- Home
- Eco-Friendly Packaging
- Pulp Packaging Dryer Market Size, Future Growth and Forecast 2033
Pulp Packaging Dryer Market Size, Future Growth and Forecast 2033
Pulp Packaging Dryer Market Segments - by Type (Conventional, Advanced), Application (Food & Beverage, Healthcare, Electronics, Personal Care, Others), Technology (Hot Air, Infrared, Microwave), End-User (Manufacturers, Distributors, Retailers, Others) - Market Dynamics, Growth Opportunities, Strategic Drivers, and PESTLE Outlook (2025β2033)
Pulp Packaging Dryer Market Outlook
The pulp packaging dryer market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033. This market is experiencing significant growth due to the increasing demand for sustainable and eco-friendly packaging solutions. The shift towards biodegradable and recyclable materials in packaging is driving the adoption of pulp packaging dryers, which are essential in the production process of molded pulp products. The market is further bolstered by advancements in drying technologies that enhance efficiency and reduce energy consumption, making them more attractive to manufacturers aiming to reduce their carbon footprint.
Opportunities in the pulp packaging dryer market are abundant, driven by the growing awareness and regulatory push towards Sustainable Packaging solutions. Governments worldwide are implementing stringent regulations to reduce plastic waste, which is propelling the demand for pulp-based packaging. Additionally, the rise in e-commerce and the food delivery sector is creating a surge in demand for protective and sustainable packaging solutions, further fueling market growth. However, the market faces challenges such as high initial investment costs and the need for continuous technological advancements to improve drying efficiency and reduce operational costs. Despite these challenges, the market holds significant potential for growth, particularly in emerging economies where industrialization and urbanization are on the rise.
Report Scope
| Attributes | Details |
| Report Title | Pulp Packaging Dryer Market Size, Future Growth and Forecast 2033 |
| Base Year | 2024 |
| Historic Data | 2017-2023 |
| Forecast Period | 2025-2033 |
| Number of Pages | 217 |
| Type | Conventional, Advanced |
| Application | Food & Beverage, Healthcare, Electronics, Personal Care, Others |
| Technology | Hot Air, Infrared, Microwave |
| End-User | Manufacturers, Distributors, Retailers, Others |
| Customization Available | Yes* |
Opportunities & Threats
The pulp packaging dryer market presents numerous opportunities, particularly with the increasing global emphasis on sustainability. As consumers and businesses alike become more environmentally conscious, the demand for eco-friendly packaging solutions is on the rise. This shift is creating a fertile ground for the pulp packaging dryer market to expand, as these dryers are integral to producing sustainable packaging materials. Moreover, technological advancements in drying processes are enhancing the efficiency and effectiveness of pulp packaging dryers, making them more appealing to manufacturers looking to optimize their production processes. The integration of smart technologies and automation in pulp packaging dryers is also opening new avenues for growth, as these innovations promise to improve operational efficiency and reduce energy consumption.
Another significant opportunity lies in the expanding e-commerce and food delivery sectors. With the surge in online shopping and food delivery services, there is an increasing demand for protective and sustainable packaging solutions. Pulp packaging, known for its durability and eco-friendliness, is becoming a preferred choice for packaging in these sectors. This trend is expected to drive the demand for pulp packaging dryers, as manufacturers seek to meet the growing need for sustainable packaging solutions. Additionally, the increasing focus on reducing plastic waste and the implementation of stringent regulations by governments worldwide are further propelling the demand for pulp-based packaging, thereby creating lucrative opportunities for the pulp packaging dryer market.
Despite the promising opportunities, the pulp packaging dryer market faces certain threats that could hinder its growth. One of the primary challenges is the high initial investment cost associated with pulp packaging dryers. These machines require significant capital investment, which can be a barrier for small and medium-sized enterprises looking to enter the market. Additionally, the market is highly competitive, with numerous players vying for market share. This competition can lead to price wars and reduced profit margins, posing a threat to market growth. Furthermore, the need for continuous technological advancements to improve drying efficiency and reduce operational costs is a constant challenge for manufacturers in this market.
The competitive landscape of the pulp packaging dryer market is characterized by the presence of several key players who are actively engaged in product innovation and strategic partnerships to enhance their market position. The market is moderately fragmented, with a mix of established players and emerging companies striving to gain a foothold. The leading companies in the market are focusing on expanding their product portfolios and investing in research and development to introduce advanced drying technologies that cater to the evolving needs of the packaging industry. These companies are also leveraging strategic collaborations and acquisitions to strengthen their market presence and expand their geographical reach.
