Ultra-high Purity Aluminum Sputtering Target for FPD Market Size(US$)

CAGR 2026-2032
2.9%
Market Size,2032
USD 143
Million
Market Snapshot
Source: Secondary research, interviews with experts, and QYResearch analysis
The global Ultra-high Purity Aluminum Sputtering Target for FPD market size was US$ 111 million in 2025 and is forecast to reach a readjusted size of US$ 143 million by 2032 with a CAGR of 2.9% during the forecast period 2026-2032.
Ultra-high Purity Aluminum Sputtering Target for FPD refers to an aluminum-based sputtering target made from high-purity or ultra-high-purity aluminum as the core raw material through melting and refining, ingot casting, forging or rolling, heat treatment, precision machining, bonding, cleaning, and inspection processes, and specifically used in the thin-film deposition process during flat panel display manufacturing. This product is used in LCD and OLED panels for forming metal conductive layers, reflective layers, electrode layers, wiring layers, or related functional films. It requires high purity, controlled grain structure, uniform composition, low particle generation, low defect levels, stable sputtering performance, and strong batch-to-batch consistency, making it one of the key materials in vacuum coating processes for display panels. In 2025, global production of Ultra-high Purity Aluminum Sputtering Targets for FPD reached 2,099.55 tons, with an average selling price of USD 53.02 per kilogram.
Ultra-high Purity Aluminum Sputtering Targets for FPD are key vacuum coating materials used in LCD and OLED panel manufacturing, mainly for forming metal conductive layers, reflective layers, electrode layers, wiring layers, and related functional films. Industry demand is closely related to LCD and OLED panel input area, production line utilization rates, panel size structure, OLED penetration growth, and panel makers’ requirements for process stability. LCD applications are mainly characterized by mature mass production and cost control, with large demand but high price sensitivity. OLED applications have higher requirements for target purity, particle control, defect control, sputtering stability, and batch-to-batch consistency, resulting in higher qualification barriers and higher product added value.
In terms of product structure, Ultra-high Purity Aluminum Sputtering Targets for FPD can be classified by structural form into planar aluminum targets and rotary aluminum targets. Planar aluminum targets are more widely used in PVD coating equipment for LCD and OLED panels, as they are compatible with mature processes and multiple types of coating equipment. Rotary aluminum targets offer higher material utilization and are mainly used in certain large-area and continuous coating scenarios. By purity grade, these products are generally dominated by 5N high-purity aluminum targets, which can meet the requirements of mainstream LCD and most OLED panel processes. For high-end OLED products, especially processes with stricter requirements for low particles, low defects, and long-term stability, 5N5 aluminum targets and products with higher control standards may be used.
From a regional perspective, Mainland China has become the most concentrated demand market for ultra-high purity aluminum sputtering targets used in LCD panels, driven mainly by LCD capacity concentration, large-scale operation of high-generation panel lines, and the improvement of local supply chain support capabilities. South Korea, Japan, and Taiwan still have strong influence in OLED panel manufacturing, high-end material qualification, and applications requiring higher process stability. On the supply side, the market features the coexistence of leading international material companies and Chinese local target suppliers. International suppliers still have advantages in high-purity aluminum raw material control, grain structure stability, long-term batch consistency, and high-end OLED customer qualification, while Chinese companies continue to strengthen their competitiveness in LCD standard products, local delivery, bonding services, cost control, and rapid response.
