Pharmaceutical Excipients Market by Product (Organic (Oleochemicals, Carbohydrates) Inorganic (Calcium Carbonate), Functionality (Fillers, Binders, Lubricants, Diluents), Formulation (Oral, Parenteral), Application (Stablizers) & Region – Global Forecast 2024 – 2029

SKU: GMS-1113

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OVERVIEW

The Pharmaceutical Excipients Market is currently valued at USD 10 billion in 2024 and will be growing at a CAGR of 6.8% over the forecast period to reach an estimated USD 13.9 billion in revenue in 2029. The pharmaceutical excipients market is a critical segment of the pharmaceutical industry, encompassing a wide range of substances used in drug formulations beyond the active pharmaceutical ingredients (APIs). These excipients serve various purposes, including enhancing drug stability, improving solubility, controlling drug release, and ensuring dosage uniformity. They are indispensable in the production of various dosage forms such as tablets, capsules, and liquid formulations. The market for pharmaceutical excipients is driven by factors such as the increasing demand for novel drug delivery systems, the growing pharmaceutical industry, and the need for improved drug formulations. Additionally, regulatory requirements regarding excipient safety, quality, and functionality continue to shape the market landscape. Key players in the pharmaceutical excipients market engage in continuous research and development efforts to introduce innovative excipients that meet evolving industry needs while adhering to stringent regulatory standards.

One of the primary drivers is the increasing demand for advanced drug delivery systems and innovative formulations. As pharmaceutical companies strive to develop novel drugs with improved efficacy, safety, and patient compliance, there is a growing need for excipients that can facilitate controlled drug release, enhance bioavailability, and enable targeted delivery to specific sites in the body. Moreover, the expanding pharmaceutical industry, driven by factors such as population growth, aging demographics, and the rising prevalence of chronic diseases, further fuels the demand for pharmaceutical excipients. With an increasing number of drug formulations being developed and commercialized, the demand for excipients to support these formulations continues to rise. Additionally, stringent regulatory requirements regarding excipient safety, quality, and functionality act as a significant driver for the pharmaceutical excipients market. Regulatory agencies worldwide impose stringent guidelines to ensure the safety and efficacy of pharmaceutical products, including the excipients used in their formulations. Compliance with these regulations necessitates the use of high-quality excipients and drives innovation in excipient technology.

Market Dynamics

Drivers:

One of the primary drivers is the increasing demand for advanced drug delivery systems and innovative formulations. As pharmaceutical companies strive to develop novel drugs with improved efficacy, safety, and patient compliance, there is a growing need for excipients that can facilitate controlled drug release, enhance bioavailability, and enable targeted delivery to specific sites in the body. Moreover, the expanding pharmaceutical industry, driven by factors such as population growth, aging demographics, and the rising prevalence of chronic diseases, further fuels the demand for pharmaceutical excipients. With an increasing number of drug formulations being developed and commercialized, the demand for excipients to support these formulations continues to rise. Additionally, stringent regulatory requirements regarding excipient safety, quality, and functionality act as a significant driver for the pharmaceutical excipients market. Regulatory agencies worldwide impose stringent guidelines to ensure the safety and efficacy of pharmaceutical products, including the excipients used in their formulations. Compliance with these regulations necessitates the use of high-quality excipients and drives innovation in excipient technology.

Key Offerings:

In the competitive landscape of the pharmaceutical excipients market, key offerings from leading players are designed to address the diverse needs of pharmaceutical manufacturers and support the development and production of safe, effective, and high-quality drug formulations. These offerings typically encompass a wide range of excipients with varying functionalities and applications. Key offerings often include a comprehensive portfolio of excipients tailored to meet specific formulation requirements. These may include binders, fillers, disintegrants, lubricants, preservatives, solubilizers, and coating agents, among others. Each excipient serves a unique purpose in drug formulation, such as improving drug stability, enhancing bioavailability, controlling drug release, or masking unpleasant tastes or odors. Moreover, leading suppliers often provide customized solutions and technical support to pharmaceutical companies, helping them optimize their formulations and manufacturing processes. This may involve collaborating with customers to develop new excipients or modify existing ones to meet specific formulation challenges or regulatory requirements

