Silver Paste Consumption Declines, Growth in Silver Consumption for PV May Slow Down

According to the latest paste formulations and solar cell production plans, the silver demand for solar cells is expected to exceed 6,500 mt in early 2025. This increase is primarily attributed to the 30%-40% higher demand for pure silver powder in the initial stages of TOPCon cells compared to P-type cells. However, due to advancements in cell printing technology, optimization of silver paste formulations, and increasing cost control pressures in the PV industry, the silver consumption per unit has decreased for both TOPCon and P-type cells.

For other types of cells, it is expected that by the second half of 2025, silver-coated copper powder used in HJT cells will achieve a silver content target of 15%. According to a report released by Huasheng New Energy, the company aims to reach a 10% silver content ratio in the same year. Additionally, some silver powder producers have revealed that they began mass production of silver-coated copper powder with a 10% silver content in September and have received a small number of orders for silver-coated nickel and nickel paste. However, as HJT cells are not mainstream products in the short term, their impact on overall silver consumption remains relatively small.

Entering the third quarter of 2025, with technological advancements, the dual-side silver paste usage for TOPCon cells decreased from 0.09-0.095 grams per watt in 2024 to 0.08-0.085 grams per watt. According to the "China PV Industry Development Roadmap (2024-2025)" released by the CIPA Association, the dual-side silver paste usage for N-type TOPCon cells is expected to further decrease until 2030.

A silver powder supplier pointed out that the particle size of silver powder currently used in TOPCon cells is mainly concentrated between 2-3μm. If ultrafine silver powder smaller than 1e-06 meters is adopted, the silver content in the paste can be reduced. An R&D personnel from a silver paste enterprise also mentioned that there are over 200 types of silver powder available in the domestic market, with multiple suppliers capable of providing ultrafine silver powder or other types of powder as substitutes for imported products.

In the face of rising silver prices, the cost-effectiveness of domestically produced ultrafine silver powder has become more apparent, prompting some PV silver paste manufacturers to alleviate the pressure from rising raw material prices by adjusting the proportion of different specifications of silver powder. Considering the continuous R&D investment by enterprises and their conversion efficiency achievements, the actual silver consumption for solar cells in 2025 may be lower than expected. SMM predicts that although solar cell production is expected to continue growing in 2026, after multiple rounds of technological innovation, the actual silver consumption may not increase proportionally.