Resorcinol Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Production Method (Benzene Disulfonation, Hydroperoxidation of Meta-Diisopropylbenzene, Hydrolysis of Meta-Phenylenediamine), By End User (Building & Construction, Healthcare, Automotive, Electricals & Electronic, Others), By Region and Competition

  • Industry : Chemicals
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 488.65 million

CAGR (2023-2028)

3.23%

Fastest Growing Segment

Automotive

Largest Market

Asia Pacific


Market Overview

Global Resorcinol Market has valued at USD 488.65 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.23% through 2028. Resorcinol, also known as resorcin, is a crystalline solid with a white color. It exhibits solubility in alcohol, ether, and water. When tasted, it has a slightly bittersweet flavor. This organic compound is derived from the melting of resins such as asafetida and galbanum with potassium hydroxide (KOH). It can also be obtained through the distillation of brazilwood extract. Resorcinol plays a crucial role in enhancing the adhesive strength of rubber and wood products. As a result, it finds extensive application in various industries, including rubber, chemical, automotive, and construction.

One of the key factors driving the growth of the market is the expanding automotive industry. Additionally, the increasing usage of wood in the construction of residential and commercial complexes worldwide contributes to the market growth. Resorcinol is widely utilized as a wood-binding agent due to its high cost-effectiveness, chemical stability, and resistance to solvents, salt-water, acids, and oil. Moreover, it finds applications in the manufacturing of light screening agents, which provide protection against ultraviolet (UV) rays for plastic products.

Furthermore, with the growth of the automotive sector, there is an emerging need for various rubber-based products such as belts, tires, and rubber-coated fabrics. Resorcinol serves as a binding medium for rubber and reinforcing cords in these products. Another factor contributing to market growth is the increasing utilization of this compound in the production of non-halogenated flame-retardants and various agricultural chemicals.

Additionally, the rising prevalence of skin-related medical ailments has led to an increase in the utilization of resorcinol. It is commonly found in skincare products as an antiseptic and disinfectant for the treatment of acne, psoriasis, eczema, calluses, and warts. The versatility of resorcinol across multiple industries and its wide range of applications makes it a highly sought-after compound in the market.

Key Market Drivers

Growing Demand of Resorcinol in Healthcare Industry

Resorcinol, a versatile substance with numerous applications in the healthcare sector, plays a crucial role in maintaining health and well-being. With its antiseptic and disinfectant properties, resorcinol is widely used in various healthcare settings. It serves as a key ingredient in topical antifungal and acne treatments, effectively combating skin conditions and promoting clear and healthy skin. Moreover, resorcinol's antibacterial properties make it a valuable component in dentistry, where it is utilized as a root canal disinfectant, ensuring optimal oral health.

Several factors contribute to the growing demand for resorcinol in the healthcare industry, shaping its prominent position in the market. Firstly, the rising prevalence of skin conditions, including acne and fungal infections, necessitates effective treatments, driving the demand for resorcinol-based products. As more individuals seek relief from these common ailments, the demand for resorcinol continues to soar.

Secondly, the field of dental care is advancing rapidly, with an increased focus on oral health and hygiene. As people become more aware of the importance of maintaining healthy teeth and gums, the demand for resorcinol in dental applications surges. The antibacterial properties of resorcinol make it an ideal choice for dental professionals, ensuring proper disinfection and oral care.

While the demand for resorcinol is on the rise, it is important to address the safety concerns associated with its use. High concentrations of resorcinol applied to the skin over prolonged periods may pose certain risks. However, the industry is actively tackling these challenges by investing in extensive research and development endeavors. Companies are dedicated to refining resorcinol-based treatments and formulating safer methods of application, ensuring the highest level of safety and efficacy.

Looking ahead, the future of the resorcinol market appears promising, driven by the increasing demand from the healthcare industry. As the healthcare sector continues to grow and evolve, the need for resorcinol is expected to rise exponentially, propelling the global resorcinol market forward. The extensive applications of resorcinol, coupled with the growing prevalence of skin conditions and advancements in dental care, position resorcinol as a significant factor contributing to the overall growth of the healthcare industry.