Restraints :

One significant restraint is the increasing regulatory scrutiny and compliance requirements imposed on excipients. Stringent regulations concerning excipient safety, quality, and functionality often necessitate extensive documentation, testing, and validation processes, which can significantly increase the time and cost of bringing new excipients to market. Moreover, regulatory changes and evolving guidelines may require manufacturers to reformulate existing products or discontinue certain excipients altogether, further complicating the market landscape. Additionally, the growing trend towards the use of natural and organic excipients presents a challenge for traditional excipient manufacturers, as they may need to invest in research and development to adapt their product portfolios to meet changing consumer preferences. Economic factors such as fluctuating raw material prices and supply chain disruptions can also impact the affordability and availability of excipients, posing challenges for manufacturers operating on tight budgets.

Regional Information:

• In North America, the pharmaceutical excipients market is characterized by a robust regulatory environment, technological advancements, and a well-established pharmaceutical industry. The region accounts for a significant share of the global market, driven by the presence of key pharmaceutical companies and a strong emphasis on research and development. Stringent regulatory standards set by agencies such as the FDA (Food and Drug Administration) ensure the safety and quality of excipients used in pharmaceutical formulations, driving demand for high-quality excipients with proven efficacy. Moreover, increasing investments in novel drug delivery systems and biopharmaceuticals further stimulate market growth.

In Europe, the pharmaceutical excipients market is influenced by similar regulatory frameworks and a growing focus on patient safety and product quality. The region boasts a diverse pharmaceutical industry and a highly skilled workforce, fostering innovation and collaboration in excipient development. Additionally, the rise of generic drugs and biosimilars in Europe drives demand for cost-effective excipients, while stringent environmental regulations encourage the use of sustainable and eco-friendly excipient materials. 

In the Asia-Pacific region, countries like China, Japan, and South Korea are emerging as prominent players in the antibody therapeutics market, fueled by rapid economic growth, increasing healthcare expenditure, and a growing focus on biopharmaceutical innovation. Moreover, advancements in biotechnology, expanding research capabilities, and rising prevalence of chronic diseases contribute to market growth in the region.

Recent Developments:

In June 2023, Ashland introduced Polyplasdone Plus, a co-processed multifunctional direct compression superdisintegrant comprising a glidant and lubricant.

• In October 2023, Lubrizol Life Science Health was awarded the Finished Formulation Award for Apisolex Polymer solubilizing excipient at CPhI Barcelona.

Key Players:

Ashland Global Holdings Inc., BASF SE, DuPont de Nemours, Evonik Industries AG, Roquette Frères, Dow Inc., Croda International Plc, Kerry Group, Lubrizol Corporation, and Innophos Holdings Inc.

Frequently Asked Questions

1) What is the projected market value of the Pharmaceutical Excipients Market?

– The Pharmaceutical Excipients Market is expected to reach an estimated value of USD 13.9 billion in revenue by 2029. 

2) What is the estimated CAGR of the Pharmaceutical Excipients Market over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 6.8% for the Pharmaceutical Excipients Market over the 2024 to 2029.

3) Who are the key players in the Pharmaceutical Excipients Market?

– Ashland Global Holdings Inc., BASF SE, DuPont de Nemours, Evonik Industries AG, Roquette Frères, Dow Inc., Croda International Plc, Kerry Group, Lubrizol Corporation, and Innophos Holdings Inc.

4) What are the drivers for the Pharmaceutical Excipients Market?

– The demand for advanced drug delivery systems and innovative formulations is driving the demand for excipients. Pharmaceutical companies are developing drugs with improved efficacy, safety, and patient compliance. The expanding pharmaceutical industry, population growth, aging demographics, and chronic disease prevalence further fuel the demand. Stringent regulatory requirements drive innovation in excipient technology, ensuring the safety and efficacy of pharmaceutical products.

5) What are the restraints and challenges in the Pharmaceutical Excipients Market?

