Heraeus Materials (688503.SH) stated on May 22 on an investor interaction platform that PV conductive paste had become a core product in the PV industry with the potential to disrupt both materials and processes. The company proactively laid out a technology matrix for silver reduction and silver elimination, continuously pushing technological boundaries and actively collaborating with clients on product development. It had already engaged with mainstream integrated module clients and supporting equipment producers, while simultaneously refining its patent portfolio and raw material supply chain. The company developed customized products for different technology routes and client needs, fully mastering the know-how of material formulations, equipment matching, and process parameters.
The company had already launched silver-nickel paste, pure copper paste, and silver-coated copper paste. Among them, the copper paste solution was an industry first, successfully overcoming the challenge of suppressing high-temperature copper oxidation, and was committed to driving the PV industry's technological evolution from "silver reduction to silver substitution to silver elimination." Shipments of silver-reduction and silver-free products are expected to exceed 100 mt in 2026, with full replacement to be achieved in the future.