In terms of the industry chain, the upstream segment mainly includes 5N and 5N5 high-purity aluminum raw materials, backing plate materials, bonding materials, precision machining consumables, and cleaning and inspection equipment. The midstream segment covers target blank preparation, forging or rolling, heat treatment, grain structure control, precision machining, bonding, cleaning, particle inspection, and quality verification. The downstream segment consists of PVD coating lines at LCD and OLED panel makers. In the cost structure, high-purity aluminum raw materials account for a relatively high share, while backing plates, bonding, precision machining, cleaning and inspection, yield loss, and customer qualification expenses are also important cost items. On the manufacturing side, companies usually adopt a model combining batch material preparation with order-based precision machining. A typical single production line has annual capacity of 80 to 200 tons, while mature lines with automated machining, bonding, and inspection capabilities can reach 200 to 300 tons per year. Industry gross margins are generally 25% to 40%. LCD standard products have relatively lower gross margins due to price competition, while 5N5 products for OLED, especially high-end OLED applications, have relatively higher gross margins.
Overall, the Ultra-high Purity Aluminum Sputtering Target for FPD industry is shifting from simple material supply competition toward integrated capability competition involving high-purity raw material control, target microstructure control, bonding services, customer qualification, and localized delivery. In the LCD segment, the core competitive factors are cost, delivery stability, and large-volume consistency. In the OLED segment, the core competitive factors are low particles, low defects, high purity, high stability, and long-term customer qualification. Future industry growth will mainly come from increasing OLED panel penetration and process upgrades in high-end OLED, while the LCD segment will mainly focus on stock replacement, supply chain localization, and cost optimization.
The global Ultra-high Purity Aluminum Sputtering Target for FPD market is strategically segmented by company, region (country), by Type, and by Application. This report empowers stakeholders to capitalize on emerging opportunities, optimize product strategies, and outperform competitors through data-driven insights on sales, revenue, and forecasts across regions, by Type, and by Application for 2021-2032.
Market Segmentation
Chapter Outline
Chapter 1: Report scope, segment-level executive summary (by Type, by Application) and market evolution across the short, mid and long term
Chapter 2: Quantitative analysis of Ultra-high Purity Aluminum Sputtering Target for FPD sales and revenue at global, regional, and country levels, highlighting market size and growth potential by region
Chapter 3: Competitive landscape of Ultra-high Purity Aluminum Sputtering Target for FPD manufacturers (sales, revenue, pricing, market share, industry rankings, and M&A / expansion plans)
Chapter 4: by Type-based segmentation analysis (sales, revenue, pricing, and growth potential) to identify blue-ocean product segments
Chapter 5: by Application-based segmentation analysis (sales, revenue, pricing, and growth potential) to uncover high-value downstream markets
Chapter 6: Regional breakdown by company, customer, by Type and by Application (sales, revenue, and pricing for each segment)
Chapter 7: Key manufacturer profiles –company overview, Ultra-high Purity Aluminum Sputtering Target for FPD product descriptions and specifications, revenue, gross margins, and recent developments
Chapter 8: Industry chain analysis – upstream raw materials, manufacturing links, and downstream application sectors
Chapter 9: Sales channels and distributor analysis – routes to market and key customer interfaces
Chapter 10: Market dynamics – trends, drivers, restraints, risks for manufacturers, and the impact of relevant industry policies
Chapter 11: Key findings, main takeaways, and overall conclusions of the report.
Why This Report?
