Adhesives & Sealants

Adhesives & Sealants Market by Form (Film, Liquid, Paste), Product Type (Adhesive Product, Sealant Products), Technology, Application - Global Forecast 2024-2030

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[190 Pages Report] The Adhesives & Sealants Market size was estimated at USD 71.11 billion in 2023 and expected to reach USD 74.81 billion in 2024, at a CAGR 5.74% to reach USD 105.11 billion by 2030.

Adhesives & Sealants Market
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An adhesive is a substance that can hold two surfaces together in a strong and functional manner. A sealant is used to block, seal, or close gaps between any materials to prevent the passage of fluid and air through the material. Adhesives & sealants are commonly available and composed of polymers and other substances, including epoxies, silicones, and methacrylates. Adhesives are found to be more durable and rigid than sealants. The increasing number of buildings & infrastructures, the rising utilization of pressure-sensitive adhesives, and the growing adoption of adhesives & sealants from the packaging industry contribute to the market growth. Additionally, growth in the production of vehicles supported by electric vehicle penetration created the need for adhesives & sealants. Furthermore, health & environmental issues associated with the use of adhesives & sealants may limit the market growth. Moreover, advancements in bio-based and sustainable adhesives & sealants containing bio-based & renewable materials can sustainably & economically benefit the market.

Regional Insights

Americas has a significant growth in the adhesives & sealants market as the automotive and construction sectors are the important drivers of demand for adhesives & sealants in the region. ​​Critical trends in the market include the increasing demand for high-performance adhesives & sealants, the growing adoption of lightweight materials in aerospace and automotive industries, and the rising use of adhesives in medical and healthcare applications, creating a lucrative market demand in the region. In Asia-Pacific, the adhesives & sealants market is rapidly growing, attributed to expanding manufacturing and packaging sectors with favorable governmental regulations for regional industrial manufacturing. The region's rapid industrialization, infrastructure development, growing automotive and construction industries, and expanding electronics manufacturing contribute to the market's significant growth prospects. The automotive industry in Europe is a major consumer of adhesives and sealants. The region's strong presence in automotive manufacturing, emphasis on lightweight, and stringent environmental regulations contribute to the sector's demand for advanced adhesives and sealants. In the Middle East, growing construction activities are expected to increase the demand for adhesives & sealants over the forecast period.

Form: Rising preference for liquid form of adhesive & sealant

Adhesive & sealant films are offered in rolls or pre-cut lengths or shapes and in thicknesses between 2 and 8 mm for distinctive applications. Dry film adhesives provide a clean, hazard-free process with minimal waste and significant film thickness control. The liquid is the common form of adhesive & sealant and is one of the easiest to apply; however, it can leak or sag during the curing process. Liquid forms are generally fluidic materials at room temperature, and when they are applied on a joint surface, they dry after a certain period. Paste forms of adhesive & sealants are often high in viscosity, making them difficult to spread during the curing period. Paste form is ideal for adhesions requiring gap filling and is usually applied using tools such as a caulking gun. Furthermore, adhesives & sealants in pellets are typically hot melt or thermosetting adhesives & sealants and are usually inserted into a hot melt gun or melted and sprayed. The pellet form of the hot melt adhesive offers the further advantage of being easily stored, dispensed, and handled. Solid forms of adhesive & sealants are available in powder, pearls, sticks, or cartridges, forming a weld after melting. The solid adhesive & sealants provide strength according to different factors, including cohesion, adhesion, shape, and thickness of the adhesive layer and the penetration depth of the material by an adhesive substance.

Product Type: Increasing demand for epoxy and polyurethane adhesives in construction industry

Acrylic adhesive is a resin-based compound composed of acrylic or methacrylic polymers. They are solid and efficient in bonding multiple objects and are environmentally resistant. Epoxy and polyurethane adhesives provide high strength, excellent bonding properties, and resistance to chemicals and moisture. They are commonly used in aerospace, marine, electrical, construction, and automotive industries due to their ability to bond different materials, including metals, composites, and plastics. Ethylene-vinyl acetate (EVA) is a copolymer adhesive commonly used in the packaging, paper, and assembly industries, as it bonds to various cellulosic materials. Polyvinyl acetate is used for porous materials, such as wood, paper, and cloth. Styrene block copolymers (SBCs) offer cohesion, strength, and heat resistance for pressure-sensitive and non-pressure-sensitive adhesives (PSAs). Moreover, sealant products include acrylic sealants commonly used to seal household joints, such as stairs, skirting boards, and floorboards. Polyurethane sealers are flexible and modifiable construction sealants suitable for several surfaces, such as wood, metal, plastic, masonry, aluminum, and stucco. Polyvinyl acetate sealants have the same base latex resin used in wood glues, providing a low-performance, inexpensive sealant that dries to a hard, rigid seal. Silicone sealant is generally used to create an airtight or watertight seal at the joint between two surfaces.

