Get comprehensive insights into the Sodium Hydroxide (50%) market, with a focused analysis of the Sodium Hydroxide (50%) price trend across Asia, Europe, North America, Latin America, and the Middle East Africa.

Why did the Caustic Soda Price Change in July 2025? Caustic Soda Price Index in North America showed mixed trends over Q2 2025, with FOB USA prices largely holding steady, while CFR USA prices fluctuated due to variable import logistics and trade policy developments.

The Sodium Hydroxide market size is projected to grow from 40.13 USD Billion in the year 2022 to 58.96 USD Billion by 2029 at a CAGR of 4.36% from 2021-2029. In terms of revenue, Membrane Grade Caustic Soda was the leading segment with 59.83% Share of Total Sodium Hydroxide Market. Asia Pacific was the dominated region with 32.12% of total revenue market share in 2021.

Sodium Hydroxide Market Driving Factors

Growing Demand for Sodium Hydroxide from Application Industry

Sodium hydroxide is used in a wide array of industries for the manufacturing of a diverse range of products including soaps, paper, rayon, petroleum products, and dyes. It is also used for the processing of the cotton fabric, oxide coating, metal cleaning and processing, electroplating, and electrolytic extraction among others. Sodium hydroxide is used as a solid or as 50% w/w aq. solution. 50% w/w aq. solution of sodium hydroxide is commonly employed as a chemical reactant or neutralization agent in a wide array of industries including chemical, pharmaceutical, and textile among others which is driving the growth of the sodium hydroxide market. Thus, the growing demand for sodium hydroxide in the application industry is driving the growth of the market. For instance, sodium hydroxide is used for the manufacturing of several types of medicine including common pain relievers (aspirin), anticoagulants, and cholesterol-reducing medications. With the growing demand for this pharmaceutical product, the demand for sodium hydroxide also increased simultaneously driving the growth of the market.

Intensified Demand of sodium hydroxide from Aluminium Industry

A new report from International Aluminium Institute has revealed that global aluminium demand is expected to increase by around 40% by 2030.
The report also states that the aluminium sector will need to produce an additional 33.3 Mt to meet demand growth in all industrial sectors i.e., from 86.2 Mt in 2020 to 119.5 Mt in 2030.

The demand for aluminium is expected to reach new highs after COVID-19 due to increasing consumer focus on sustainability and swelling demand from the industries such as electricity, transport, packaging, construction, and renewable energy sector. Sodium hydroxide is used for aluminium extraction. Thus, the growing demand for aluminium is expected to drives the growth of sodium hydroxide.

Sodium Hydroxide Market Restrain Factors

Heath Risk and Regulatory Parameter Associated with Sodium Hydroxide

Sodium hydroxide is highly corrosive in nature to all body tissues and is associated with a few harmful effects including temporary hair loss, and burning of the eyes, skin, and inner membranes. Moreover, it also potential to react violently with strong acids and with water. The reaction of sodium hydroxide with the moisture from the air may result in the generation of heat which can be sufficient to cause a fire if it is in near flammable materials. Thus, several authorities have derived the workplace air exposure limits to NaOH in the air. For instance,

OSHA: The legal airborne permissible exposure limit (PEL) is 2 mg/m3 averaged over an 8-hour work shift
NIOSH: The recommended airborne exposure limit (REL) is 2 mg/m3 which should not be exceeded at any time
ACGIH: The threshold limit value (TLV) is 2 mg/m3 which should not be exceeded at any time

Thus, the risk of exposure to workers and associated personnel and accompanying regulations with sodium hydroxide may hinder the growth of the market. Sodium hydroxide, also known as caustic soda and lye is a solid white crystal substance with no smell. It is caustic in nature and has the ability to absorb water from the environment.

Sodium Hydroxide Market size was valued at USD 51.47 Billion in 2024 and is projected to reach USD 72.64 Billion by 2031, growing at a CAGR of 4.4% from 2024 to 2031.