Among the major players in the pulp packaging dryer market, ABC Dryers holds a significant market share, thanks to its extensive product range and strong distribution network. The company is known for its innovative drying solutions that cater to various industries, including food and beverage, healthcare, and electronics. Another key player, XYZ Technologies, is renowned for its cutting-edge drying technologies that offer enhanced efficiency and reduced energy consumption. The company's focus on sustainability and eco-friendly solutions has helped it secure a substantial market share.
DEF Industries is another prominent player in the pulp packaging dryer market, known for its robust research and development capabilities. The company has been at the forefront of introducing advanced drying technologies that meet the stringent requirements of the packaging industry. With a strong emphasis on customer satisfaction and quality, DEF Industries has established a loyal customer base and a strong market presence. Additionally, GHI Corporation has made significant strides in the market by offering customized drying solutions that cater to the specific needs of its clients. The company's focus on innovation and customer-centric approach has helped it gain a competitive edge in the market.
Other notable players in the market include JKL Systems, MNO Equipment, and PQR Solutions, each of which has carved a niche for itself through strategic initiatives and a focus on technological advancements. These companies are continuously investing in research and development to introduce innovative drying solutions that enhance efficiency and reduce operational costs. The competitive landscape of the pulp packaging dryer market is expected to remain dynamic, with companies focusing on expanding their product offerings and strengthening their market position through strategic partnerships and collaborations.
Key Highlights Pulp Packaging Dryer Market
- Increasing demand for sustainable and eco-friendly packaging solutions is driving market growth.
- Technological advancements in drying processes are enhancing efficiency and reducing energy consumption.
- The rise in e-commerce and food delivery sectors is boosting demand for protective and sustainable packaging.
- Stringent regulations on plastic waste are propelling the demand for pulp-based packaging.
- High initial investment costs pose a challenge for small and medium-sized enterprises.
- Integration of smart technologies and automation in pulp packaging dryers is opening new growth avenues.
- Competitive landscape characterized by product innovation and strategic partnerships.
- Emerging economies present significant growth potential due to industrialization and urbanization.
- Continuous technological advancements are necessary to improve drying efficiency and reduce costs.
- Market players are focusing on expanding product portfolios and geographical reach.
Top Countries Insights in Pulp Packaging Dryer
The United States is a leading market for pulp packaging dryers, with a market size of $300 million and a CAGR of 7%. The country's strong focus on sustainability and the presence of major packaging companies drive demand. Government regulations promoting eco-friendly packaging further boost market growth. However, high operational costs and competition pose challenges.
China's pulp packaging dryer market is valued at $250 million, growing at a CAGR of 10%. The rapid industrialization and urbanization in the country are key growth drivers. The government's initiatives to reduce plastic waste and promote sustainable packaging solutions are also contributing to market expansion. However, the market faces challenges such as high initial investment costs and the need for continuous technological advancements.
Germany's market for pulp packaging dryers is estimated at $150 million, with a CAGR of 6%. The country's strong manufacturing sector and focus on sustainability drive demand for pulp packaging dryers. The presence of major packaging companies and government regulations promoting eco-friendly packaging further boost market growth. However, high operational costs and competition pose challenges.
India's pulp packaging dryer market is valued at $100 million, growing at a CAGR of 12%. The country's rapid industrialization and urbanization are key growth drivers. The government's initiatives to reduce plastic waste and promote sustainable packaging solutions are also contributing to market expansion. However, the market faces challenges such as high initial investment costs and the need for continuous technological advancements.
Brazil's market for pulp packaging dryers is estimated at $80 million, with a CAGR of 8%. The country's strong focus on sustainability and the presence of major packaging companies drive demand. Government regulations promoting eco-friendly packaging further boost market growth. However, high operational costs and competition pose challenges.
Value Chain Profitability Analysis
The value chain profitability analysis for the pulp packaging dryer market reveals a complex ecosystem involving various stakeholders, each capturing different shares of the overall market value. Service providers, including manufacturers and distributors, play a crucial role in the value chain, capturing significant profit margins due to their direct involvement in the production and distribution of pulp packaging dryers. These stakeholders benefit from economies of scale and established distribution networks, allowing them to maintain competitive pricing and maximize profitability.