Technology: Expanding adoption of solvent-based adhesives in food packaging industry

Adhesive technology can indefinitely bond surfaces with different technologies, including hot melt, reactive, solvent-based, and water-based. Hot-melt adhesives are composed of thermoplastic polymers that melt at elevated temperatures and then regain their solid state upon cooling, resulting in adhesion. Hot-melt adhesives can bond many substrates, including cardboard, metal, glass, leather, wood, ceramics, plastic, rubber, fabric, and foam. Reactive adhesives provide high bonding strength, excellent chemical resistance, durability, and the ability to bond dissimilar materials. These adhesives are widely used in automotive, aerospace, electronics, construction, and medical devices. Solvent-based adhesives are a good choice for applications such as the food packaging industry that require resistance to elevated temperatures, UV exposure, or other environmental factors. Water-based adhesives are typically formulated from water, natural polymers, or soluble synthetic polymers and are ideal for porous or non-porous substrates. Moreover, in sealant technology, one-component sealants are formulated with one base component that does not need to be mixed with anything before application. Two-component sealants are typically used for waterproofing applications as they are composed of a base component and an activator component; these sealants require mixing equipment for preparation and application.

Application: Growing application of adhesive & sealants in automotive industry

Adhesives & sealants act as mechanical fasteners for all assemblies and can be formulated with multiple viscosities and drawn into films and tapes according to requirements. Adhesives & sealants enable bonding to assemble dissimilar substrates and carry a high load with uniform stress distribution across bonded joints. The automotive & transportation industry focuses on replacing welding activities for engine and chassis assembly with adhesives & sealants to reduce overall vehicle weight and achieve better fuel efficiency. Adhesives & sealants for transport are suitable for several applications, including direct window glazing, interior trim, panel bonding and body structures. In building & construction applications, adhesives & sealants provide superior durability and dependability when exposed to high humidity, chemical attack, or electrical stress. Hot melt glue sticks, super glue, and other adhesives & sealants are suitable for various applications, such as DIY (do-it-yourself), repairing, assembling plastic flowers, jewelry, handcrafts, woodworking, packaging, and in the electronic industry. Adhesives & sealants offer solutions in the coating of insulating materials, securing electrical components against vibration, and fixing electronic modules on circuit boards. In addition, adhesives & sealants in the footwear industry are used for binding and compounds for footwear, such as oily mesh fabrics, leather, sponges, counters, and other footwear materials. Medical-grade adhesives & sealants can bond medical products, such as syringes, dialysis filters, blood bags, and tube connections. Medical-grade adhesives & sealants manufacturing comprise glues and other adhesives used for medical purposes, including wound sealing, joint repairs, and surgery.

Moreover, adhesives & sealants are applicable for corrugated box construction, the lamination of printed sheets, packaging material used for consumer products, and large industrial tube production. Adhesive products are widely used as copolymer adhesive in furniture and wood applications as it offers a strong bond to cellulosic materials. EVA (ethylene vinyl acetate) in adhesives enhances the clinginess in adhesion between two wood substrates, including cellulose boards and foams. Pressure-sensitive adhesive & sealants have been utilized with classical canned and tubed glues to favor a ready-to-apply profile that infuses adhesion technology with enhanced versatility. Pressure-sensitive adhesives & sealants are incredibly versatile; they can be found in packaging food labels, bandages, and the electronics industry.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Adhesives & Sealants Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Adhesives & Sealants Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Adhesives & Sealants Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Adhesives & Sealants Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Adhesives & Sealants Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Adhesives & Sealants Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Adhesives & Sealants Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Adhesives & Sealants Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Adhesives & Sealants Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Adhesives & Sealants Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Adhesives & Sealants Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Adhesives & Sealants Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Adhesives & Sealants Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Henkel Launches a New Injectable Thermally Conductive Adhesive for EV Battery Systems

    Henkel AG & Co. KGaA, an innovator in adhesive and sealant technology, recently launched a new thermally conductive adhesive designed to be used in the assembly of electric vehicle (EV) battery systems. This injectable adhesive provides an easy-to-use solution for efficiently joining various components within the EV battery system, which helps ensure that heat generated by the EV battery system is dissipated correctly, thus improving its reliability and durability. [Published On: 2023-05-22]

