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InfoLink’s market research reveals that the global Solar encapsulant shipment ranking for 2025 remained relatively stable, with global module output reaching approximately 646 GW.
Based on calculations, the combined shipment volume of the top three encapsulant companies accounted for more than 65% of global supply, up from 2024. This data was shared in InfoLink’s global Solar encapsulant shipment ranking report for 2025.
Encapsulants are among the essential materials within the core technology landscape of PV modules and are undergoing profound shifts in demand, technological innovation, and competitive dynamics. InfoLink’s ranking is based on external sales volume data from its PV Bill of Material Market Report, drawing on publicly available company information and market research. In case of discrepancies, the companies’ official figures will prevail.
According to InfoLink’s market research, the 2025 global Solar encapsulant shipment ranking remained relatively stable, while divergence among leading players continued. At the same time, competition at the top has gradually eased, with the top three players further consolidating their positions. The research is based on publicly available company information and market analysis, with companies’ official figures prevailing in case of discrepancies.
Within the solar industry, encapsulants have become a critical component of the module technology landscape, reflecting ongoing shifts in demand, innovation, and competitive dynamics.
Expectedly, the top 3 firms are all China bsed. First Applied Materials ranked first, with shipment volumes broadly flat compared to 2024, maintaining its leadership position. Sveck ranked second, with performance in line with previous trends and stable operations.
Betterial secured third place once again. After entering the global top three in solar encapsulant shipments in 2024, the company maintained strong shipment performance in 2025, with its ranking holding steady. Compared with earlier shifts in the competitive landscape, its performance reflects greater continuity and stability.
Overall, following the structural realignment in 2024 that brought Betterial into the top three, leading positions remained largely unchanged in 2025. Competition has shifted from position reshuffling to structural consolidation, with market share continuing to concentrate among leading manufacturers.
As module manufacturing capacity continues to expand in non-China markets, encapsulant suppliers have increasingly sought opportunities outside China over the past two years. Coupled with the rapid expansion of encapsulant capacity in earlier periods, profitability across the sector has gradually declined.
Although excess capacity additions in 2025 have begun to clear at a slow pace, overall supply remains ample. In addition to 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, and Thailand—in 2018 and 2023, the country initiated another AD investigation in September 2025. This time, it targeted POE/EPE imports from multiple countries, including China, South Korea, Thailand, and Vietnam.
This development suggests that a concentrated, single-location production strategy offers limited protection against trade-related risks, prompting manufacturers to accelerate diversification of their manufacturing footprints.
Profitability across the encapsulant sector has gradually declined, particularly against the backdrop of a broader downturn in the solar industry over the past two years. This trend has been compounded by rapid capacity expansion in earlier periods.
Encapsulants, as part of auxiliary materials, account for an increasingly important share of solar module production costs. Since the beginning of 2026, sharp swings in metal prices, the impact of conflicts in the Middle East, and 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.
This not only improves production efficiency but also strengthens module competitiveness and profitability.
Among the top three encapsulant suppliers, FIRST has steadily increased its supply share outside China, while Sveck remains primarily focused on domestic supply.
Betterial has established production bases in Indonesia and Türkiye, meeting customer demand and strengthening resilience to trade barriers through differentiated site selection. Leveraging its overseas footprint and sales network, the company derives a relatively high share of shipments from 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 solar encapsulant shipments outside China.
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