16 Appendix

16.1 Methodology
16.2 Research Process and Data Source

Description

According to our (Global Info Research) latest study, the global Photovoltaic Silver Paste market size was valued at US$ 3173 million in 2024 and is forecast to a readjusted size of USD 3566 million by 2031 with a CAGR of 1.5% during review period.
In this report, we will assess the current U.S. tariff framework alongside international policy adaptations, analyzing their effects on competitive market structures, regional economic dynamics, and supply chain resilience.
Photovoltaic Silver Paste is a type of electronic conductive paste. Generally, electronic conductive pastes primarily consist of a conductive phase, a binder phase, and a liquid carrier, which are mixed and rolled into a viscous paste. Since silver is the metal with the best conductivity and high chemical stability, about 80% of the electronic pastes on the market use silver powder as the conductive phase.
Photovoltaic Silver Paste is mainly a mixture of high-purity silver powder (conductive phase), glass oxides (binder phase), and organic resins/solvents (organic carrier), which is homogenized through stirring and triple-roll milling to form a uniform paste. In terms of cost composition, silver powder accounts for over 95% of the total cost, so the price of silver paste is highly correlated with that of silver powder.
The key players in the global PV silver paste market include Changzhou Fusion New Material Co., Ltd., Heraeus, and DK Electronic Materials (Wuxi) Co., Ltd. The top three manufacturers hold approximately 68% of the global market share. China is the largest production region, accounting for about 92% of the output. In terms of product types, front-side silver paste is the largest segment, occupying around 85% of the market, while PERC P-type solar cells dominate the downstream applications with a 78% share.
The PV silver paste market is primarily driven by the rapid expansion and technological advancements in the solar industry. Firstly, the global energy transition has accelerated the growth of PV installations, with carbon neutrality policies (such as the EU's "Fit for 55" and China's "dual-carbon" goals) boosting demand for high-efficiency solar cells, directly increasing silver paste consumption. Secondly, the rising adoption of N-type cells (e.g., TOPCon, HJT), which require more silver paste than PERC (1.5x for TOPCon, 2x for HJT), further expands market demand. Additionally, silver paste technology innovations (e.g., low-temperature paste for HJT, silver-coated copper for cost reduction) are driving product upgrades, while supply chain localization (Chinese manufacturers hold over 50% market share) is reshaping the competitive landscape.
The market is expected to witness parallel trends of "cost reduction & efficiency improvement" and "technology diversification." On one hand, cost pressures are accelerating the development of low-silver solutions (e.g., silver-coated copper, copper plating) and optimized grid designs (ultra-fine line printing, multi-busbar technology) to reduce silver consumption. On the other hand, the diversification of N-type cell technologies (TOPCon mainstreaming, HJT industrialization breakthroughs) will drive demand for specialized pastes, such as low-temperature pastes and highly conductive nano-silver materials. Furthermore, supply chain localization (China's dominance) and sustainable production (silver recycling) will become critical industry topics, while silver price volatility may hasten the commercialization of alternative technologies.
This report is a detailed and comprehensive analysis for global Photovoltaic Silver Paste market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
Key Features:
Global Photovoltaic Silver Paste market size and forecasts, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2020-2031
Global Photovoltaic Silver Paste market size and forecasts by region and country, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2020-2031
Global Photovoltaic Silver Paste market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2020-2031
Global Photovoltaic Silver Paste market shares of main players, shipments in revenue ($ Million), sales quantity (Tons), and ASP (US$/Ton), 2020-2025
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for Photovoltaic Silver Paste
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global Photovoltaic Silver Paste market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Changzhou Fusion New Material, Heraeus, DK Electronic Materials, Good-Ark, Giga Solar, Dupont, Soltrium, Wuhan Youleguang, Monocrystal, Rutech, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Market Segmentation
Photovoltaic Silver Paste market is split by Type and by Application. For the period 2020-2031, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
Market segment by Type
Front Side Silver Paste
Back Side Silver Paste
Market segment by Application
PERC Solar Cell
BSF Solar Cell
TOPCon Solar Cell
HJT Solar Cell
Others
Major players covered
Changzhou Fusion New Material
Heraeus
DK Electronic Materials
Good-Ark
Giga Solar
Dupont
Soltrium
Wuhan Youleguang
Monocrystal
Rutech
Shanghai Transcom Scientific
Daejoo
Xi’an Chuanglian
Leed
Market segment by region, regional analysis covers
North America (United States, Canada, and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The content of the study subjects, includes a total of 15 chapters:
Chapter 1, to describe Photovoltaic Silver Paste product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top manufacturers of Photovoltaic Silver Paste, with price, sales quantity, revenue, and global market share of Photovoltaic Silver Paste from 2020 to 2025.
Chapter 3, the Photovoltaic Silver Paste competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the Photovoltaic Silver Paste breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2020 to 2031.
Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2020 to 2031.
Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2020 to 2025.and Photovoltaic Silver Paste market forecast, by regions, by Type, and by Application, with sales and revenue, from 2026 to 2031.
Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.
Chapter 13, the key raw materials and key suppliers, and industry chain of Photovoltaic Silver Paste.
Chapter 14 and 15, to describe Photovoltaic Silver Paste sales channel, distributors, customers, research findings and conclusion.

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