Core Insights - The report from CITIC Securities highlights the urgent need for cost reduction in photovoltaic conductive pastes due to rising silver consumption and increasing silver prices, with new types of pastes expected to capture significant market share by 2030 [1][2] Group 1: Market Dynamics - Photovoltaic conductive pastes are crucial for the metallization of solar cells, directly affecting their efficiency and output power, with silver paste currently dominating the market [2] - Silver paste accounts for 27% of the total cost of photovoltaic cells, with silver constituting over 97% of the paste's cost, making it the highest non-silicon cost component [2] - The shift from P-type to N-type cell technology, particularly with the application of LECO processes, has increased the unit consumption of silver paste, further driving up demand [2] Group 2: Cost Reduction Strategies - Cost reduction strategies for conductive pastes are categorized into process silver reduction and material silver reduction, with the former involving new grid line designs and printing process optimizations [3] - New grid line designs like 0BB and multi-busbar can significantly reduce silver paste consumption, while advanced printing techniques can lower consumption by 20-40% [3] - Despite these advancements, traditional screen printing remains the dominant method, holding over 98% market share [3] Group 3: Material Substitution - The substitution of cheaper metals like copper, aluminum, and nickel for silver is a key direction for cost reduction in photovoltaic cell metallization [4] - Copper, being the second-best conductor after silver and costing only 1% of silver, is the primary choice for substitution, with various technologies like silver-coated copper and electroplated copper being explored [4] - The commercialization of high copper/pure copper pastes is expected to accelerate, with projections for mass production by Q4 2025 [4] Group 4: Industry Landscape - The photovoltaic conductive paste market is characterized by a "two strong" supply structure, with Daqo New Energy and JinkoSolar leading the global silver paste supply, holding 27.1% and 26.9% market shares respectively [5] - The demand for silver-coated copper pastes is projected to reach 1,166 tons by 2030, corresponding to a market space exceeding 3.5 billion [5] - The market for copper pastes is expected to reach 13.76 billion by 2030, indicating a significant growth opportunity with a projected CAGR of approximately 60% from 2025 to 2030 [5]

Core Insights - The report from CITIC Securities highlights the critical role of conductive pastes in the metallization process of photovoltaic cells, which directly impacts cell performance [1] - Currently, silver paste is the mainstream choice for conductive pastes, but there is an urgent need to reduce costs due to rising single consumption of silver paste in N-type technology and increasing silver prices [1] - The industrialization of new types of photovoltaic pastes, represented by silver-coated copper, electroplated copper, and high copper/pure copper pastes, is accelerating [1] - It is projected that by 2030, the market space for new types of pastes will exceed 15 billion yuan, corresponding to a CAGR of approximately 60% [1] - Copper pastes are expected to achieve mass production by Q4 2025, and the recommendation is to focus on leading companies with advanced technology and scale [1]