In conclusion, the growing demand for resorcinol in the healthcare industry, supported by its extensive applications, the rising prevalence of skin conditions, and advancements in dental care, is a significant factor propelling the global resorcinol market. With its versatile properties and essential role in healthcare, resorcinol continues to shape the future of the industry, ensuring the well-being and satisfaction of individuals worldwide.

Growing Demand of Resorcinol in Automotive Industry

Resorcinol plays a crucial role in the automotive industry, particularly in the manufacturing of high-performance tires. Its utilization in resorcinol-formaldehyde-latex (RFL) adhesives is pivotal for establishing a strong bond between the tire cord and rubber, ensuring durability and optimal performance, especially in high-speed vehicles.

Moreover, resorcinol finds applications in various automotive components such as belts and hoses, where it contributes to improving the adhesion between different materials, enhancing overall performance and reliability.

The growing demand for resorcinol in the automotive industry can be attributed to several factors. Firstly, the global increase in vehicle production, coupled with the rising consumer demand for high-performance vehicles, fuels the need for superior quality tires. Consequently, the demand for resorcinol-based adhesives continues to rise.

Secondly, the automotive industry's heightened focus on vehicle safety has led to stricter regulations concerning tire performance. Resorcinol, with its ability to enhance tire durability and safety, becomes even more essential in meeting these requirements.

However, the use of resorcinol does present some challenges. Environmental concerns related to its production and disposal have been raised, as it is considered hazardous to aquatic life. To address these concerns, the industry is actively engaged in research and development initiatives aimed at optimizing resorcinol-based processes and developing more eco-friendly production methods. These efforts not only mitigate environmental impact but also have the potential to further drive the demand for resorcinol in the automotive industry.

Looking forward, the future of the resorcinol market appears promising, bolstered by the escalating demand from the automotive sector. As the industry continues to expand and evolve, the need for resorcinol is expected to increase, propelling the global resorcinol market to new heights.

In conclusion, the growing demand for resorcinol in the automotive industry, driven by its integral role in tire manufacturing, the surge in vehicle production, and the increasing emphasis on vehicle safety, serves as a significant factor propelling the global resorcinol market. With ongoing efforts to address environmental concerns and optimize production methods, resorcinol is poised to maintain its importance in the automotive industry for years to come.

 

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Key Market Challenges

Growth in Environmental Concerns

Resorcinol, a white crystalline compound with various applications across industries such as automotive and healthcare, is a subject of concern due to its production and disposal's environmental impact. The hazardous nature of resorcinol poses risks to aquatic life during its production and upon disposal, prompting the need for responsible handling.

The growing awareness of environmental protection has resulted in stricter regulations in many countries, affecting the manufacturing and disposal processes of chemicals like resorcinol. These regulations, while aimed at safeguarding the environment, may lead to increased production costs for companies operating in the resorcinol market. Consequently, the profitability of these companies may be impacted as they navigate compliance with the evolving regulatory landscape.

Moreover, as consumers become increasingly environmentally conscious, there is a rising preference for products made with eco-friendly alternatives. This shift in consumer behavior has the potential to drive down the demand for resorcinol-based products, which could have implications for the growth and viability of the resorcinol market.

Given these factors, it becomes crucial for industry players to proactively address the environmental concerns associated with resorcinol, explore sustainable alternatives, and adapt to changing market dynamics to ensure long-term success in the evolving landscape.

Key Market Trends

Rising Demand in Wood Adhesives

Resorcinol, a chemical compound widely used in the manufacturing of wood adhesives, plays a crucial role due to its exceptional bonding properties, durability, and resistance to environmental conditions. With its ability to create strong and long-lasting bonds, resorcinol is an essential component in the production of structural adhesives. These adhesives are vital in industries such as construction and furniture manufacturing, where reliable and high-quality bonding is required for various applications.

There are several factors contributing to the increasing demand for wood adhesives. One of them is the booming construction sector, which is experiencing a surge in demand for housing components and furniture. As these industries strive for excellence in their products, the need for high-quality wood adhesives for assembly becomes paramount. Therefore, the demand for wood adhesives is directly linked to the growth of the construction and furniture manufacturing sectors.