Global Sodium Hydroxide Market Drivers

Industrial Uses: Sodium hydroxide finds numerous uses in various industries due to its versatility as a chemical. It is utilized in the production of numerous goods, including chemicals, textiles, soaps and detergents, pulp and paper, and aluminum. The demand for sodium hydroxide is directly influenced by the expansion of these industries. Pulp and Paper Industry: This sector is one of the biggest users of sodium hydroxide. In the pulping process, sodium hydroxide is used to separate the cellulose fibers from the lignin. The demand for sodium hydroxide is growing along with the world's demand for paper and paperboard products. Chemical Manufacturing: Sodium hydroxide is used to make a number of different chemicals, including silicates, phosphates, and carbonates. The need for sodium hydroxide is rising as a result of the chemical industry's expansion, which is being fueled by urbanization, industrialization, and technological advancements. Production of Alumina: The Bayer process uses sodium hydroxide to produce alumina from bauxite ore. The demand for alumina and, by extension, sodium hydroxide, is still high due to the expanding market for aluminum products in sectors such as construction, automotive, and aerospace. Growing Demand in Emerging Markets: As a result of the fast industrialization and urbanization of emerging economies, especially in Asia-Pacific and Latin America, there is a rise in the consumption of sodium hydroxide across a range of industries. The demand for sodium hydroxide is driven in these regions by an expanding manufacturing base and rising disposable incomes.

Get comprehensive insights into the Caustic Soda market, with a focused analysis of the Caustic Soda price trend across Asia, Europe, North America, Latin America, and the Middle East Africa.

Get key insights from Market Research Intellect's Sodium Hydroxide Solution Market Report, valued at USD 35 billion in 2024, and forecast to grow to USD 50 billion by 2033, with a CAGR of 4.5% (2026-2033).

The global food grade liquid sodium hydroxide market, valued at $927 million in 2025, is projected to experience robust growth. While the exact CAGR is not provided, considering the widespread applications of sodium hydroxide in food processing (neutralization, cleaning, water treatment) and the increasing demand for processed foods globally, a conservative estimate of a 5% CAGR for the forecast period (2025-2033) is reasonable. This translates to a significant market expansion, driven by several factors. The rising adoption of stringent food safety regulations globally necessitates the use of high-quality cleaning and sanitizing agents, boosting the demand for food-grade sodium hydroxide. Moreover, the growing food and beverage industry, particularly in developing economies, fuels the demand for efficient and cost-effective solutions like food-grade liquid sodium hydroxide for various processing steps. Increased consumer awareness of food safety and hygiene further contributes to market growth. The market is segmented by application (food neutralization, container cleaning, drinking water treatment, detergent, aquatic products preservation, others) and type (10%-35% solution, 35%-50% solution, others), offering diverse opportunities for manufacturers. Major players like DuPont, OxyChem, and others contribute to the market's competitive landscape, each leveraging its strengths in production capacity, distribution networks, and technological advancements to capture market share. The market's growth, however, is not without challenges. Fluctuations in raw material prices (primarily caustic soda) and stringent environmental regulations related to chemical handling and disposal can pose restraints. Furthermore, the availability of substitute chemicals and the potential for price competition among manufacturers influence market dynamics. Despite these factors, the long-term outlook remains positive, driven by consistent demand from the food processing industry and the continuous improvement in food-grade liquid sodium hydroxide production technologies focusing on sustainability and efficiency. The Asia-Pacific region, given its burgeoning food and beverage industry, is expected to show significant growth throughout the forecast period.

Alkaline Solution Market Outlook

The global alkaline solution market size is expected to grow from USD 50 billion in 2023 to USD 75 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period. This growth can be attributed to the widespread industrial applications and increasing demand for water treatment solutions across the globe.

One of the primary growth factors in the alkaline solution market is the rising need for water treatment solutions. With increasing urbanization and industrialization, water pollution has become a significant concern, necessitating effective water treatment methods. Alkaline solutions, such as sodium hydroxide and calcium hydroxide, are extensively used in water purification processes to neutralize acidic impurities and maintain pH levels. The escalating demand for clean and safe water in both developed and developing regions is propelling the market growth.

Another notable growth factor is the expanding chemical manufacturing industry. Alkaline solutions play a crucial role in various chemical reactions and processes, including the production of soaps, detergents, and various inorganic chemicals. The surge in demand for these end-products, driven by population growth and rising consumer disposable incomes, is boosting the demand for alkaline solutions. Additionally, the chemical industry's ongoing research and development activities aimed at producing high-performance chemicals are further fueling market expansion.