– The increasing regulatory scrutiny on excipients, including safety, quality, and functionality, can increase the time and cost of introducing new products. Additionally, the growing use of natural and organic excipients presents challenges for traditional manufacturers, as they may need to invest in research and development. Economic factors also impact excipient affordability.

6)What are the key applications and offerings of the Pharmaceutical Excipients Market?

– Leading pharmaceutical excipients companies offer a diverse range of products to meet the diverse needs of manufacturers. These include binders, fillers, disintegrants, lubricants, preservatives, solubilizers, and coating agents. Each excipient serves a unique purpose in drug formulation, such as improving stability, bioavailability, or controlling release. They also provide customized solutions and technical support to optimize formulations and manufacturing processes.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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OVERVIEW

The Pharmaceutical Excipients Market is currently valued at USD 10 billion in 2024 and will be growing at a CAGR of 6.8% over the forecast period to reach an estimated USD 13.9 billion in revenue in 2029. The pharmaceutical excipients market is a critical segment of the pharmaceutical industry, encompassing a wide range of substances used in drug formulations beyond the active pharmaceutical ingredients (APIs). These excipients serve various purposes, including enhancing drug stability, improving solubility, controlling drug release, and ensuring dosage uniformity. They are indispensable in the production of various dosage forms such as tablets, capsules, and liquid formulations. The market for pharmaceutical excipients is driven by factors such as the increasing demand for novel drug delivery systems, the growing pharmaceutical industry, and the need for improved drug formulations. Additionally, regulatory requirements regarding excipient safety, quality, and functionality continue to shape the market landscape. Key players in the pharmaceutical excipients market engage in continuous research and development efforts to introduce innovative excipients that meet evolving industry needs while adhering to stringent regulatory standards.

One of the primary drivers is the increasing demand for advanced drug delivery systems and innovative formulations. As pharmaceutical companies strive to develop novel drugs with improved efficacy, safety, and patient compliance, there is a growing need for excipients that can facilitate controlled drug release, enhance bioavailability, and enable targeted delivery to specific sites in the body. Moreover, the expanding pharmaceutical industry, driven by factors such as population growth, aging demographics, and the rising prevalence of chronic diseases, further fuels the demand for pharmaceutical excipients. With an increasing number of drug formulations being developed and commercialized, the demand for excipients to support these formulations continues to rise. Additionally, stringent regulatory requirements regarding excipient safety, quality, and functionality act as a significant driver for the pharmaceutical excipients market. Regulatory agencies worldwide impose stringent guidelines to ensure the safety and efficacy of pharmaceutical products, including the excipients used in their formulations. Compliance with these regulations necessitates the use of high-quality excipients and drives innovation in excipient technology.

Market Dynamics

Drivers:

One of the primary drivers is the increasing demand for advanced drug delivery systems and innovative formulations. As pharmaceutical companies strive to develop novel drugs with improved efficacy, safety, and patient compliance, there is a growing need for excipients that can facilitate controlled drug release, enhance bioavailability, and enable targeted delivery to specific sites in the body. Moreover, the expanding pharmaceutical industry, driven by factors such as population growth, aging demographics, and the rising prevalence of chronic diseases, further fuels the demand for pharmaceutical excipients. With an increasing number of drug formulations being developed and commercialized, the demand for excipients to support these formulations continues to rise. Additionally, stringent regulatory requirements regarding excipient safety, quality, and functionality act as a significant driver for the pharmaceutical excipients market. Regulatory agencies worldwide impose stringent guidelines to ensure the safety and efficacy of pharmaceutical products, including the excipients used in their formulations. Compliance with these regulations necessitates the use of high-quality excipients and drives innovation in excipient technology.