The rising demand for wood adhesives has a direct impact on the resorcinol market. As more industries rely on wood adhesives for their manufacturing processes, the requirement for resorcinol increases proportionally. This contributes to the overall growth of the global resorcinol market, which plays a vital role in meeting the demand for high-performance wood adhesives.

Moreover, the trend of using wood in construction and furniture manufacturing is expected to continue in the future. As sustainable and eco-friendly practices gain importance, wood emerges as a preferred material choice. This further drives the demand for wood adhesives and, consequently, resorcinol, as it remains an integral component in the production of reliable and durable wood bonding solutions.

In conclusion, the increasing demand for wood adhesives, driven by the boom in the construction sector and the growth of the global wood adhesives market, is a significant trend that positively impacts the global resorcinol market. With its exceptional properties, resorcinol continues to be a key ingredient in the development of high-performance wood adhesives that meet the stringent requirements of various industries.

Segmental Insights

Production Method Insights

Based on the category of production method, the Benzene Disulfonation segment emerged as the dominant player in the global market for Resorcinol in 2022. Several key factors contribute to the dominance of benzene disulfonation in the global resorcinol market. Firstly, the process offers significant economic advantages. In comparison to alternative methods, benzene disulfonation requires less complex machinery and a reduced number of steps, resulting in lower production costs. This cost-effectiveness makes it an attractive choice for manufacturers looking to optimize their operations and maximize profits.

Secondly, benzene disulfonation provides high production efficiency. Its streamlined process allows manufacturers to produce large quantities of resorcinol in a shorter timeframe, meeting the ever-growing demand in various industries. For instance, in the production of rubber products like tires, where resorcinol is a critical component, this efficiency ensures a steady supply to support the industry's needs.

Lastly, the quality of resorcinol produced through the benzene disulfonation process is consistently high. The precise control over reaction conditions and the purity of the raw materials used contribute to the exceptional quality of the final product. This ensures its effectiveness in a wide range of applications, from pharmaceuticals to cosmetics. The reliability and consistency of the resorcinol produced further enhance its appeal to manufacturers and end-users alike, solidifying its position as the preferred choice in the market.

In summary, the economic advantages, production efficiency, and consistent high quality of resorcinol produced through benzene disulfonation make it the leading method in the global resorcinol market. Its cost-effectiveness, ability to meet growing demand, and reliability continue to attract manufacturers across various industries.

End User Insights

The Automotive segment is projected to experience rapid growth during the forecast period. Resorcinol, a widely used chemical in tire manufacturing, finds its application in various sectors including automotive tires, bicycles, and aircraft. Its usage not only improves the overall processability of rubber compounds but also leads to an increase in both static and dynamic modulus of rubber. Moreover, resorcinol has no adverse effect on the vulcanization process of rubber and further enhances the adhesion of steel cord. These inherent advantages are expected to drive the demand for this segment over the upcoming years, contributing to its growth in the industry.

 

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Regional Insights

Asia Pacific emerged as the dominant player in the Global Resorcinol Market in 2022, holding the largest market share in terms of both value and volume. Asia Pacific is renowned for its rapid industrialization, with developing nations like China and India driving the growth. The region benefits from a youthful population and an increasing middle-class income, fueling the expansion of industrial trade and contributing to the surge in the number of vehicles.

In addition, government initiatives and reforms, including the implementation of the Goods and Services Tax (GST), are expected to further bolster the automotive and manufacturing sectors. Consequently, the flourishing automobile industry in the Asia Pacific region is anticipated to have a positive impact on the overall demand for resorcinol, specifically in the manufacturing of automobile tires. This demand is expected to continue to rise as the region's automotive industry thrives, emphasizing the significance of resorcinol in meeting the increasing demand for high-quality tires.

