Polyolesters for Bio-based Lubricants and Lubricant Additives Market

Transparency Market
Research
Polyolesters for Bio-based Lubricants and Lubricant
Additives Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2015 - 2023
Published Date
28-April-2016
184 Page Report
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Press Release
Polyolesters for Bio-based Lubricants and Lubricant
Additives Market Projected to Reach US$735.9 mn by 2023 :
TMR
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90, State Street, Suite 700.
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
REPORT DESCRIPTION
Polyolesters for Bio-based Lubricants and Lubricant Additives Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2015 - 2023
Transparency Market Research has released a new market report titled “Polyolesters for Bio-based
Lubricants and Lubricant Additives Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2023.” According to the report, the global polyolesters for bio-based lubricants & lubricant
additives market was valued at US$412.9 mn in 2014 and is expected to reach US$735.9 mn in 2023,
expanding at a CAGR of 6.7% between 2015 and 2023.
Browse the full Polyolesters for Bio-based Lubricants and Lubricant Additives (Neopentyl Glycolsbased, Trimethylolpropanes-based, Pentaerythritols-based and Others) Market for Automotive
Lubricants, Aviation Oil, Biodegradable and Fire-resistant Hydraulic Fluids, Refrigerant Oil,
Metalworking Oil, Compressor Oil, and Other Applications - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015 - 2023 report at :
http://www.transparencymarketresearch.com/polyolesters-biobased-lubricants-lubricant-additivesmarket.html
Polyolesters are esters manufactured using polyhydric alcohols and esters (bio-based and synthetic). These
esters are used for wide temperature range and extreme working conditions. Polyolesters manufactured using
bio-based raw materials (fatty acids) are environmentally benign than most of their synthetic counterparts. This
makes these esters safe and effective replacements for conventional lubricants made from mineral oil.
Polyolesters are typically used as lubricants in various applications such as automotive lubricants, aviation oil,
biodegradable and fire-resistant hydraulic fluids, refrigerant oil, metalworking oil, compressor oil, and other
applications such as greases, industrial gear, transformer oil, etc. Rising demand for aviation oil, automotive
lubricants, and refrigeration oils is primarily expected to augment the global polyolesters for bio-based
lubricants & lubricant additives market in the next few years. Increasing research on various bio-based
materials for usage as raw materials is likely to boost the polyolesters for bio-based lubricants market in the
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
next few years. However, complexity in production process and high cost of raw materials are projected to
impede market growth during the forecast period. Rising demand for polyolester bio-based lubricants in
metalworking, hydraulic fluids, and refrigeration segments is anticipated to offer growth opportunities for the
market during the forecast period.
In terms of volume, trimethylolpropane esters was the largest product segment of the global polyolesters for
bio-based lubricants & lubricant additives market, accounting for more than 30% share in 2014. Significant
commercialization and wide application areas of trimethylolpropane esters are the key reasons for the
dominance of the segment. It is also anticipated to be the fastest-growing segment during the forecast period,
owing to the growing commercialization and usage of these lubricants based on oleic acid, palmitic acid, and
others in various end-user industries.
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In terms of application, aviation oil was the largest segment of the global polyolesters for bio-based lubricants
& lubricant additives market, constituting more than 30% share in 2014. It is also likely to be the fastestgrowing application segment during the forecast period, due to the rising demand for aviation lubricants in the
aviation industry. Refrigerant oil and automotive lubricants are projected to be the other major application
segments between 2015 and 2023. Increase in environmental concerns over chlorofluorocarbons (CFCs) in
developed regions is anticipated to boost the polyolesters market in the refrigeration industry.
Developed countries are projected to dominate the polyolesters for bio-based lubricants & lubricant additives
market in the next few years, owing to considerable manufacturing expertise and easy availability of raw
materials in these regions. Europe is estimated to be the largest market for polyolesters for bio-based
lubricants & lubricant additives, followed by North America, during the forecast period. The polyolesters for biobased lubricants & lubricant additives market in Asia Pacific is also projected to witness high growth, due to the
large demand for lubricants in various end-user industries and increasing awareness about benefits associated
with bio-based lubricants, especially in metalworking and other applications.
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Key players in the polyolesters for bio-based lubricants & lubricant additives market include Croda
International Plc, NOF CORPORATION, Oleon NV, Emery Oleochemicals, Peter Greven GmbH & Co. KG,
Kuala Lumpur Kepong Berhad, A&A Fratelli Parodi Spa, Ecogreen Oleochemicals, Dowpol Corporation,
Custom Synthesis, LLC, and Lumar Quimica.
The report segments the global polyolesters for bio-based lubricants & lubricant additives market as
follows:
Polyolesters for Bio-based Lubricants & Lubricant Additives Market - Product Analysis
•
Neopentyl Glycols
•
Trimethylolpropanes
•
Pentaerythritols
•
Others (Including Dipentaerythritols (DiPEs), etc.)