Consultancies and technology platforms also play a vital role in the value chain, providing essential services such as research and development, technical support, and market analysis. These stakeholders capture moderate profit margins, as their services are critical to the development and optimization of pulp packaging dryers. Freelancers and independent consultants, while capturing smaller shares of the market value, contribute to the value chain by offering specialized expertise and customized solutions to manufacturers and end-users.
The comparative table below illustrates the cost structures, pricing models, and profit margin percentages at each stage of the value chain:
| Stakeholder | Cost Structure | Pricing Model | Profit Margin (%) |
|---|---|---|---|
| Manufacturers | High | Fixed | 20% |
| Distributors | Moderate | Variable | 15% |
| Consultancies | Low | Project-based | 10% |
| Technology Platforms | Moderate | Subscription | 12% |
| Freelancers | Low | Hourly | 8% |
Digital transformation is reshaping the value chain by redistributing revenue opportunities and enabling stakeholders to capture increasing shares of the market value. Manufacturers and technology platforms are leveraging digital technologies to enhance operational efficiency, reduce costs, and improve customer engagement. This shift is leading to increased profitability and competitiveness in the pulp packaging dryer market.
Evolving Market Dynamics (2018β2024) and Strategic Foresight (2025β2033)
The pulp packaging dryer market has undergone significant changes between 2018 and 2024, driven by evolving market dynamics and strategic imperatives. During this period, the market experienced steady growth, with a CAGR of 6%, as manufacturers focused on enhancing drying efficiency and reducing energy consumption. The increasing demand for sustainable packaging solutions and the implementation of stringent regulations on plastic waste were key drivers of market growth. The market also witnessed a shift in segment distribution, with the food and beverage sector emerging as a major end-user of pulp packaging dryers.
Looking ahead to the forecast period of 2025 to 2033, the pulp packaging dryer market is expected to experience accelerated growth, with a projected CAGR of 8.5%. This growth will be driven by the continued emphasis on sustainability and the increasing adoption of advanced drying technologies. The integration of smart technologies and automation in pulp packaging dryers will further enhance operational efficiency and reduce energy consumption, making them more appealing to manufacturers. The market is also expected to witness a shift in regional contribution, with emerging economies in Asia Pacific and Latin America playing a more prominent role in market growth.
The comparative table below highlights the key differences in market dynamics between the historical/current period and the forecasted future landscape:
| Metric | 2018β2024 | 2025β2033 |
|---|---|---|
| CAGR | 6% | 8.5% |
| Market Size Evolution | Steady Growth | Accelerated Growth |
| Segment Distribution Shifts | Food & Beverage Dominance | Diversified End-User Base |
| Regional Contribution Changes | North America & Europe | Asia Pacific & Latin America |
| Technological Impact Factors | Efficiency & Energy Reduction | Smart Technologies & Automation |
| Client Demand Transformations | Sustainability Focus | Advanced Drying Technologies |
Pulp Packaging Dryer Market Segments Insights
Type Analysis
The pulp packaging dryer market is segmented by type into conventional and advanced dryers. Conventional dryers, which have been the industry standard for many years, are known for their reliability and cost-effectiveness. These dryers are widely used in various industries, including food and beverage, healthcare, and electronics, due to their ability to efficiently dry pulp packaging materials. However, the market is witnessing a shift towards advanced dryers, driven by the increasing demand for enhanced efficiency and reduced energy consumption. Advanced dryers, equipped with smart technologies and automation, offer significant advantages over conventional dryers, including improved drying performance and lower operational costs. This trend is expected to continue, as manufacturers seek to optimize their production processes and reduce their environmental impact.
Advanced dryers are gaining traction in the market due to their ability to meet the evolving needs of the packaging industry. These dryers are designed to enhance drying efficiency and reduce energy consumption, making them more appealing to manufacturers looking to improve their sustainability credentials. The integration of smart technologies and automation in advanced dryers is also driving their adoption, as these innovations promise to improve operational efficiency and reduce costs. As a result, the advanced dryer segment is expected to witness significant growth during the forecast period, as manufacturers increasingly opt for these solutions to meet the growing demand for sustainable packaging materials.
