DuPont isn’t known for making photovoltaics. However, DuPont’s materials are an essential part of roughly 70 percent of PV modules in existence today. The chemical giant makes numerous materials, including metal pastes that conduct the electricity produced by the cell to the module and module backsheets. And the business is worth hundreds of millions of dollars, and growing. It’s sales can be seen as a bellwether for the industry, which may be headed for a slow start in 2012.

Solar materials are becoming a bigger part of the chemical company’s business.

“For perspective, we exceeded $1 billion in PV sales in 2010, when our corporate revenue was $31.5 billion. At our December Investor Day, we indicated 2011 PV sales of about $1.5 billion, and we just reported corporate 2011 sales of $38 billion. Our goal is $2 billion in PV sales by 2014,” said Bill Feehery, global business director, DuPont Photovoltaic Solutions.

While the company remained profitable, reporting earnings per share of 35 cents for the quarter and $3.93 per share for the year, it missed its sales targets for the fourth quarter of 2011. It still showed a profit, but only because it increased its prices by an average of 14 percent.

The lower than expected sales targets were attributed to an oversupply in the PV industry and a softening in consumer electronics market. That segment of the company’s business was down 18 percent on 33 percent lower volumes.

The company also projected that sales for the products will remain weak throughout the first half of 2012, but anticipates solar installations will increase by 10 percent in the latter half of the year, which should benefit the division.

“The PV market continues to grow and has favorable long-term trends. At the same time, we've regularly said that such growth would be ‘lumpy,’ in part because of changing feed-in tariffs around the world,” Feehery said.

The company hasn’t given particular targets for revenue because of PV sales this year, but expects long-term growth of 10 percent to 12 percent in the electronics segment.