Unlike generic global market reports, this study combines macro-level industry trends with hyper-local operational intelligence, empowering data-driven decisions across the Ultra-high Purity Aluminum Sputtering Target for FPD value chain, addressing:
- Market entry risks/opportunities by region
- Product mix optimization based on local practices
- Competitor tactics in fragmented vs. consolidated markets
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Table of Contents
1 Market Overview
1.1 Ultra-high Purity Aluminum Sputtering Target for FPD Product Scope
1.2 Ultra-high Purity Aluminum Sputtering Target for FPD by Type
1.2.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Type (2021, 2025 & 2032)
1.2.2 5N
1.2.3 5N5
1.3 Ultra-high Purity Aluminum Sputtering Target for FPD by Application
1.3.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales Comparison by Application (2021, 2025 & 2032)
1.3.2 LCD
1.3.3 OLED
1.4 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Estimates and Forecasts (2021-2032)
1.4.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Size (Value) and Growth Rate (2021-2032)
1.4.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Size (Volume) and Growth Rate (2021-2032)
1.4.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Price Trends (2021-2032)
1.5 Assumptions and Limitations
2 Market Size and Prospects by Region
2.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Size by Region: 2021 VS 2025 VS 2032
2.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Historical Market Scenario by Region (2021-2026)
2.2.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales Market Share by Region (2021-2026)
2.2.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Revenue Market Share by Region (2021-2026)
2.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Estimates and Forecasts by Region (2027-2032)
2.3.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales Estimates and Forecasts by Region (2027-2032)
2.3.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Revenue Forecast by Region (2027-2032)
2.4 Major Regions and Emerging Market Analysis
2.4.1 North America Ultra-high Purity Aluminum Sputtering Target for FPD Market Size and Prospects (2021-2032)
2.4.2 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Market Size and Prospects (2021-2032)
2.4.3 China Ultra-high Purity Aluminum Sputtering Target for FPD Market Size and Prospects (2021-2032)
2.4.4 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Market Size and Prospects (2021-2032)
2.4.5 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Market Size and Prospects (2021-2032)
2.4.6 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Market Size and Prospects (2021-2032)
3 Global Market Size by Type
3.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Historical Market Review by Type (2021-2026)
3.1.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Type (2021-2026)
3.1.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Type (2021-2026)
3.1.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Average Price by Type (2021-2026)
3.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Estimates and Forecasts by Type (2027-2032)
3.2.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales Forecast by Type (2027-2032)
3.2.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Revenue Forecast by Type (2027-2032)
3.2.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Price Forecast by Type (2027-2032)
3.3 Representative Players for Different Types of Ultra-high Purity Aluminum Sputtering Target for FPD
4 Global Market Size by Application
4.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Historical Market Review by Application (2021-2026)
4.1.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Application (2021-2026)
4.1.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Application (2021-2026)
4.1.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Average Price by Application (2021-2026)
4.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Estimates and Forecasts by Application (2027-2032)
4.2.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales Forecast by Application (2027-2032)
4.2.2 Global Ultra-high Purity Aluminum Sputtering Target for FPD Revenue Forecast by Application (2027-2032)
4.2.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Price Forecast by Application (2027-2032)
4.3 New Sources of Growth in Ultra-high Purity Aluminum Sputtering Target for FPD Applications
5 Competition Landscape by Players
5.1 Global Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Player (2021-2026)
5.2 Global Top Ultra-high Purity Aluminum Sputtering Target for FPD Players by Revenue (2021-2026)
5.3 Global Ultra-high Purity Aluminum Sputtering Target for FPD Market Share by Company Type (Tier 1, Tier 2, and Tier 3), based on Ultra-high Purity Aluminum Sputtering Target for FPD revenue as of 2025
5.4 Global Ultra-high Purity Aluminum Sputtering Target for FPD Average Price by Company (2021-2026)
5.5 Global Key Manufacturers of Ultra-high Purity Aluminum Sputtering Target for FPD, Manufacturing Sites & Headquarters
5.6 Global Key Manufacturers of Ultra-high Purity Aluminum Sputtering Target for FPD, Product Type & Application
5.7 Global Key Manufacturers of Ultra-high Purity Aluminum Sputtering Target for FPD, Date of Entry into This Industry
5.8 Manufacturers Mergers & Acquisitions, Expansion Plans
6 Regional Analysis
6.1 North America Market: Players, Segments, Downstream and Major Customers
6.1.1 North America Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company
6.1.1.1 North America Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company (2021-2026)
