Silver Paste for BC Solar Cells Research:CAGR of 20.3% during the forecast period

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2025 latest report "Silver Paste for BC Solar Cells- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031". Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2025-2031), this report provides a comprehensive analysis of the global Silver Paste for BC Solar Cells market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for Silver Paste for BC Solar Cells was estimated to be worth US$ 224 million in 2024 and is forecast to a readjusted size of US$ 1079 million by 2031 with a CAGR of 20.3% during the forecast period 2025-2031.

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Silver Paste for BC Solar Cells Market Summary

Silver paste for BC (Back Contact) solar cells is a specialized conductive ink made of silver particles, organic solvents, and polymers that is screen-printed onto the solar cell to form electrical contacts, allowing the electrons generated by sunlight to be collected and converted into electricity. Its high conductivity and ability to create precise, high-resolution patterns with excellent adhesion and firing performance are crucial for achieving high photoelectric conversion efficiency in next-generation solar cell technologies like PERC, TOPCon, and HJT.

According to the new market research report "Global Silver Paste for BC Solar Cells Market Report 2025-2031", published by QYResearch, the global Silver Paste for BC Solar Cells market size is projected to reach USD 0.42 billion by 2031, at a CAGR of 20.3% during the forecast period.

Figure00001. Global Silver Paste for BC Solar Cells Market Size (US$ Million), 2020-2031

Silver Paste for BC Solar Cells

Above data is based on report from QYResearch: Global Silver Paste for BC Solar Cells Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.

Market Drivers:

PERC cells entered mass production in 2017, reaching a 65% market share in 2019 and becoming the mainstream until being surpassed by TOPCon in 2024. According to the Back Contact (BC) Solar Technology Development White Paper, the market share of BC batteries will increase from 13% in 2025 to 62% in 2030.

In the future, new solar cells will gradually dominate the photovoltaic industry. Back contact (BC) cells differ materially from traditional single-sided cells because they collect irradiance on both the front and rear faces, which requires metallization and electrode preparation on both sides. That inherently raises the demand for conductive materials such as photovoltaic silver paste in the near term. However, two important sources of uncertainty could moderate that demand growth: first, material innovation (for example, low-silver or silver-free conductive alternatives) may reduce per-unit silver consumption; second, evolving cell and module architectures could alter metallization patterns and material intensity. In short, under current technical pathways BC adoption is a clear upward driver for silver-paste demand, but medium-to-long-term material and design innovations could change the trajectory.

Figure00002. Global market penetration forecast for different technology routes

Silver Paste for BC Solar Cells

Source: Back Contact (BC) Solar Technology Development White Paper

Market Resistances:

Despite promising prospects, the BC solar cell silver paste market faces multiple challenges and risks, mainly including process complexity, cost sensitivity, and technological substitution. Firstly, the manufacturing process of BC batteries is highly complex, demanding superior printability, adhesion, and reliability from silver paste. The compatibility between existing paste technologies and new cell structures remains uncertain, potentially affecting production yield and scale-up pace. Secondly, silver as a key raw material is subject to significant price volatility. Since BC batteries require more silver paste per unit than conventional types, cost control pressures intensify across the supply chain. Companies must pursue process improvements and material innovations to meet downstream demands for lower levelized cost of electricity (LCOE). Moreover, R&D breakthroughs in alternative conductive materials-such as copper plating, low-silver, or silver-free solutions-pose a mid-to-long-term substitution threat to conventional silver paste, particularly if these alternatives achieve a better balance between reliability and cost.

These challenges necessitate that silver paste manufacturers enhance not only their technical innovation and process support capabilities but also build resilient supply chains to adapt to potential market and technological disruptions.

Figure00003. Global Silver Paste for BC Solar Cells Top 5 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)

Silver Paste for BC Solar Cells

Above data is based on report from QYResearch: Global Silver Paste for BC Solar Cells Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.

According to QYResearch Top Players Research Center, the global key manufacturers of Silver Paste for BC Solar Cells include Jiangsu Riyu Photovoltaic New Materials, Wuxi DK Electronic Materials, Heraeus (Haitian), Suzhou Isilver Materials, Guangzhou Rutech Development, etc. In 2024, the global top three players had a share approximately 81.0% in terms of revenue.

Major Players Profiles:

Jiangsu Riyu Photovoltaic New Materials

Jiangsu Riyu Photovoltaic New Material Co., Ltd. is a leading developer and supplier of high-quality conductive photovoltaic silver paste, a critical material for solar cell manufacturing. The company focuses on optimizing silver paste for various high-efficiency solar cells, ranking highly in the global PV silver paste market for revenue growth and overall revenue in 2024. With rapid growth in revenue and net profit, the company is listed on the Hong Kong Stock Exchange (stock code 810774) and is a key player in the new energy and new materials sector.

Riyu invested in the R&D of HPBC silver paste in 2022 and successfully achieved mass production in 2023, earning wide market recognition. From fiscal year 2022 to fiscal year 2024, the company's BC silver paste revenue increased from 30.995 million yuan to 518 million yuan, with its revenue share rising from 7.9% to 22.6%.

