Top 10 domestic photovoltaic film companies: Structure, Challenges, and Prospects

Photovoltaic film, as a key encapsulation material for photovoltaic modules, directly affects the performance and lifespan of the modules. After years of development, domestic film companies have achieved a global leading position in terms of technology, scale, and capital. Currently, Chinese companies supply the majority of the world's photovoltaic films. In recent years, the photovoltaic film industry has been impacted by the significant reduction in raw material prices and the integration of industry capacity, leading to intense competition and ongoing consolidation. The market structure has now stabilized, maintaining a competitive landscape characterized by "one dominant player and many strong contenders."

Foster leads the pack on its own with a significant market share, technological advantages, and production capacity, firmly occupying the first tier. Other companies such as Sveck, HIUV New Materials, Cybrid Technologies, Suzhou Shanghong Technology, Selen Science & Technology, Lushan New Materials, Tianyang New Materials, and Mingguan New Materials form a competitive landscape, leveraging their strengths in their respective fields.

Hangzhou Foster Applied Materials Co., Ltd., founded in 2003, is a high-tech enterprise focused on the research, production, and sales of new materials. In the field of photovoltaic encapsulation films, Foster is undoubtedly the leader. In terms of market share, its global market share has consistently remained around 50%. In 2024, Foster's film shipments reached 2.881 billion square meters, representing a year-on-year increase of 25% compared to 2023, which translates to the encapsulation of 296GW of solar modules.

In terms of capacity layout, Foster's global total capacity is expected to exceed 3 billion square meters in 2024, with overseas capacity in Vietnam and Thailand reaching 600 million square meters. Foster is the first photovoltaic film company to expand overseas, having started construction of its Vietnam base in 2022, and will gradually release photovoltaic film capacity in 2024, while also initiating the second phase expansion project at its Thailand base.

In terms of customer resources, the top 10 global photovoltaic module shipment manufacturers, such as Jinko Solar, Longi Green Energy, and Trina Solar, are all long-term customers of Foster. Additionally, First Solar from the United States, Hanwha QCell from South Korea, and Reliance Industries from India are also its core customers.

Foster has also excelled in product diversification, not only offering EVA films and POE films, but also engaging in businesses such as photovoltaic back sheets, structural adhesives, and edge banding adhesives.

Jiangsu Sveck New Materials Co., Ltd., formerly known as Shenzhen Sveck Technology Co., Ltd., was established in 2005. In 2010, the company was relocated to Jintan District, Changzhou City, Jiangsu Province (Changzhou Base). The Yiwu base began production at the end of 2020. Sveck currently has approximately 1,200 employees and is the world's second-largest photovoltaic encapsulation film company.

In 2024, Swick's photovoltaic film sales volume was 655 million square meters, remaining basically the same as the previous year, and continuing to maintain the second largest market share globally. Currently, it has production bases in Jintan, Changzhou, Jiangsu; Suqian; Yancheng; and Yiwu, Zhejiang, with an annual production capacity of 1.276 billion square meters.

Swik has achieved significant results in technology research and development, having successively developed core products such as transparent EVA films, white EVA films, POE films, and co-extruded POE films. Its products have achieved excellent results in the field of photovoltaic encapsulation materials as well as in battery pouch encapsulation materials used in digital products, new energy vehicles, and energy storage fields.

Changzhou Best New Film Technologies Co., Ltd., established in September 2007, is a national high-tech enterprise focusing on the research and development, production, sales, and service of functional film materials. In the past year, Best New Film has shown outstanding market performance, significantly improving its market position. According to InfoLink Consulting, compared to 2023, Best New Film's shipment volume in 2024 increased by 27% year-on-year, elevating its ranking to the top three in the industry.

In 2024, the shipment volume of Baijia Niandai is approximately 600 million square meters, with a year-on-year growth of 15.2%. It has six production bases located in Changzhou, Yancheng, Chuzhou, Xianyang, Vietnam, and Indonesia, with a global encapsulation film planned capacity exceeding 130 GW.

Baijia Era has established long-term strategic partnerships with many leading photovoltaic companies such as Longi, Trina, Jinko, and JA Solar. By deeply binding with high-quality customers, it continuously expands its market share. At the same time, ongoing investment in research and development allows it to continuously optimize product performance, keeping pace with industry technological development trends and meeting customer demands for high-performance encapsulation films.

Shanghai HiUV New Materials Co., Ltd. is a high-tech enterprise with a focus on film technology. It is renowned in the solar photovoltaic module encapsulation materials industry for its strong research and development capabilities, leading technology, and comprehensive product range. The company maintains a leading position globally in high-quality EVA encapsulation films for modules with anti-PID and snail trail resistance.

In 2024, Haiyou New Material faces certain challenges as the sales volume of photovoltaic encapsulation film decreased by 24.65% year-on-year to 424 million square meters. The company pointed out that it adopted a prudent business strategy and strictly controlled accounts receivable risks, which led to a decrease in film shipments and factory operating rates. Despite the decline in shipments, Haiyou New Material's technological advantages remain evident. The company continues to invest in research and development, constantly launching new products and enriching its product portfolio to meet the market's increasing demands for film performance. In the future, with improvements in the market environment and adjustments in company strategy, it is expected to return to a growth trajectory.

Zhejiang Xiangbang Technology Co., Ltd., established in 2006, is one of the leading enterprises in the field of encapsulation films in China. The company has been committed to the research, development, production, and sales of encapsulation films for photovoltaic modules, including EVA films, POE films, and white films. Its products are internationally advanced and are exported to Europe, America, Southeast Asia, Africa, and other regions.

Especially in the upgrade of the POE film product, Xiangbang Technology seizes the market opportunity.