Polyolesters for Bio-based Lubricants & Lubricant Additives Market - Application Analysis
•
Automotive Lubricants
•
Aviation Oil
•
Biodegradable and Fire-resistant Hydraulic Fluids
•
Refrigerant Oil
•
Metalworking Oil
•
Compressor Oil
•
Other (Including Greases, Industrial Gear, Transformer Oil, etc.)
Polyolesters for Bio-based Lubricants & Lubricant Additives Market - Regional Analysis
North America
•
U.S.
•
Rest of North America
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Europe
•
France
•
U.K.
•
Spain
•
Germany
•
Italy
•
Rest of Europe
Asia Pacific
•
China
•
Japan
•
ASEAN
•
Rest of Asia Pacific
Latin America
•
Brazil
•
Rest of Latin America
Middle East & Africa (MEA)
•
GCC
•
South Africa
•
Rest of MEA
Browse Press Release : http://www.transparencymarketresearch.com/pressrelease/polyolestersbiobased-lubricants-lubricant-additives-market.htm
TABLE OF CONTENT
Chapter 1 Preface
Report Description
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Research Scope
Assumptions
Market Segmentation
Research Methodology
Chapter 2 Executive Summary
Global Polyolesters for Bio-based Lubricants and Lubricant Additives Market, 2014 - 2023, (Kilo Tons) (US$
Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market: Snapshot
Chapter 3 Polyolesters for Bio-based Lubricants and Lubricant Additives Market – Industry Analysis
Introduction
Value Chain Analysis
Market Drivers
Increasing Demand for Polyolesters in Aviation Industry Projected to Boost Polyolesters Market for Bio-based
Lubricants and Lubricant Additives
Environmental Concerns and Ban on CFCs (Chlorofluorocarbons) to Augment Demand for Polyolester Biobased Lubricants
Restraints
Higher Cost of Polyolesters Bio-based Lubricants than Conventional Lubricants Anticipated to Act as Restraint
to Polyolesters Market
Opportunity
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Increase in R&D Efforts to Develop New Polyolester Bio-based Lubricant Products to act as Opportunity to
Polyolesters Market
Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitutes
Threat of New Entrants
Degree of Competition
Global Polyolesters Market Attractiveness for Bio-based Lubricants and Lubricant Additives, by Application
Global Polyolesters Market Attractiveness for Bio-based Lubricants and Lubricant Additives, by Country
Chapter 4 Manufacturing & Price Trend Analysis
Polyolesters for Bio-based Lubricants and Lubricant Additives Manufacturing Process
Polyolesters based on Natural Oils Price Trend
Chapter 5 Polyolesters for Bio-based Lubricants and Lubricant Additives Market – Product Analysis
Global Polyolesters for Bio-based Lubricants and Lubricant Additives Market: Product Overview
Global Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume Share, by Product, 2014
and 2023
Polyolesters for Bio-based Lubricants and Lubricant Additives Market – By Product Analysis
Neopentyl Glycols based Polyolesters for Bio-based Lubricants and Lubricant Additives Market, 2014 – 2023
(Kilo Tons) (US$ Mn)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Trimethylolpropanes based Polyolesters for Bio-based Lubricants and Lubricant Additives Market, 2014 – 2023
(Kilo Tons) (US$ Mn)
Pentaerythritols based Polyolesters for Bio-based Lubricants and Lubricant Additives Market, 2014 – 2023
(Kilo Tons) (US$ Mn)
Others (DiPentaerythritols (DiPEs), etc.) Polyolesters for Bio-based Lubricants and Lubricant Additives Market,
2014 – 2023 (Kilo Tons) (US$ Mn)
Chapter 6 Polyolesters for Bio-based Lubricants and Lubricant Additives Market – Application Analysis
Polyolesters for Bio-based Lubricants and Lubricant Additives Market: Application Overview
Polyolesters for Bio-based Lubricants and Lubricant Additives Market – By Application Analysis
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Automotive Lubricants, 2014 – 2023
(Kilo Tons) (US$ Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Aviation Oil, 2014 – 2023 (Kilo Tons)
(US$ Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Biodegradable and Fire-resistant
Hydraulic Fluids, 2014 – 2023 (Kilo Tons) (US$ Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Refrigerant Oil, 2014 – 2023 (Kilo
Tons) (US$ Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Metalworking Oil, 2014 – 2023 (Kilo
Tons) (US$ Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Compressor Oil, 2014 – 2023 (Kilo
Tons) (US$ Mn)
Polyolesters for Bio-based Lubricants and Lubricant Additives Market for Others, 2014 – 2023 (Kilo Tons) (US$
Mn)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Chapter 7 Polyolesters for Bio-based Lubricants and Lubricant Additives Market - Regional Analysis
Global Polyolesters for Bio-based Lubricants and Lubricant Additives Market: Regional Overview
North America
North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014
– 2023 (Tons)
North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product,
2014 – 2023 (US$ Thousand)
North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application,
2014 – 2023 (Tons)
North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application,
2014 – 2023 (US$ Thousand)
U.S. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
U.S. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 – 2023
(US$ Thousand)
U.S. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
U.S. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Rest of North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Product, 2014 – 2023 (Tons)
Rest of North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Product, 2014 – 2023 (US$ Thousand)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Rest of North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Application, 2014 – 2023 (Tons)
Rest of North America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Application, 2014 – 2023 (US$ Thousand)
Europe
Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 –
2023 (US$ Thousand)
Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
France Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
France Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 –
2023 (US$ Thousand)
France Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
France Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
U.K. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
U.K. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 – 2023
(US$ Thousand)
U.K. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
