Lushan, the only company not part of EnergyTrend’s list, is placed 7th with shipments of 100 million m2. EnergyTrend emphasizes that Tier II manufacturers are rapidly capturing market share, expanding their presence swiftly. A notable change in the rankings is Betterial's leap into the top 3 with robust shipment growth, trailing Sveck by only 10 million m2, making it the standout performer in H1 rankings. The research firm also noted that the combined shipments of the top 3 companies exceeded 1.94 billion m2, accounting for over 75% of the market share.
EnergyTrend estimates that based on 2024 data, the corresponding demand for encapsulation films will reach 2.57 billion m2 in 2025, a year-on-year increase of 15%, expanding the market space. Crown, another well-known name in the solar packaging materials business, supplies both backsheets and encapsulation materials. It has a total encapsulation production capacity of 25 GW – 15 GW in China and 10 GW in Vietnam – equivalent to 220 million m². In 2023, Crown shipped 64 million m² and expects to exceed 80 million m² in sales volume in 2024.
Jolywood, the market leader in backsheets, ventured into the supply of encapsulation materials a few years ago. The company started with a capacity of over 20 million m² in 2023, which has since increased severalfold to 130 million m² in 2024. It is estimated to reach 320 million m² in 2025. Interestingly, Jolywood claims that its shipments precisely match its production capacity, implying a 100% utilization rate.
In addition to these Chinese companies, the survey also features 5 encapsulation suppliers from around the world outside China. RenewSys, like Jolywood, is a company with somewhat peculiar business streams. In addition to being a leading backsheet and encapsulation material supplier, the company is also a longtime solar module producer. The company supplies all varieties of mainstream encapsulants such as EVA, POE and EPE, with a total capacity of 4 GW.
Endurans, with its deep roots in non-fluoropolymer backsheet making, stepped into encapsulant manufacturing last year. It has a variety of encapsulants on offer, including single-layer options like EVA and POE, as well as multi-layer encapsulants such as EPE.
India-based Alishan Green Energy, a new entrant to the survey, is also a young enterprise that supplies both backsheets and encapsulation materials. It is backed by Alishan Group, a conglomerate with several business verticals including mining, construction, hospitality, textiles, FMC, entertainment and energy. The company shipped encapsulation material of 6.2 million m2 in 2023 and close to 11 million m2 in 2024 backed with a current capacity of close to 20 million m2.
Sunlink is another new entrant to the survey, also from India. Established in 2017, the company offers 3 encapsulation variants – EVA, POE and EPE – with a total capacity of 5 GW. Enrich, another Indian company, is also a new entrant to our survey. Established in 2018, it has the production capacity to support 14.4 million m2 of EVA and POE encapsulants, equivalent to 1.5 GW. Satinal, an Italian company with a strong background in the glass industry, has leveraged its expertise to become an encapsulant manufacturer. In addition to focusing on mainstream encapsulants, Satinal also offers sustainable products. In particular, it offers carbon-neutral EVA apart from standard EVA, POE and thermoplastic olefin (TPO). The company has 10 GW of production capacity.
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The text is an excerpt from the latest TaiyangNews Market Survey on Backsheets & Encapsulation Materials 2024/25, which can be downloaded for free here.