Wuxi DK Electronic Materials

Wuxi DK Electronic Materials Co., Ltd. is a Chinese technology company founded in 2010 and listed on the Shenzhen Stock Exchange (300842.SZ). The company specializes in the research, development, production, and sales of high-performance electronic materials, including conductive pastes and adhesives, for the solar photovoltaic, display, lighting, and semiconductor industries. Its main products are used in crystalline silicon solar cells, LED/IC chip packaging, and other electronic applications.

Wuxi DK Electronic Materials has achieved large-scale supply of BC solar cell paste since 2020, becoming the first supplier of BC solar cell paste in China. With the continuous iterative development of photovoltaic cell technology, Wuxi DK has further increased its R&D investment and market development efforts in BC solar cell metallization paste, and technological breakthroughs and product iterations are faster than in the past. At present, Wuxi DK's full range of BC solar cell pastes, including n-Poly, p-Poly, and main grid, are in the industry leader in product performance, market share, and new technology reserves. It is already a major supplier to leading companies in mass production of BC solar cell. At the same time, it is actively developing and introducing potential customers. It is the benchmark paste supplier for the R&D pilot lines of many BC customers. With the large-scale mass production of BC solar cell, the company's performance will be further enhanced.

Heraeus (Haitian)

Haitian Group (603759.SS) is a group company driven by its dual core businesses of "environmental protection and new energy and new materials." Its business areas include environmental protection (water supply, sewage treatment, etc.) and new energy and new materials.

Haitian Group's BC silver paste business originated from the acquisition of Heraeus' former photovoltaic business unit. Heraeus Photovoltaics was a global business unit of the Heraeus Group, specializing in the development and manufacturing of specialized metallization pastes for the photovoltaic industry. However, as of April 2025, Heraeus Photovoltaics has been acquired by Haitian Water Group and now operates under the name Haitian Photovoltaics. The company's primary goal was to improve solar cell efficiency and reduce costs per watt for solar cell manufacturers.

Haitian Group owns a number of BC solar cell paste technology patents and has now achieved mass production of BC solar cell pastes including main grid and fine grid, and has achieved stable shipments to the current mainstream BC solar cell manufacturers in the market.

Suzhou Isilver Materials

Suzhou Isilver Materials Co., Ltd. is a Chinese high-tech company founded in 2011 specializing in the research, development, and production of high-level conductive pastes for the new energy and semiconductor industries. They are known for their silver pastes, particularly for solar cells and electronic applications, and are recognized for their innovation in this field, holding numerous patents and ranking highly in China's silver paste shipments.

Suzhou Isilver Materials has achieved ton-level shipments of BC solar cell paste in 2022, and shipments will continue to grow in 2023. Currently, the BC solar cell paste shipped by Suzhou Isilver Materials is mainly low-temperature paste.

Guangzhou Rutech Development

Guangzhou Ruxing Technology Development Co., Ltd. is a basic chemical manufacturing company located in Guangzhou, China, that develops and manufactures electronic pastes for solar cells. Their products include battery positive pastes, aluminum pastes for thermistors, and silver pastes for crystalline silicon heterogeneous batteries, providing solutions for the solar cell industry.

The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.

The Silver Paste for BC Solar Cells market is segmented as below:
By Company
Jiangsu Riyu Photovoltaic New Materials
Wuxi DK Electronic Materials
Heraeus (Haitian)
Suzhou Isilver Materials
Changzhou Fusion New Material
Guangzhou Rutech Development
Zhejiang Gonga Electuinic Technology

Segment by Type
p-poly Silver Paste
n-poly Silver Paste
Busbar Silver Paste

Segment by Application
TBC Solar Cell
HPBC Solar Cell
HBC Solar Cell
ABC Solar Cell
IBC Solar Cell

Each chapter of the report provides detailed information for readers to further understand the Silver Paste for BC Solar Cells market:

Chapter 1: Introduces the report scope of the Silver Paste for BC Solar Cells report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2020-2031)
Chapter 2: Detailed analysis of Silver Paste for BC Solar Cells manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2020-2025)
Chapter 3: Provides the analysis of various Silver Paste for BC Solar Cells market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2020-2031)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2020-2031)
Chapter 5: Sales, revenue of Silver Paste for BC Solar Cells in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2020-2031)
Chapter 6: Sales, revenue of Silver Paste for BC Solar Cells in country level. It provides sigmate data by Type, and by Application for each country/region.(2020-2031)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2020-2025)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth Silver Paste for BC Solar Cells competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides Silver Paste for BC Solar Cells comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides Silver Paste for BC Solar Cells market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.

Other relevant reports of QYResearch:
Global Silver Paste for BC Solar Cells Market Research Report 2025
Global Silver Paste for BC Solar Cells Market Outlook, In‐Depth Analysis & Forecast to 2031
Global Silver Paste for BC Solar Cells Sales Market Report, Competitive Analysis and Regional Opportunities 2025-2031

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