The Precious Metals business group of Heraeus posted product revenue of €1.29 billion in 2013, which includes its Thick Film Materials segment that includes conductive pastes for the solar industry.
Thick Film Materials segment sales were said to have declined in 2013, continuing a trend through 2012. However, Heraeus noted that the need for faster product cycles but longer development cycles contributed to not meeting market expectations in the year.
Increased global PV cell/module production could not compensate for the reduction in metallization paste used on a per solar cell basis, causing a further decline in revenue within the Thick Film Materials segment.
The company also noted that sputtering target sales also declined due to the production decline in thin-film PV module production in 2013.
Heraeus reported total product revenue of €3.6 billion in 2013, down 10% from 2012.