Photovoltaic V: The Reform of HIT Battery Is Good for Low Temperature Silver Paste

As a renewable and green new energy source, solar energy has become a new driving force for the development of countries all over the world. The newly installed photovoltaic capacity in 2019 was 116.9GW, a year-on-year increase of 24.4%. With the sound development of the global photovoltaic industry, it is estimated that the newly installed photovoltaic capacity will reach 287GW in 2025, with a compound annual growth rate of 16%.

It is strongly encouraged and supported that photovoltaic power becomes one of the universally important method of power generation in China. The good development of the photovoltaic industry benefits all links of the industrial chain.

Photovoltaic silver paste is the core auxiliary material of photovoltaic cells, whose cost accounts for 10%-11% of the total in terms of monocrystalline cells and polycrystalline cells. With the increase in the penetration rate of photovoltaic power generation, the price reduction of the industry chain has brought about a decline in installed costs, expansion of parity areas, and an increase in the scale of the photovoltaic industry, which drives the demand for photovoltaic silver paste.

At present, the photovoltaic cell market is mainly based on PERC cells, BSF cells, and IBC cells, and HIT cells, among which only HIT cells whose penetration rate is less than 1.5% use low temperature silver paste, and the rest use high temperature silver paste. Therefore, high-temperature silver paste is the main product in the current market, accounting for more than 98% of the total supply of photovoltaic silver paste.

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In the production of photovoltaic silver paste, polymer welding technology and the preparation of ultra-fine silver powder are the core key to the large gap between domestic products and the foreign of DuPont, Heraeus and other overseas giants, which is one of the reasons for relying on overseas imports.

Benefit from the rise of domestic photovoltaic manufacturing capacity, the silver paste market increases rapidly and its localization has gradually begun. The share of domestic silver paste has accelerated since 2017, from 20% in 2017 to 35%-40% in 2018, and to about 50% in 2019.

Wuxi DK Occupies the Largest Share Among the Domestic Shares of High-Temperature Silver Paste

At present, there are basically four leading domestic slurry enterprises represented by Suzhou Good-ark, Wuxi DK, Shanghai Transcom, and Changzhou Juhe, which gradually broke the international enterprises monopolized by DuPont, Heraeus, and Samsung SDI, and Giga Solar.

Solar due to cost and technology upgrade issues.

HIT Battery Has Undergone Reform, Releasing Demand for Low-Temperature Silver Paste

HIT battery has become the industry-recognized ultimate solution for future battery technology due to its high photoelectric conversion efficiency, excellent performance, which offers good prospects for low-cost Internet access. It was once called the candidate technology for the next generation of commercial photovoltaic production in the industry.

At present, the world's existing HIT battery production capacity is close to 3GW, while the current planned production capacity of the main participants has exceeded 16GW. Many photovoltaic companies have accelerated the expansion of HIT battery production, increased capital investment.

While HIT batteries can only use low-temperature silver paste, which means thatthe development of HIT is definitely good for low-temperature silver paste. Besides, HIT is a natural double-sided battery, whose single-cell silver consumption of 300mg is 2.62 times that of the PERC battery. With the continuous update of HIT technology, the single-chip silver consumption is expected to gradually decrease. The market demand for silver paste is gradually released as the penetration rate of HIT batteries increases.

Low-Temperature Silver Paste Is Monopolized, And Who Will Take the First Step of Domestic Substitution?

Low-temperature silver paste production capacity is insufficient, and the monopoly is strong, in which Kyoto ELEX has occupied a market share of over 90%. At present, KE's offer for low-temperature paste is 6500-6800 yuan per kilogram, far exceeding the quotation of 4500-4800 yuan per kilogram for positive silver paste. It is estimated that the photovoltaic silver paste market will reach a market space of 21 billion yuan in 2025, an increase of 113% compared to 2019, in which the low-temperature silver paste market will reach a market space of 9.96 billion yuan, an increase of 15 times compared with 2019, which is expected to become a new focus in the next 5 years.

At present, the fastest progress of low-temperature silver paste in China is Suzhou Good-ark, which has shipped 686kg of low-temperature paste in the first half of this year. Its customers include Tongwei and 2 overseas battery factories. Another listed company, Wuxi DK, has also begun trial production for Tongwei.

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