Recent Developments

  • In March 2019, Continental and Kordsa collaborated to develop a groundbreaking sustainable adhesive technology. This innovative technology, named 'Cokoon', is RF-free and specifically designed for bonding textile reinforcing materials with rubber compounds. With the aim to replace resorcinol and formaldehyde, Cokoon offers a more environmentally friendly solution.
  • Additionally, in September 2018, Jarocol introduced resorcinol-free products, namely Jarocol Royal Blue and Jarocol Rich Black, as part of their joint effort to provide alternative options for formulators seeking to replace resorcinol. These advancements in adhesive technology and product development highlight the industry's commitment to sustainability and meeting the evolving needs of formulators and manufacturers.

Key Market Players

  • Kraeber & Co. GmbH
  • Alfa Aesar China Ltd
  • Akrochem Corporation
  • Jiangsu Zhongdan Group Co., Ltd.
  • Dynea AS
  • Amino-Chem Co. Ltd.
  • Sumitomo Chemicals Co., Ltd.
  • Atul Ltd.
  • Isochem Kautschuk-GmbH
  • Shanghai Amino-Chem Co. Ltd

 By Production Method

By End User

By Region
  • Benzene Disulfonation
  • Hydroperoxidation of Meta-Diisopropylbenzene
  • Hydrolysis of Meta-Phenylenediamine
  • Building & Construction
  • Healthcare
  • Automotive
  • Electricals & Electronic
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Resorcinol Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Resorcinol Market, By Production Method:

o   Benzene Disulfonation

o   Hydroperoxidation of Meta-Diisopropylbenzene

o   Hydrolysis of Meta-Phenylenediamine

  • Resorcinol Market, By End User:

o   Building & Construction

o   Healthcare

o   Automotive

o   Electricals & Electronic

o   Others

  • Resorcinol Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Resorcinol Market.

Available Customizations:

Global Resorcinol Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

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Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Global Resorcinol Market Outlook

4.1.  Market Size & Forecast

4.1.1.    By Value & Volume

4.2.  Market Share & Forecast

4.2.1.    By Production Method (Benzene Disulfonation, Hydroperoxidation of Meta-Diisopropylbenzene, Hydrolysis of Meta-Phenylenediamine)

4.2.2.    By End User (Building & Construction, Healthcare, Automotive, Electricals & Electronic, Others)

4.2.3.    By Region

4.2.4.    By Company (2022)

4.3.  Market Map

4.3.1.    By Production Method

4.3.2.    By End User

4.3.3.    By Region

5.    Asia Pacific Resorcinol Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value & Volume

5.2.  Market Share & Forecast

5.2.1.    By Production Method

5.2.2.    By End User

5.2.3.    By Country

5.3.  Asia Pacific: Country Analysis

5.3.1.    China Resorcinol Market Outlook

5.3.1.1.        Market Size & Forecast

5.3.1.1.1.           By Value & Volume

5.3.1.2.        Market Share & Forecast

5.3.1.2.1.           By Production Method

5.3.1.2.2.           By End User

5.3.2.    India Resorcinol Market Outlook

5.3.2.1.        Market Size & Forecast

5.3.2.1.1.           By Value & Volume

5.3.2.2.        Market Share & Forecast

5.3.2.2.1.           By Production Method

5.3.2.2.2.           By End User

5.3.3.    Australia Resorcinol Market Outlook

5.3.3.1.        Market Size & Forecast

5.3.3.1.1.           By Value & Volume

5.3.3.2.        Market Share & Forecast

5.3.3.2.1.           By Production Method

5.3.3.2.2.           By End User

5.3.4.    Japan Resorcinol Market Outlook

5.3.4.1.        Market Size & Forecast

5.3.4.1.1.           By Value & Volume

5.3.4.2.        Market Share & Forecast

5.3.4.2.1.           By Production Method

5.3.4.2.2.           By End User

5.3.5.    South Korea Resorcinol Market Outlook

5.3.5.1.        Market Size & Forecast

5.3.5.1.1.           By Value & Volume

5.3.5.2.        Market Share & Forecast

5.3.5.2.1.           By Production Method

5.3.5.2.2.           By End User

6.    Europe Resorcinol Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Production Method

6.2.2.    By End User

6.2.3.    By Country

6.3.  Europe: Country Analysis

6.3.1.    France Resorcinol Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value & Volume

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Production Method

6.3.1.2.2.           By End User

6.3.2.    Germany Resorcinol Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value & Volume

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Production Method

6.3.2.2.2.           By End User

6.3.3.    Spain Resorcinol Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value & Volume

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Production Method

6.3.3.2.2.           By End User

6.3.4.    Italy Resorcinol Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.           By Value & Volume

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.           By Production Method