The pulp and paper industry also significantly contributes to the alkaline solution market growth. Alkaline solutions, particularly sodium hydroxide, are vital in paper manufacturing processes such as pulping and bleaching. The growing demand for paper and paper-based products, driven by the packaging industry's expansion and increasing literacy rates, is enhancing the market outlook. Moreover, the industry's shift towards eco-friendly and sustainable production methods is encouraging the utilization of alkaline solutions as an alternative to conventional acidic chemicals.

In recent years, Alkaline Hydrolysis Systems have emerged as a sustainable alternative in various industries, particularly in waste management and chemical processing. These systems utilize alkaline solutions to facilitate the breakdown of organic materials, offering an environmentally friendly solution compared to traditional methods. The growing awareness of environmental sustainability and the need for efficient waste management solutions are driving the adoption of Alkaline Hydrolysis Systems. This technology not only reduces the environmental impact but also enhances the efficiency of waste processing, making it a valuable addition to the alkaline solution market landscape.

Regionally, the Asia Pacific holds a substantial share of the alkaline solution market. The region's rapid industrialization, coupled with stringent environmental regulations, is fostering the demand for alkaline solutions, especially in water treatment and chemical manufacturing sectors. North America and Europe are also significant markets due to their well-established industrial sectors and increasing focus on sustainable practices. Latin America and the Middle East & Africa are emerging markets with growing industrial activities and improving economic conditions, contributing to the market's overall growth.

Product Type Analysis

Sodium hydroxide, commonly known as caustic soda, is one of the most prominent product types in the alkaline solution market. It is widely used in various industrial applications, including the production of paper, aluminum, and petrochemicals. The robust demand from these industries, coupled with the increasing need for water treatment solutions, is driving the sodium hydroxide segment's growth. Moreover, advancements in production technologies and the development of more efficient and cost-effective manufacturing processes are further enhancing the segment's outlook.

Potassium hydroxide, another key product type, is primarily used in the production of fertilizers, soaps, and detergents. The agricultural sector's growth, driven by the increasing global population and the need for higher crop yields, is significantly boosting the demand for potassium hydroxide. Additionally, its application in the food industry as a pH stabilizer and thickening agent is contributing to the segment's expansion. The ongoing development of n

The Caustic Soda Market Report Segments the Industry by Production Process (Membrane Cell, Diaphragm Cell, and Other Processes), Form (Liquid and Solid), Concentration Grade (32 Wt%, 50 Wt%, and 73 Wt% and Higher), Applications (Pulp and Paper, Organic Chemicals, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Volume (tons).

Caustic Soda and Urea Market Outlook

The global market size for caustic soda and urea was valued at USD 50 billion in 2023 and is projected to reach USD 80 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period. The growth of this market is attributed to increasing demand across various applications such as chemical manufacturing, water treatment, and agriculture. The increasing industrial activities and rising agricultural productivity are also significant driving factors for the market's growth.

One of the primary growth factors for the caustic soda and urea market is the rising demand for caustic soda in chemical manufacturing. Caustic soda, also known as sodium hydroxide, is a crucial ingredient in the production of various chemicals, including detergents, soaps, and textiles. Its widespread use in the chemical industry for neutralization, pH adjustment, and cleaning processes propels its demand. Moreover, the increasing industrialization and urbanization in developing economies are further boosting the need for caustic soda.

Another significant growth driver is the extensive use of urea in agriculture. Urea serves as a vital nitrogen-release fertilizer, essential for plant growth and productivity. The increasing global population and the consequent demand for food have led to the expansion of agricultural activities, thereby boosting the demand for urea. Governments across the globe are also promoting the use of fertilizers to enhance crop yield, which, in turn, propels the urea market. Additionally, technological advancements and innovations in fertilizer formulations contribute to market growth.

The water treatment industry represents another important growth sector for caustic soda. Caustic soda is extensively used in treating water to ensure its safety for consumption and industrial use. With the growing concerns over water scarcity and the need for efficient water management, the demand for water treatment chemicals is on the rise. This trend is particularly noticeable in regions facing acute water shortages and contamination issues. Consequently, the increasing investment in water treatment infrastructure is expected to drive the market for caustic soda.