In 2024, Xiangbang Technology's sales of photovoltaic encapsulant film reached 400 million square meters. Benefiting from the boom in N-type batteries, the penetration rate of POE encapsulant films, which have better anti-PID performance, increased to 35%-40% in 2024. Xiangbang Technology, having invested early in the POE encapsulant film sector with stable product performance, is expected to have a market share of 11.01% in the POE encapsulant film market. According to Infolink data estimates, Xiangbang Technology's market share in the encapsulant film market for N-type modules is 11.33%.

Xiangbang Technology focuses on the POE film field, continuously deepening its technology and improving product quality and performance, thereby securing an important position in the niche market. In the future, it is expected to further expand its market share by leveraging the growth trend of the POE film market.

Suzhou Secote Applied Technologies Co., Ltd. was founded in 2011 and is primarily engaged in the research, development, production, and sales of thin-film functional polymer materials with adhesives as the core.

In the field of photovoltaic film, the shipment of photovoltaic film from Saiwu Technology in 2024 is 273 million square meters, representing a slight increase of 2.2% compared to 2023. By the end of 2024, the company's film production capacity will reach 200 million square meters, with a design capacity of 57 million square meters. The production is expected to commence in September 2025.

In terms of product structure, Saiwu Technology actively grasps the trend of technological changes in the industry, with a significant increase in the proportion of POE/EPE film products. As the market share of N-type TOPCon cell technology surpasses 60%, the sales volume of the company's POE series film products has increased by more than 40% year-on-year, with the proportion in total sales expected to reach 45%-50%. In the niche market, Saiwu Technology maintains a leading position in technology with differentiated products such as transparent grid films, with a market share of around 15%.

Saiwu Technology focuses on technology research and development and product innovation, with its products covering various types of photovoltaic films. Meanwhile, the company actively expands its diversified business; in addition to photovoltaic films, it has also made strides in other functional polymer material fields. This diversification strategy helps reduce the company's dependence on a single product, enhances the company's overall risk resistance, and allows it to steadily progress amidst fierce market competition.

Guangzhou Lushan New Materials Co., Ltd. was established in 1998 and has multiple production bases in Guangdong and Jiangsu provinces.

In 2024, Luxan New Materials' film shipments reached 183.9 million square meters, a decrease of about 15% compared to 2023. The company has established a production capacity of 400 million square meters per year for solar cell encapsulation films.

Lushan New Materials is continuously expanding its production capacity to meet market demand. Meanwhile, it is actively expanding market channels and strengthening cooperation with downstream customers. In terms of product development, it continues to invest resources to enhance product performance and quality in order to increase product competitiveness. Although the shipment volume is expected to decline in 2024, the company is likely to achieve better results in market competition in the future due to its production capacity foundation and market expansion capabilities.

Tianyang New Materials (Shanghai) Technology Co., Ltd. was established in 2002 and entered the photovoltaic encapsulant field in 2011. It was listed on the Shanghai Stock Exchange in 2017. The company is dedicated to the production, research and development, and sales of thermoplastic environmentally friendly adhesive materials and reactive environmentally friendly adhesive materials. Its products are widely used in fields such as apparel, automotive, electronics, photovoltaic new energy, and interior decoration.

In 2024, the shipment volume of film is expected to reach 114.9 million square meters. With the commissioning of the new factory in Rudong, the company's annualized film production capacity will reach 370 million square meters by June 2024. Tianyang New Materials has expanded its production scale, reduced production costs, and enhanced product market competitiveness through the commissioning of the new factory. At the same time, the company focuses on product quality and technological innovation, continuously optimizing product structure to meet the needs of different customers.

In the future, with the gradual release of production capacity and the expansion of market share, Tianyang New Materials is expected to occupy a more favorable position in the photovoltaic film market.

Mingguan New Materials Co., Ltd., established in 2007, is a globally leading national high-tech enterprise deeply engaged in the field of new energy materials and recognized as a national-level "specialized, refined, and innovative small giant" enterprise. Its core business includes photovoltaic cell back sheets and encapsulant films, with encapsulant films being a key area of new development.

In 2024, Mingguan New Materials' photovoltaic film shipments reached 83.3 million square meters, a moderate increase of 30% compared to 2023. By December 2024, the company had an annual production capacity of 220 million square meters of film, including a production capacity of 100 million square meters from its overseas base in Vietnam, enhancing the company's supply capabilities in the overseas film market. By establishing overseas production bases, Mingguan New Materials is able to better cater to overseas market customers, reduce transportation costs, and improve supply efficiency. Meanwhile, the company continues to increase investment in research and development to enhance product performance and quality, gradually expanding its market share in both domestic and international markets.

The photovoltaic film industry is currently facing numerous challenges. On one hand, the fluctuation of raw material prices remains a significant factor affecting the cost and profit of companies. Although raw material prices have declined in recent years, future trends are still uncertain. On the other hand, the issue of overcapacity in the industry persists, leading to intense market competition and significant price pressure on companies. Additionally, with the continuous development of photovoltaic technology, there are increasing performance requirements for films. Companies need to consistently invest in research and development to meet the demand for high-performance films in the market.

From the perspective of future development trends, with the continuous growth in global demand for clean energy, the photovoltaic industry still has vast development potential, which will provide sustained market demand for the photovoltaic encapsulant film industry. In terms of technological development direction, high-performance encapsulant films such as POE films and co-extruded POE films will become the market mainstream. Companies need to accelerate their technological research and development and capacity layout in these areas. Meanwhile, as photovoltaic modules evolve towards being lighter and more efficient, encapsulant film companies also need to continuously innovate and develop thinner and higher-performance encapsulation film products.