The Photovoltaic Sector Could Be The Fastest Growing Aluminum Downstream Industry

In 2022, domestic photovoltaic (PV) module production was 297GW. SMM data shows January-August 2023 production reached 318GW, up 65.6% YoY. 2023's total PV module production is expected to near 500GW, up 68% YoY.

National Energy Administration data shows that from January to August 2023, China's newly installed photovoltaic capacity was 113GW, up 140% YoY. Total 2023 installed capacity is projected to reach 170GW.

According to SMM calculations, using 6,500 mt of aluminum per GW of photovoltaic frames and 7,000 mt per GW of brackets, 2023's estimated total aluminum usage in the photovoltaic industry is around 4.5 million mt, an over 80% increase. Considering primary aluminum's share in photovoltaic aluminum semi-finished products, SMM forecasts 2023's primary aluminum usage in the photovoltaic industry to be around 2.93 million mt, up 1.2 million mt YoY. From January-August 2023, estimated primary aluminum usage in the photovoltaic industry was 2.85 million mt, up 1.29 million mt YoY.