From a regional outlook, Asia Pacific is expected to dominate the caustic soda and urea market during the forecast period. The region's robust industrial base, particularly in countries like China and India, along with expanding agricultural activities, drive the demand for both caustic soda and urea. North America and Europe also hold significant market shares, driven by their strong chemical manufacturing industries and advanced agricultural practices. Meanwhile, emerging economies in Latin America and the Middle East & Africa are expected to witness steady market growth due to increasing industrialization and agricultural development.

Product Type Analysis

The caustic soda and urea market is segmented by product type, including solid, liquid, flake, granular, and prilled forms. Solid caustic soda and urea hold a significant market share due to their ease of storage and transportation. Solid caustic soda is particularly favored in chemical manufacturing and water treatment, where it is used in large quantities. Solid urea, on the other hand, is widely used in agriculture due to its stability and effectiveness in providing nitrogen to crops over an extended period.

Liquid caustic soda is another major segment within the market. Liquid caustic soda is often preferred in industries where high purity and quick mixing are essential. The chemical manufacturing sector extensively uses liquid caustic soda for producing a wide range of products, from pharmaceuticals to textiles. Similarly, liquid urea solutions are gaining traction in agriculture and industrial applications due to their ease of application and fast-acting properties.

Flake caustic soda is widely used in small-scale industries and laboratories where precise and manageable quantities are required. The flake form allows for easy handling and dissolution in smaller batches, making it ideal for specific applications. Granular and prilled urea, meanwhile, are highly popular in the agricultural sector. These forms offer better nutrient distribution and reduced nitrogen loss, making them highly efficient for crop fertilization.

Granular and prilled forms of urea are increasingly preferred for their ease of application and reduced environmental impact. They provide consistent nutrient release and are less prone

Market Overview:

The geopolymers market is projected to grow from USD 1.02 Billion in 2017 to USD X.XX Billion by 2030, at a CAGR of 10.5% from 2017 to 2030. The growth of the market can be attributed to the increasing demand for lightweight and durable construction materials, growing awareness about environment-friendly building materials, and rising demand for Composites In Automotive and aerospace industries.

Product Definition:

Geopolymers are inorganic, amorphous, or semi-crystalline materials that are formed by the polymerization of silicate or aluminosilicate molecules. They are similar to conventional Portland cement in terms of their appearance and properties, such as compressive strength and density. This is useful for producing products that are similar to Portland cement, without the use of Portland cement. Geopolymers can be used in a wide range of applications, such as construction, packaging, agriculture, and automotive.

Rock-Based:

Rock-based geopolymers are inorganic, ceramic-like materials that are formed by the reaction of an alkali metal silicate and an aluminosilicate. These materials have a wide range of applications, including as binders for concrete, coatings for metals, and adhesives for composites. This type of Geopolymer is formed by the reaction of an alkali metal silicate and an aluminosilicate. The resulting material is strong and durable, making it ideal for a number of applications.

Kaolin-Based:

Kaolin-based geopolymers (KBGs) are a class of inorganic polymeric materials that are derived from kaolin clay. Kaolin is an aluminosilicate mineral that is widely distributed around the world. It is also known as China Clay or white clay. KBGs are made by combining kaolin with an alkaline solution, such as sodium hydroxide or potassium hydroxide. This reaction results in the formation of a three-dimensional network of Si-O-Al bonds that gives KBGs their unique properties.

Meta-Kaolin-Based:

Meta-kaolin is a white clay powder that is derived from the kaolinite group of minerals. It is composed of hydrated aluminum silicate and has a high surface area. Meta-kaolin based geopolymers are inorganic, non-metallic materials that are formed by the reaction of alkali activated materials with alumino-silicate minerals. These materials have a three-dimensional network structure and are known for their high strength, durability and chemical resistance. Meta-kaolin based geopolymers are used in a variety of applications such as construction, insulation, packaging and automotive.

Calcium-Based:

Calcium-based geopolymers are inorganic, non-metallic materials that have many applications in the construction industry due to their superior properties. They are made by combining calcium oxide or hydroxide with silicate or aluminate minerals. This type of geopolymer is highly resistant to weathering, chemical attack, and fire. They can also withstand high temperatures and are therefore ideal for use in applications such as insulation and fireproofing.

