The global solar PV industry continues to expand as a major driver of the energy transition, supported by strong policies and rising demand. Alongside this growth, the market for encapsulants—key materials used in solar modules—has also evolved in terms of demand, technology, and competition. According to InfoLink’s latest 2025 global PV encapsulant shipment ranking, the overall structure of the market has started to stabilize, especially among the top three companies.

InfoLink’s analysis, based on market research and company data, shows that global solar module production reached around 646 GW in 2025. Within this large and growing market, the top three encapsulant suppliers together accounted for more than 65% of global shipments, indicating a higher level of market concentration compared to 2024.

Applied Material retained its position as the leading supplier, with shipment volumes remaining largely stable year-on-year. SVECK continued to hold the second position, showing consistent performance and steady operations. Betterial secured the third spot for the second consecutive year after entering the top three in 2024. Its continued presence among the leaders reflects a more stable competitive environment compared to earlier years, when rankings saw more frequent changes. Overall, the industry appears to be moving away from frequent reshuffling of top positions toward a more consolidated structure dominated by a few key players.

At the same time, the encapsulant industry is facing growing challenges. Over the past two years, the broader PV sector has experienced a downturn, and earlier expansions in encapsulant production capacity have led to oversupply. Although some excess capacity began to clear in 2025, supply levels remain high, putting pressure on profitability across the sector.

Another major concern is the rise of trade barriers. As solar manufacturing expands beyond China, encapsulant suppliers are increasingly looking to international markets for growth. However, trade restrictions are becoming more common. India, for example, has conducted multiple anti-dumping investigations into EVA imports in the past and launched a new investigation in September 2025 targeting POE and EPE imports from several countries. These developments highlight the risks of relying on a single production base and are encouraging companies to diversify their manufacturing locations to reduce exposure to trade disruptions.

In this changing environment, the importance of auxiliary materials like encapsulants is becoming more evident. These materials now make up a significant portion of solar module production costs. Since early 2026, fluctuations in metal prices, geopolitical tensions such as conflicts in the Middle East, and ongoing adjustments in production capacity have increased the focus on cost management and supply chain stability.

Manufacturers are now paying closer attention to securing reliable supplies of auxiliary materials not only to control costs but also to maintain consistent production and improve overall competitiveness. Innovations in materials and technology are expected to play a key role in enhancing efficiency and supporting long-term growth in the solar sector.

The supply-demand balance and pricing trends of key materials such as metals, glass, silver paste, frames, backsheets, and junction boxes will be critical. The industry is also watching for new opportunities driven by technological advancements and emerging markets. As the solar sector continues to mature, companies that can adapt to changing trade conditions, manage costs effectively, and invest in innovation are likely to stay ahead in the evolving global landscape.