  • Arkema Acquires Adhesives Manufacturer Polytec PT

    Arkema S.A., a French specialty chemicals and advanced materials company, acquired Polytec PT GmbH, a manufacturer of adhesives and sealants. With this move, Arkema S.A. further strengthens its portfolio in the construction adhesives market to strengthen its presence in the North American market. The acquisition also provides access to Polytec PT’s existing range of products and efficient production capabilities. This strategic move aims to enable both companies to better serve their customers by delivering new product solutions and creating value-added services. [Published On: 2023-05-18]

  • Sealonix, Inc. Closes USD 20 Million Financing to Develop Sealant Products for Abdominopelvic and Orthopedic Procedures

    Sealonix Inc. closed a USD 20 million financing to develop sealant products for abdominopelvic and orthopedic procedures. Sealants are adhesive substances that can fill gaps, cracks, and crevices in materials to form an air-tight seal. Sealonix Inc.'s new products can potentially improve clinical outcomes related to abdominal and orthopedic procedures, making them a valuable addition to medical supply inventories. [Published On: 2023-05-12]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Adhesives & Sealants Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Adhesives & Sealants Market, highlighting leading vendors and their innovative profiles. These include 3M Company, Adhesives Research, Inc., Akzo Nobel N.V., Arkema Group, Avery Dennison Corporation, BASF SE, Braskem S.A. by Novonor, Brenntag SE, Cabot Corporation, China Petrochemical Corporation, Clariant AG, DELO Industrie Klebstoffe GmbH & Co. KGaA, DuluxGroup Ltd., DuPont de Nemours, Inc., Dymax Corporation, Eastman Chemical Company, Eurochem, Evonik Industries AG, Exxon Mobil Corporation, Franklin International, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman International LLC, Illinois Tool Works Inc., INEOS AG, Jowat SE, LANXESS AG, LINTEC Corporation, LIQUI MOLY USA Inc., LyondellBasell Industries N.V., Mapei S.p.A., Master Bond Inc., Mitsubishi Chemical Corporation, Mitsui Chemicals, Inc., Parker-Hannifin Corporation, Permabond LLC, Pidilite Industries Limited, PPG Industries, Inc., RPM International Inc., Shin-Etsu Chemical Co., Ltd., Sika AG, Solvay SA, Soudal Holding N.V., Sumitomo Seika Chemicals Company, Limited, Sunstar Group, TE Connectivity Ltd., The Dow Chemical Company, Toray Industries, Inc., Uniseal, Inc., and Wacker Chemie AG.

Adhesives & Sealants Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Adhesives & Sealants Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Form
    • Film
    • Liquid
    • Paste
    • Pellets
    • Solid
  • Product Type
    • Adhesive Product
      • Acrylic Adhesives
      • Epoxy
      • Ethylene-Vinyl Acetate
      • Polyurethanes Adhesives
      • Polyvinyl Acetate
      • Styrenic Block
    • Sealant Products
      • Acrylic Sealants
      • Polyurethanes Sealants
      • Polyvinyl Acetates
      • Silicones
  • Technology
    • Adhesive Technology
      • Hot melt
      • Reactive
      • Solvent-Based
      • Water-Based
    • Sealant Technology
      • One-Component Sealants
      • Two-Component Sealants
  • Application
    • Adhesive Application
      • Assembly
      • Automotive & transportation
      • Building & Construction
      • Consumer & DIY
      • Electronics
      • Leather & footwear
      • Medical
      • Paper & packaging
      • Woodworking
    • Sealant Application
      • Automotive
      • Building & Constructions
      • Consumer
      • Pressure-Sensitive Applications

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Colorado
        • Florida
        • Illinois
        • Indiana
        • Kentucky
        • Michigan
        • Mississippi
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Adhesives & Sealants Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Adhesives & Sealants Market, by Form
  7. Adhesives & Sealants Market, by Product Type
  8. Adhesives & Sealants Market, by Technology
  9. Adhesives & Sealants Market, by Application
  10. Americas Adhesives & Sealants Market
  11. Asia-Pacific Adhesives & Sealants Market
  12. Europe, Middle East & Africa Adhesives & Sealants Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 936]
  17. List of Companies Mentioned [Total: 50]
Adhesives and Sealants: Bonding Innovation in Modern Industries
November 5, 2023
INSIGHT
Adhesives and Sealants: Bonding Innovation in Modern Industries
In the realm of constant innovation, focusing on sustainability, and adaptability to ever-evolving industries, adhesives & sealants play a vital role in shaping modern manufacturing, construction, and technology.