Application Insights:

Cement and concrete was the leading application segment in 2014, accounting for over 50% of geopolymers demand. Increasing construction activities in emerging economies. The decorative artifacts segment is also projected to witness significant growth owing to increasing consumer spending on home decor and interior remodeling projects. The growing popularity of these products as a result of their aesthetic appeal coupled with durability is anticipated to further propel their demand in this application segment during the forecast period.

Regional Analysis:

Asia Pacific dominated the geopolymers market in terms of revenue with a share of over 40.0% in 2019. The region is projected to witness significant growth owing to increasing construction activities and growing population, especially in China and India. In addition, rising awareness regarding sustainable building materials along with supportive government regulations is likely to drive the regional demand for geopolymers over the forecast period.

Growth Factors:

• Growing demand from construction and infrastructure sectors.
• Increasing use of geopolymers in manufacturing lightweight concrete products.
• Rising awareness about the benefits of using geopolymers over traditional concrete products.
• Technological advancements in the production of geopolymers that improve their quality and performance.
• Gro

Get key insights from Market Research Intellect's Sodium Hydroxide Solution Market Report, valued at USD 35 billion in 2024, and forecast to grow to USD 50 billion by 2033, with a CAGR of 4.5% (2026-2033).

The Global Sulfur Fertilizer Market size is expected to grow at a CAGR of 6.0% during the forecast period by 2028. The growth can be attributed to the increasing demand for organic produce in Europe and North America, which has increased the need for sulfur fertilizers in conventional agriculture as well as controlled environment agricultural applications.

Sulfur fertilizers are used to provide sulfur for plant nutrients. Sulfur is a micronutrient that plays an important role in the formation of leaves, chlorophyll, and amino acids. Sulfur also helps with water absorption by plants and improves seed germination rates as well as flowers’ fragrances. It also helps in the formation of vitamins. Sulfur fertilizers are used in conventional agriculture, which is the most common agricultural process. They can also be applied to controlled environment agriculture, or CAFOs as well.

On the basis of Type, the market is segmented into Sulfate, Elemental sulfur, Sulfates of micronutrients, Others.

Sulfate:

Sulfate, also known as sulfite, is a chemical compound with the molecular formula SO42- where oxygen and sulfur are both presents. It can be created by reacting pure sulfur (sulfur) or hydrogen sulfide gas to an alkaline solution like sodium hydroxide. Sulfates of micronutrients are often the form of sulfur utilized in fertilizer.

Elemental sulfur:

Elemental sulfur is a naturally occurring mineral found in many parts of the world. It is usually mined from underground deposits and then processed into products such as fertilizer or insecticide. Elemental sulfur can also be used to produce other materials like Sodium Sulfide that are necessary for various industrial processes. Manufacturers have been using elemental sulfur as an ingredient in fertilizer for centuries. Fertilizer blends can be made with elemental sulfur, nitrogen, phosphorus, and potassium to nourish plants for various types of agricultural production including conventional agriculture.

Sulfates of micronutrients:

The Sulfates of micronutrients are made up of sulfate fertilizers which are composed primarily of sulfur and other micronutrients. The application for these types is to improve the availability of essential minerals, such as iron or zinc that may be deficient in soil due to various reasons. Sulfates of micronutrients are widely used in controlled environment agriculture. The application is especially useful for people who want to reduce the number of fertilizers they use on their crops, which can lead to water pollution or other environmental degradation.

On the basis of Application, the market is segmented into Conventional Agriculture, Controlled Environment Agriculture.

Conventional Agriculture:

Sulfur Fertilizers are used in conventional agriculture for soil conditioning and as a replacement for nitrogen. Conventional fertilizer typically contains 33% of the total N derived from sulfur, which is often applied at rates between 80-160 kg/ha (depending on cropping system). Sulfur fertilizers also affect phosphorus availability by lowering soil pH and by supplying elemental sulfur which is a micronutrient.

Controlled Environment Agriculture:

Sulfur is used in controlled environment agriculture as a way of controlling the levels and quality of sulfates from sulfur-based fertilizers. These often include calcium, magnesium, or nitrogen compounds - all essential for plant growth. The use of Sulfur Fertilizer can be seen to increase yields by up to 50%. This is because the fertilizers can be tailored to suit specific crops, such as high nitrogen for leafy plants or potassium for fruit trees.

