InfoLink’s 2025 global solar PV encapsulant shipment ranking: Top three positions solidify

As a key pillar of the global energy transition, the PV industry has sustained rapid growth in recent years driven by both policy support and market demand. Encapsulants, as one of the essential materials within the core technology landscape of PV modules, are also undergoing profound shifts in demand, technological innovation, and competitive dynamics.

InfoLink has released its global PV encapsulant shipment ranking for 2025, with data of external sales volume based on InfoLink’s own PV Bill of Material Market Report, publicly available company information, and market research. In case of any discrepancies, the company’s official figures shall prevail.


 

Betterial ranks among the top three again as the top-tier structure stabilizes

According to InfoLink’s market research, the 2025 global PV encapsulant shipment ranking remained relatively stable, with divergence among leading players easing and the competitive structure of the top three gradually solidifying. Global module output reached approximately 646 GW in 2025. Based on calculations, the combined shipment volume of the top three encapsulant companies accounted for more than 65% of global supply, up from 2024. Specifically:

First Applied Material ranked first, with shipment volumes broadly flat compared to 2024, maintaining its solid leadership.

SVECK ranked second, with overall performance in line with previous trends and operations remaining stable.

Betterial secured third place once again. After first entering the global top three in PV encapsulant shipments in 2024, Betterial maintained strong shipment performance in 2025, with its ranking holding steady at third place. Compared with earlier shifts in the competitive landscape, its 2025 performance reflects greater continuity and stability.

Overall, following the structural realignment of 2024 that brought Betterial into the top three, the industry’s leading positions remained largely unchanged in 2025. Competition at the top has gradually shifted from position reshuffling to structural consolidation, while market share continues to concentrate among leading manufacturers.
 

As PV encapsulant trade barriers rise, diversified overseas expansion offers greater resilience

Against the backdrop of a broader downturn in the PV industry over the past two years, coupled with the rapid expansion of encapsulant capacity in earlier periods, profitability across the encapsulant sector has gradually declined. In 2025, although excess capacity has begun to clear at a slow pace, overall supply remains ample. Meanwhile, as module manufacturing capacity continues to expand in non-China markets, encapsulant suppliers have increasingly sought opportunities outside China over the past two years. In addition to the frequent trade barriers affecting key PV module materials, the encapsulant industry itself is now facing mounting trade restrictions.

Following India’s previous anti-dumping (AD) investigations into EVA imports from multiple countries (including China, Malaysia, South Korea, Saudi Arabia, Thailand) in 2018 and 2023, the country initiated another AD investigation in September 2025, this time targeting POE/EPE imports from multiple countries (including China, South Korea, Thailand, Vietnam). This development suggests that a concentrated, single-location production strategy offers limited protection against trade-related risks, prompting manufacturers to accelerate the diversification of their manufacturing footprints.

Among the top three encapsulant suppliers, FIRST has steadily increased its supply share outside China, while Sveck remains primarily focused on domestic supply in China. Betterial has established production bases in Indonesia and Türkiye, meeting customer demand and strengthening resilience to trade barriers through its differentiated site selection. Leveraging its differentiated overseas footprint and sales network, Betterial derives a relatively high share of its total shipments to non-China markets, making it one of the few suppliers with such a high overseas shipment ratio. Based on 2025 data for the non-China portion of global encapsulant shipments, Betterial ranked second in PV encapsulant shipments outside China.
 

In a complex and fast-changing market, auxiliary materials segment cannot be overlooked

The PV industry is currently in a recovery phase. Amid shifting trade barriers and policy uncertainty, manufacturers need to adopt well-calibrated strategies in response to intense competition and evolving trade conditions, with particular attention to geopolitical risks across markets inside and outside China.

As exemplified by encapsulants, auxiliary materials account for an increasingly important share of PV module production costs. Since the beginning of 2026, sharp swings in metal prices, the impact of conflicts in the Middle East, and the gradual capacity clearance in the encapsulant sector have pushed manufacturers to focus more closely on cost control and the safe, stable supply of auxiliary materials across markets inside and outside China. This not only improves production efficiency but also strengthens module competitiveness and profitability. In addition, ongoing technological innovation in PV auxiliary materials will continue to support the industry’s shift toward greater efficiency, stronger economics, and more sustainable development.

As the PV market continues to evolve, what lies ahead for the supply-demand outlook and competitive landscape of key auxiliary materials such as metals, silver paste, glass, encapsulants, frames, backsheets, junction boxes, and ribbons? Will the supply of critical raw materials remain adequate? Where are prices headed? What opportunities could technological innovation unlock? And where will the next growth hotspots emerge?

Contact us and request sample copies of InfoLink’s PV Bill of Material Market Report. Let us walk you through the opportunities and challenges defining the future of PV auxiliary materials and perovskite technology.