In recent years, adhesives have transcended their traditional roles, making their mark in a wide range of applications. Manufacturers have been working tirelessly to develop products that meet the evolving demands of various sectors. Nature has always been a source of inspiration for innovation. Biomimicry has led to the development of adhesives & sealants that imitate gecko feet and mussel glue adhesive properties. These adhesives are being used in medical devices and even in the automotive industry for paintless dent repair.

Nanotechnology is at the frontier where adhesives & sealants are making strides. Nanoadhesives & nanosealants offer remarkable bonding strength and durability. 3D printing technology is revolutionizing how adhesives are applied. It allows for the creation of complex, customized adhesive structures that are tailor-made for specific tasks. This innovation has opened up new possibilities in fields such as healthcare, where custom adhesives are used for medical device assembly.

Adhesives & sealants have come a long way from their humble beginnings, and they continue to surprise with their adaptability and versatility. From aiding in assembling cutting-edge electronics to enabling medical breakthroughs, the adhesive & sealants are on the brink of even greater innovations. As the world embraces a future of flexible electronics, sustainability, and self-healing materials, adhesives & sealants undoubtedly play an essential role in shaping the world.

The Growing Impact of Pressure-Sensitive Adhesives in Building and Infrastructure Projects
June 29, 2023
BLOG
The Growing Impact of Pressure-Sensitive Adhesives in Building and Infrastructure Projects
When it comes to construction and infrastructure development, the role of adhesives and sealants is crucial. These products help in the creation of strong and long-lasting bonds, sealing joints, and providing insulation to structures. Over the years, adhesives and sealants have undergone significant improvement and transformation, with one of the most notable changes being the increasing use of pressure-sensitive adhesives (PSA) in building and infrastructure projects. In this blog post, we will explore the growing impact of PSA in these industries.

Understanding Pressure-Sensitive Adhesives (PSA):

In simple terms, pressure-sensitive adhesives are a type of adhesive that forms a bond when slight pressure is applied to it. This adhesive is formulated with a combination of high-performance polymers, such as acrylics, rubber, or silicone, which provide excellent bonding strength and adhesion to various substrates. With easy application and excellent bonding properties, PSA has become a popular choice in the construction industry.

Applications of Pressure-Sensitive Adhesives in Building and Infrastructure:

Pressure-sensitive adhesives are used extensively in building construction and infrastructure projects. They are used to bond roofing and flooring materials, attach insulation and vapor barriers to walls, and secure decorative wall coverings. These adhesives also play a crucial role in sealing joints and protecting structures from water, dust, and other environmental elements. Moreover, PSA is used in sign-making, automotive, and aerospace industries, where glossy graphics and precision are critical.

Advantages of Using Pressure-Sensitive Adhesives:

The use of pressure-sensitive adhesives in the construction industry has several advantages over traditional adhesives. For instance, the ease of application saves time and makes the process of using PSA more cost-effective. Another significant advantage is that the adhesive is versatile in its application and can bond to a wide variety of surfaces and substrates, including metal, plastic, wood, and concrete.

Environmental Impact of Pressure-Sensitive Adhesives:

Though PSA has numerous advantages over traditional adhesives in construction projects, it also has environmental implications. For instance, the disposal process of adhesive products can lead to greenhouse gas emissions and waste, leading to environmental pollution. Furthermore, some PSA products contain potentially harmful chemicals that can negatively impact human health and the environment, thus highlighting the need to use eco-friendly adhesives in building and infrastructure projects.

The growing utilization of pressure-sensitive adhesives in construction and infrastructure projects is a sign of improvement and innovation in the building industry. PSA provides a versatile, reliable, and cost-effective solution that can bond to a wide variety of materials and surfaces. However, as with every growth and improvement, it is essential to note and mitigate the environmental impact of using PSA. To create a sustainable future, it is our responsibility to use eco-friendly adhesives that protect both human health and the environment.

Frequently Asked Questions
  1. How big is the Adhesives & Sealants Market?
    Ans. The Global Adhesives & Sealants Market size was estimated at USD 71.11 billion in 2023 and expected to reach USD 74.81 billion in 2024.
  2. What is the Adhesives & Sealants Market growth?
    Ans. The Global Adhesives & Sealants Market to grow USD 105.11 billion by 2030, at a CAGR of 5.74%
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