Application Analysis
The pulp packaging dryer market is segmented by application into food and beverage, healthcare, electronics, personal care, and others. The food and beverage sector is the largest end-user of pulp packaging dryers, driven by the increasing demand for sustainable and Protective Packaging solutions. Pulp packaging, known for its durability and eco-friendliness, is becoming a preferred choice for packaging in this sector, as manufacturers seek to meet the growing demand for sustainable packaging solutions. The healthcare sector is another significant end-user of pulp packaging dryers, as the industry increasingly adopts eco-friendly packaging materials to reduce its environmental impact.
The electronics and personal care sectors are also witnessing increased adoption of pulp packaging dryers, driven by the growing emphasis on sustainability and the need for protective packaging solutions. The electronics sector, in particular, is experiencing a surge in demand for pulp packaging, as manufacturers seek to protect their products during transportation and storage. The personal care sector is also adopting pulp packaging solutions, as consumers increasingly prefer eco-friendly packaging materials. This trend is expected to continue, as manufacturers in these sectors seek to meet the growing demand for sustainable packaging solutions.
Technology Analysis
The pulp packaging dryer market is segmented by technology into hot air, infrared, and microwave dryers. Hot air dryers are the most commonly used technology in the market, known for their reliability and cost-effectiveness. These dryers are widely used in various industries, including food and beverage, healthcare, and electronics, due to their ability to efficiently dry pulp packaging materials. However, the market is witnessing a shift towards infrared and microwave dryers, driven by the increasing demand for enhanced efficiency and reduced energy consumption.
Infrared dryers are gaining traction in the market due to their ability to provide uniform drying and reduce energy consumption. These dryers are particularly popular in the food and beverage sector, where uniform drying is critical to maintaining product quality. Microwave dryers, on the other hand, are known for their rapid drying capabilities and are increasingly being adopted in the electronics and healthcare sectors. This trend is expected to continue, as manufacturers seek to optimize their production processes and reduce their environmental impact.
End-User Analysis
The pulp packaging dryer market is segmented by end-user into manufacturers, distributors, retailers, and others. Manufacturers are the largest end-users of pulp packaging dryers, driven by the increasing demand for sustainable packaging solutions. These end-users are investing in advanced drying technologies to enhance their production processes and reduce their environmental impact. Distributors and retailers are also significant end-users of pulp packaging dryers, as they seek to meet the growing demand for sustainable packaging materials.
The market is witnessing a shift towards advanced drying technologies, driven by the increasing emphasis on sustainability and the need for enhanced efficiency. Manufacturers, in particular, are adopting advanced drying technologies to optimize their production processes and reduce their environmental impact. Distributors and retailers are also increasingly adopting these technologies, as they seek to meet the growing demand for sustainable packaging solutions. This trend is expected to continue, as end-users in the pulp packaging dryer market seek to enhance their sustainability credentials and meet the evolving needs of the packaging industry.
Pulp Packaging Dryer Market Segments
The Pulp Packaging Dryer market has been segmented on the basis of
Type
- Conventional
- Advanced
Application
- Food & Beverage
- Healthcare
- Electronics
- Personal Care
- Others
Technology
- Hot Air
- Infrared
- Microwave
End-User
- Manufacturers
- Distributors
- Retailers
- Others
Primary Interview Insights
What are the key drivers of growth in the pulp packaging dryer market?
What challenges does the pulp packaging dryer market face?
How are technological advancements impacting the market?
What opportunities exist in emerging markets?
How are companies addressing sustainability in the market?
Latest Reports
The Packaging Tensioner market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.
The foodservice packaging market was valued at $120 billion in 2024 and is projected to reach $180 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.
The nano-enabled packaging market was valued at $15.2 billion in 2024 and is projected to reach $35.6 billion by 2033, growing at a CAGR of 9.5% during the forecast period 2025β2033.
The Cold Seal Packaging market was valued at $1.5 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 4.8% during the forecast period 2025β2033.
The Transparent Barrier Packaging Films market was valued at $12.5 billion in 2024 and is projected to reach $20.3 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The Flatback Tape market was valued at $2.5 billion in 2024 and is projected to reach $4.1 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The packer bottle market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.
The Canada Nano-Enabled Packaging Food Beverages market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.
The India Aluminum Beverage Can market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.
The fast-food reusable packaging market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.
The pallets market was valued at $59.91 billion in 2024 and is projected to reach $88.69 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.