Key Offerings:

In the competitive landscape of the pharmaceutical excipients market, key offerings from leading players are designed to address the diverse needs of pharmaceutical manufacturers and support the development and production of safe, effective, and high-quality drug formulations. These offerings typically encompass a wide range of excipients with varying functionalities and applications. Key offerings often include a comprehensive portfolio of excipients tailored to meet specific formulation requirements. These may include binders, fillers, disintegrants, lubricants, preservatives, solubilizers, and coating agents, among others. Each excipient serves a unique purpose in drug formulation, such as improving drug stability, enhancing bioavailability, controlling drug release, or masking unpleasant tastes or odors. Moreover, leading suppliers often provide customized solutions and technical support to pharmaceutical companies, helping them optimize their formulations and manufacturing processes. This may involve collaborating with customers to develop new excipients or modify existing ones to meet specific formulation challenges or regulatory requirements

Restraints :

One significant restraint is the increasing regulatory scrutiny and compliance requirements imposed on excipients. Stringent regulations concerning excipient safety, quality, and functionality often necessitate extensive documentation, testing, and validation processes, which can significantly increase the time and cost of bringing new excipients to market. Moreover, regulatory changes and evolving guidelines may require manufacturers to reformulate existing products or discontinue certain excipients altogether, further complicating the market landscape. Additionally, the growing trend towards the use of natural and organic excipients presents a challenge for traditional excipient manufacturers, as they may need to invest in research and development to adapt their product portfolios to meet changing consumer preferences. Economic factors such as fluctuating raw material prices and supply chain disruptions can also impact the affordability and availability of excipients, posing challenges for manufacturers operating on tight budgets.

Regional Information:

• In North America, the pharmaceutical excipients market is characterized by a robust regulatory environment, technological advancements, and a well-established pharmaceutical industry. The region accounts for a significant share of the global market, driven by the presence of key pharmaceutical companies and a strong emphasis on research and development. Stringent regulatory standards set by agencies such as the FDA (Food and Drug Administration) ensure the safety and quality of excipients used in pharmaceutical formulations, driving demand for high-quality excipients with proven efficacy. Moreover, increasing investments in novel drug delivery systems and biopharmaceuticals further stimulate market growth.

In Europe, the pharmaceutical excipients market is influenced by similar regulatory frameworks and a growing focus on patient safety and product quality. The region boasts a diverse pharmaceutical industry and a highly skilled workforce, fostering innovation and collaboration in excipient development. Additionally, the rise of generic drugs and biosimilars in Europe drives demand for cost-effective excipients, while stringent environmental regulations encourage the use of sustainable and eco-friendly excipient materials. 

In the Asia-Pacific region, countries like China, Japan, and South Korea are emerging as prominent players in the antibody therapeutics market, fueled by rapid economic growth, increasing healthcare expenditure, and a growing focus on biopharmaceutical innovation. Moreover, advancements in biotechnology, expanding research capabilities, and rising prevalence of chronic diseases contribute to market growth in the region.

Recent Developments:

In June 2023, Ashland introduced Polyplasdone Plus, a co-processed multifunctional direct compression superdisintegrant comprising a glidant and lubricant.

• In October 2023, Lubrizol Life Science Health was awarded the Finished Formulation Award for Apisolex Polymer solubilizing excipient at CPhI Barcelona.

Key Players:

Ashland Global Holdings Inc., BASF SE, DuPont de Nemours, Evonik Industries AG, Roquette Frères, Dow Inc., Croda International Plc, Kerry Group, Lubrizol Corporation, and Innophos Holdings Inc.

Frequently Asked Questions

1) What is the projected market value of the Pharmaceutical Excipients Market?

– The Pharmaceutical Excipients Market is expected to reach an estimated value of USD 13.9 billion in revenue by 2029. 

2) What is the estimated CAGR of the Pharmaceutical Excipients Market over the 2024 to 2029 forecast period?

– The CAGR is estimated to be 6.8% for the Pharmaceutical Excipients Market over the 2024 to 2029.

3) Who are the key players in the Pharmaceutical Excipients Market?

– Ashland Global Holdings Inc., BASF SE, DuPont de Nemours, Evonik Industries AG, Roquette Frères, Dow Inc., Croda International Plc, Kerry Group, Lubrizol Corporation, and Innophos Holdings Inc.

4) What are the drivers for the Pharmaceutical Excipients Market?