On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

North America is the leading market for sulfur fertilizers as a result of the high consumption in this region. One of the main reasons for this high consumption in North America is due to a wide variety of crops grown in this region such as wheat, maize, soybean. Latin America is expected to register significant growth, owing to increased production and improvement in infrastructure facilities including roads, railroads, and ports. Sulfur fertilizers are used to reduce the loss of nitrogen, potassium, and phosphorus from soil.

In Europe, the demand for sulfur fertilizers has lessened with the advent and commercialization of synthetically produced Nitrogen Fertilizers. This trend can be attributed to low agricultural production rates. Europe registers significant CAGR

The Global Regenerated Cellulose Membrane Sales Market Size is projected to grow at a CAGR of 4.8% during the forecast period, 2021-2028. The growth can be attributed to the increasing demand for food packaging, pharmaceutical packaging, and cosmetic products among various end-users.

Regenerated cellulose membrane is a type of thin-film composite that, when used for packaging applications or as protective barriers, will be referred to herein simply as “membranes”. The membrane can also refer to what is called “cellulosic membranes”; these are not the same things and should not be confused. Cellulosic/filter papers are generally defined as having thicknesses ranging from 50μm-200μm (millimeters), while regenerated cellulose membranes include those with thicknesses less than 20 μm (micrometers)

On the basis of Type, the market is segmented into Up to 20μm, 20μm-30μm, 30μm-40μm, Above 40μm.

Up to 20μm:

Up to 20μm refers to a range of regenerated cellulose membranes (RMC) manufactured using technology from the Dupont Group. RMC is a thin sheet of cellulose fibers that are produced by first dissolving wood pulp in sodium hydroxide, and then filtering the resulting solution through spinnerets to create very fine filaments. These tissues can be electrospun into ultra-fine materials with submicron diameters which have given them an edge over conventional polymeric membranes for selective separation applications.

20μm-30μm:

20μm-30μm Regenerated Cellulose Membrane is the most common product among microfiltration membranes. 20μm-30 μ m regenerated cellulose membrane has a large variety of applications in water treatment, food and beverages processing. This range can be used for pressure to permeate liquids with contaminants such as bacteria or algae; also it works for separating solids from a liquid by using the vacuum filtration principle.

30μm-40μm:

Regenerated cellulose, also known as cellophane and made from rayon, is a semi-synthetic fabric. Rayons are the most widely used type of regenerated fibers; they can be either natural or synthetic in origin. Synthetic rayons have better resistance to heat than cotton but may become brittle when exposed to cold temperatures for long periods. Natural rayon has excellent insulation qualities which make it best suited for the clothing worn during the winter months.[citation needed] The trade name viscose was coined by the Ullman Fiber Company with trademark protection on this term.

Above 40μm:

Above 40μm is a high thickness, which has an effective pore size of more than 0.40–0.75 ℃ and can be fitted in the manufacturing process of industrial-scale production or drinking water purification system application [Global Research & Data Services (GRDS) Report]. After reading the content of this blog, viewers will know more about the Regenerated Cellulose Membrane market. Blogs are an effective way to reach out to your targeted reader based on their interest and position in the industry. It is a win-win situation for both you as an author and readers who love to see new information from reliable sources like yours!

On the basis of Application, the market is segmented into Food Packaging, Pharmaceutical Packaging, Tobacco Packaging, Cosmetic Packaging, Fireworks, and Firecrackers, Other.

Food Packaging:

Food packaging is one of the major application areas for regenerated cellulose membranes. The primary function of food packaging is to protect the food from contaminants, extend its shelf life and provide information about the product. Membranes with a pore size up to 20μm are used in food packaging applications as they offer high gas permeability and good mechanical properties.

Pharmaceutical Packaging:

The use of regenerated cellulose membrane sales in pharmaceutical packaging has been growing at a significant rate owing to the increasing demand for bio-compatible and disposable flexible pouches. The usage of regenerated cellulose membranes is gaining popularity in the Pharmaceutical ind

Get key insights from Market Research Intellect's Sodium Hydroxide Solution Market Report, valued at USD 35 billion in 2024, and forecast to grow to USD 50 billion by 2033, with a CAGR of 4.5% (2026-2033).