U.K. Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Spain Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
Spain Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 – 2023
(US$ Thousand)
Spain Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
Spain Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Germany Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 –
2023 (Tons)
Germany Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 –
2023 (US$ Thousand)
Germany Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
Germany Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014
– 2023 (US$ Thousand)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Italy Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
Italy Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 – 2023
(US$ Thousand)
Italy Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 – 2023
(Tons)
Italy Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Rest of Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product,
2014 – 2023 (Tons)
Rest of Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product,
2014 – 2023 (US$ Thousand)
Rest of Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application,
2014 – 2023 (Tons)
Rest of Europe Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application,
2014 – 2023 (US$ Thousand)
Asia Pacific
Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 –
2023 (Tons)
Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014
– 2023 (US$ Thousand)
Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014
– 2023 (Tons)
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Polyolesters for Bio-based Lubricants
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Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application,
2014 – 2023 (US$ Thousand)
China Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
China Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 –
2023 (US$ Thousand)
China Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
China Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Japan Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
Japan Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 –
2023 (US$ Thousand)
Japan Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
Japan Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
ASEAN Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 –
2023 (Tons)
ASEAN Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 –
2023 (US$ Thousand)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
ASEAN Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
ASEAN Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Rest of Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product,
2014 – 2023 (Tons)
Rest of Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Product, 2014 – 2023 (US$ Thousand)
Rest of Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Application, 2014 – 2023 (Tons)
Rest of Asia Pacific Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Application, 2014 – 2023 (US$ Thousand)
Latin America
Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014
– 2023 (Tons)
Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product,
2014 – 2023 (US$ Thousand)
Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application,
2014 – 2023 (Tons)
Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application,
2014 – 2023 (US$ Thousand)
Brazil Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Brazil Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 – 2023
(US$ Thousand)
Brazil Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
Brazil Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
Rest of Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Product, 2014 – 2023 (Tons)
Rest of Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Product, 2014 – 2023 (US$ Thousand)
Rest of Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Application, 2014 – 2023 (Tons)
Rest of Latin America Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Application, 2014 – 2023 (US$ Thousand)
Middle East & Africa
Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product,
2014 – 2023 (Tons)
Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Product, 2014 – 2023 (US$ Thousand)
Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Application, 2014 – 2023 (Tons)
Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Application, 2014 – 2023 (US$ Thousand)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
GCC Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 – 2023
(Tons)
GCC Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014 – 2023
(US$ Thousand)
GCC Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application, 2014 –
2023 (Tons)
GCC Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application, 2014 –
2023 (US$ Thousand)
South Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Product, 2014 –
2023 (Tons)
South Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Product, 2014
– 2023 (US$ Thousand)
South Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by Application,
2014 – 2023 (Tons)
South Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by Application,
2014 – 2023 (US$ Thousand)
Rest of Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Product, 2014 – 2023 (Tons)
Rest of Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Market Additives Revenue, by
Product, 2014 – 2023 (US$ Thousand)
Rest of Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Volume, by
Application, 2014 – 2023 (Tons)
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
Rest of Middle East & Africa Polyolesters for Bio-based Lubricants and Lubricant Additives Market Revenue, by
Application, 2014 – 2023 (US$ Thousand)
Chapter 8 Company Profiles
Croda International Plc
Lumar Quimica
Peter Greven GmbH & Co. KG
Oleon NV
Emery Oleochemicals
Kuala Lumpur Kepong Berhad (KLK)
Ecogreen Oleochemicals
NOF CORPORATION
Dowpol Corporation
A&A Fratelli Parodi Spa
Custom Synthesis, LLC
Chapter 9 Primary Research – Key Findings
Browse All Chemical Market Research Reports:
http://www.transparencymarketresearch.com/chemical-market-reports-2.html
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Polyolesters for Bio-based Lubricants
and Lubricant Additives Market
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Polyolesters for bio-based lubricants and lubricant additives market was valued at US$412.9 mn in 2014, will reach US$735.9 mn in 2023, expanding at a CAGR of 6.7% from 2015 to 2023