The lamination adhesives market was valued at $2.5 billion in 2024 and is projected to reach $4.1 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The garment packing machine market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.
The shrink bags market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.
The beverage packaging market was valued at $128 billion in 2024 and is projected to reach $186 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025β2033.
The North America Freight and Logistics market was valued at $1,200 billion in 2024 and is projected to reach $1,800 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.
The Anti-Counterfeiting Packaging market was valued at $105 billion in 2024 and is projected to reach $182 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.
The Active and Modified Atmospheric Packaging market was valued at $15.2 billion in 2024 and is projected to reach $25.8 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.
The molded fiber packaging market was valued at $7.5 billion in 2024 and is projected to reach $12.3 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The micro packaging market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.
The Anti-counterfeit Pharmaceuticals Packaging market was valued at $80 billion in 2024 and is projected to reach $150 billion by 2033, growing at a CAGR of 7.5% during the forecast period 2025β2033.
The MDO-PE Film market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.
The compostable pouch market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.
The Smart Packaging market was valued at $23.5 billion in 2024 and is projected to reach $43.5 billion by 2033, growing at a CAGR of 7.2% during the forecast period 2025β2033.
The pharmaceutical glass packaging market was valued at $14.5 billion in 2024 and is projected to reach $22.3 billion by 2033, growing at a CAGR of 4.9% during the forecast period 2025β2033.
The Packaging Tensioner market was valued at $1.2 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.
The foodservice packaging market was valued at $120 billion in 2024 and is projected to reach $180 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.
The nano-enabled packaging market was valued at $15.2 billion in 2024 and is projected to reach $35.6 billion by 2033, growing at a CAGR of 9.5% during the forecast period 2025β2033.
The Cold Seal Packaging market was valued at $1.5 billion in 2024 and is projected to reach $2.3 billion by 2033, growing at a CAGR of 4.8% during the forecast period 2025β2033.
The Transparent Barrier Packaging Films market was valued at $12.5 billion in 2024 and is projected to reach $20.3 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The Flatback Tape market was valued at $2.5 billion in 2024 and is projected to reach $4.1 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The packer bottle market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.
The Canada Nano-Enabled Packaging Food Beverages market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.
The India Aluminum Beverage Can market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.
The fast-food reusable packaging market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.
The pallets market was valued at $59.91 billion in 2024 and is projected to reach $88.69 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.
The lamination adhesives market was valued at $2.5 billion in 2024 and is projected to reach $4.1 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The garment packing machine market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.
The shrink bags market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.
The beverage packaging market was valued at $128 billion in 2024 and is projected to reach $186 billion by 2033, growing at a CAGR of 4.2% during the forecast period 2025β2033.
The North America Freight and Logistics market was valued at $1,200 billion in 2024 and is projected to reach $1,800 billion by 2033, growing at a CAGR of 4.5% during the forecast period 2025β2033.
The Anti-Counterfeiting Packaging market was valued at $105 billion in 2024 and is projected to reach $182 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.
The Active and Modified Atmospheric Packaging market was valued at $15.2 billion in 2024 and is projected to reach $25.8 billion by 2033, growing at a CAGR of 6.5% during the forecast period 2025β2033.
The molded fiber packaging market was valued at $7.5 billion in 2024 and is projected to reach $12.3 billion by 2033, growing at a CAGR of 5.8% during the forecast period 2025β2033.
The micro packaging market was valued at $1.2 billion in 2024 and is projected to reach $2.5 billion by 2033, growing at a CAGR of 8.5% during the forecast period 2025β2033.
The Anti-counterfeit Pharmaceuticals Packaging market was valued at $80 billion in 2024 and is projected to reach $150 billion by 2033, growing at a CAGR of 7.5% during the forecast period 2025β2033.
The MDO-PE Film market was valued at $3.5 billion in 2024 and is projected to reach $5.8 billion by 2033, growing at a CAGR of 5.2% during the forecast period 2025β2033.
The compostable pouch market was valued at $1.2 billion in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 12.5% during the forecast period 2025β2033.
The Smart Packaging market was valued at $23.5 billion in 2024 and is projected to reach $43.5 billion by 2033, growing at a CAGR of 7.2% during the forecast period 2025β2033.
The pharmaceutical glass packaging market was valued at $14.5 billion in 2024 and is projected to reach $22.3 billion by 2033, growing at a CAGR of 4.9% during the forecast period 2025β2033.