6.3.4.2.2.           By End User

6.3.5.    United Kingdom Resorcinol Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.           By Value & Volume

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.           By Production Method

6.3.5.2.2.           By End User

7.    North America Resorcinol Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Production Method

7.2.2.    By End User

7.2.3.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Resorcinol Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value & Volume

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Production Method

7.3.1.2.2.           By End User

7.3.2.    Mexico Resorcinol Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value & Volume

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Production Method

7.3.2.2.2.           By End User

7.3.3.    Canada Resorcinol Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value & Volume

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Production Method

7.3.3.2.2.           By End User

8.    South America Resorcinol Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Production Method

8.2.2.    By End User

8.2.3.    By Country

8.3.  South America: Country Analysis

8.3.1.    Brazil Resorcinol Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value & Volume

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Production Method

8.3.1.2.2.           By End User

8.3.2.    Argentina Resorcinol Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value & Volume

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Production Method

8.3.2.2.2.           By End User

8.3.3.    Colombia Resorcinol Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value & Volume

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Production Method

8.3.3.2.2.           By End User

9.    Middle East and Africa Resorcinol Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Production Method

9.2.2.    By End User

9.2.3.    By Country

9.3.  MEA: Country Analysis

9.3.1.    South Africa Resorcinol Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value & Volume

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Production Method

9.3.1.2.2.           By End User

9.3.2.    Saudi Arabia Resorcinol Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value & Volume

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Production Method

9.3.2.2.2.           By End User

9.3.3.    UAE Resorcinol Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value & Volume

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Production Method

9.3.3.2.2.           By End User

9.3.4.    Egypt Resorcinol Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value & Volume

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Production Method

9.3.4.2.2.           By End User

10. Market Dynamics

10.1.             Drivers

10.2.             Challenges

11. Market Trends & Developments

11.1.             Recent Developments

11.2.             Product Launches

11.3.             Mergers & Acquisitions

12. Global Resorcinol Market: SWOT Analysis

13. Porter’s Five Forces Analysis

13.1.             Competition in the Industry

13.2.             Potential of New Entrants

13.3.             Power of Suppliers

13.4.             Power of Customers

13.5.             Threat of Substitute Product

14. Competitive Landscape

14.1.       Kraeber & Co. GmbH

14.1.1.         Business Overview

14.1.2.          Company Snapshot

14.1.3.          Products & Services

14.1.4.          Current Capacity Analysis

14.1.5.          Financials (In case of listed)

14.1.6.          Recent Developments

14.1.7.          SWOT Analysis

14.2. Alfa Aesar China Ltd

14.3. Akrochem Corporation

14.4. Jiangsu Zhongdan Group Co., Ltd.

14.5. Dynea AS

14.6. Amino-Chem Co. Ltd.

14.7. Sumitomo Chemicals Co., Ltd.

14.8. Atul Ltd.

14.9. Isochem Kautschuk-GmbH

14.10.   Shanghai Amino-Chem Co. Ltd

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Resorcinol Market was estimated to be USD 488.65 million in 2022.

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The automotive segment demonstrated significant dominance in 2022. The automotive industry's dominance in the resorcinol market is driven by the growing demand for automobile tires.

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Asia Pacific dominated the market with a revenue share in 2022. Rapid industrialization, especially in India and China, greatly contributes to Asia Pacific's dominance in the resorcinol market.

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Growing demand of resorcinol in healthcare and automotive industries are the major drivers for the Global Resorcinol Market.

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Sakshi Bajaal

Business Consultant
Press Release

Resorcinol Market to Grow with a CAGR of 3.23% through 2028

Oct, 2023

Growing demand of resorcinol in electronic industry is expected to drive the Global Resorcinol Market growth in the forecast period, 2024-2028

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