– The demand for advanced drug delivery systems and innovative formulations is driving the demand for excipients. Pharmaceutical companies are developing drugs with improved efficacy, safety, and patient compliance. The expanding pharmaceutical industry, population growth, aging demographics, and chronic disease prevalence further fuel the demand. Stringent regulatory requirements drive innovation in excipient technology, ensuring the safety and efficacy of pharmaceutical products.

5) What are the restraints and challenges in the Pharmaceutical Excipients Market?

– The increasing regulatory scrutiny on excipients, including safety, quality, and functionality, can increase the time and cost of introducing new products. Additionally, the growing use of natural and organic excipients presents challenges for traditional manufacturers, as they may need to invest in research and development. Economic factors also impact excipient affordability.

6)What are the key applications and offerings of the Pharmaceutical Excipients Market?

– Leading pharmaceutical excipients companies offer a diverse range of products to meet the diverse needs of manufacturers. These include binders, fillers, disintegrants, lubricants, preservatives, solubilizers, and coating agents. Each excipient serves a unique purpose in drug formulation, such as improving stability, bioavailability, or controlling release. They also provide customized solutions and technical support to optimize formulations and manufacturing processes.

7) Which region is expected to drive the market for the forecast period?

– North America is expected to have the highest market growth from 2024 to 2029

Why Choose Us?

Insights into Market Trends: Global Market Studies reports provide valuable insights into market trends, including market size, segmentation, growth drivers, and market dynamics. This information helps clients make strategic decisions, such as product development, market positioning, and marketing strategies.

Competitor Analysis: Our reports provide detailed information about competitors, including their market share, product offerings, pricing, and competitive strategies. This data can be used to inform competitive strategies and to identify opportunities for growth and expansion.

Industry Forecasts: Our reports provide industry forecasts, which will inform your business strategies, such as investment decisions, production planning, and workforce planning. These forecasts can help you to prepare for future trends and to take advantage of growth opportunities.

Access to Industry Experts: Our solutions include contributions from industry experts, including analysts, consultants, and subject matter experts. This access to expert insights can be valuable for you to understand the market.

Time and Cost Savings: Our team at Global Market Studies can save you time and reduce the cost of conducting market research by providing comprehensive and up-to-date information in a single report, avoiding the need for additional market research efforts.

METHODOLOGY

At Global Market Studies, extensive research is done to create reports which have in-depth insights across all aspects of the market such as drivers, opportunities, challenges, restraints, market trends, regional insights, market segmentation, latest developments, key players for the forecast period. Multiple methods are used to derive both qualitative and quantitative information for the report:Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 1

PRIMARY RESEARCH

Through surveys and interviews, primary research is sourced mainly from experts from the core and related industry. It includes distributors, manufacturers, Directors, C-Level Executives and Managers, alliances certification organisations across various segments of the markets value chain. Both the supply-side and demand-side is interviewed.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 2

SECONDARY RESEARCH

Our sources of secondary research include Annual Reports, Journals, Press Releases, Company Websites, Paid Databases and our own Data Repository. They also include, investor presentations, certifies publications and articles by authorised regulatory bodies, trade directories and databases.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 3

MARKET SIZE ESTIMATION

After extensive secondary and primary research, both the Bottom-up and Top-down methods are used to analyse the data. In the Bottom-up Approach, Company revenues across multiple segments are gathered to derive the percentage split per market segment. From this the Segment wise market size is derived to give the Total Market Size. In the Top-down Approach the reverse method is used where the Total Market Size is first derived from primary sources and is split into Market Segment, Regional Split and so on.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 4Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 5

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 6

DATA TRIANGULATION:

All statistics are collected through extensive secondary research and verified by interviews conducted with supply-side and demand-side in the primary research to ensure that both primary and secondary data percentages, statistics and findings corroborate.

Silicon battery market by capacity (0–3,000 mah, 3,000–10,000 mah, 10,000–60,000 mah, and 60,000 mah & above), application (consumer electronics, automotive, aviation, energy, and medical devices), and region - 2023 to 2028 7

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