6.1.1.2 North America Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Company (2021-2026)
6.1.2 North America Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Type (2021-2026)
6.1.3 North America Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Application (2021-2026)
6.1.4 North America Ultra-high Purity Aluminum Sputtering Target for FPD Major Customers
6.1.5 North America Market Trends and Opportunities
6.2 Europe Market: Players, Segments, Downstream and Major Customers
6.2.1 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company
6.2.1.1 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company (2021-2026)
6.2.1.2 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Company (2021-2026)
6.2.2 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Type (2021-2026)
6.2.3 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Application (2021-2026)
6.2.4 Europe Ultra-high Purity Aluminum Sputtering Target for FPD Major Customers
6.2.5 Europe Market Trends and Opportunities
6.3 China Market: Players, Segments, Downstream and Major Customers
6.3.1 China Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company
6.3.1.1 China Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company (2021-2026)
6.3.1.2 China Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Company (2021-2026)
6.3.2 China Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Type (2021-2026)
6.3.3 China Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Application (2021-2026)
6.3.4 China Ultra-high Purity Aluminum Sputtering Target for FPD Major Customers
6.3.5 China Market Trends and Opportunities
6.4 Japan Market: Players, Segments, Downstream and Major Customers
6.4.1 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company
6.4.1.1 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company (2021-2026)
6.4.1.2 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Company (2021-2026)
6.4.2 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Type (2021-2026)
6.4.3 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Application (2021-2026)
6.4.4 Japan Ultra-high Purity Aluminum Sputtering Target for FPD Major Customers
6.4.5 Japan Market Trends and Opportunities
6.5 South Korea Market: Players, Segments, Downstream and Major Customers
6.5.1 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company
6.5.1.1 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company (2021-2026)
6.5.1.2 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Company (2021-2026)
6.5.2 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Type (2021-2026)
6.5.3 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Application (2021-2026)
6.5.4 South Korea Ultra-high Purity Aluminum Sputtering Target for FPD Major Customers
6.5.5 South Korea Market Trends and Opportunities
6.6 China Taiwan Market: Players, Segments, Downstream and Major Customers
6.6.1 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company
6.6.1.1 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Sales by Company (2021-2026)
6.6.1.2 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Revenue by Company (2021-2026)
6.6.2 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Type (2021-2026)
6.6.3 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Sales Breakdown by Application (2021-2026)
6.6.4 China Taiwan Ultra-high Purity Aluminum Sputtering Target for FPD Major Customers
6.6.5 China Taiwan Market Trends and Opportunities
7 Company Profiles and Key Figures
7.1 Sumitomo Chemical
7.1.1 Sumitomo Chemical Company Information
7.1.2 Sumitomo Chemical Business Overview
7.1.3 Sumitomo Chemical Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.1.4 Sumitomo Chemical Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.1.5 Sumitomo Chemical Recent Development
7.2 Konfoong Materials International
7.2.1 Konfoong Materials International Company Information
7.2.2 Konfoong Materials International Business Overview
7.2.3 Konfoong Materials International Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.2.4 Konfoong Materials International Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.2.5 Konfoong Materials International Recent Development
7.3 Linde
7.3.1 Linde Company Information
7.3.2 Linde Business Overview
7.3.3 Linde Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.3.4 Linde Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.3.5 Linde Recent Development
7.4 YMC
7.4.1 YMC Company Information
7.4.2 YMC Business Overview
7.4.3 YMC Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.4.4 YMC Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.4.5 YMC Recent Development
7.5 Comet
7.5.1 Comet Company Information
7.5.2 Comet Business Overview
7.5.3 Comet Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.5.4 Comet Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.5.5 Comet Recent Development
7.6 Omat Advanced Materials
7.6.1 Omat Advanced Materials Company Information
7.6.2 Omat Advanced Materials Business Overview
7.6.3 Omat Advanced Materials Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.6.4 Omat Advanced Materials Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.6.5 Omat Advanced Materials Recent Development
7.7 Advantec
7.7.1 Advantec Company Information
7.7.2 Advantec Business Overview
7.7.3 Advantec Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.7.4 Advantec Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.7.5 Advantec Recent Development
7.8 Umicore
7.8.1 Umicore Company Information
7.8.2 Umicore Business Overview
7.8.3 Umicore Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.8.4 Umicore Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.8.5 Umicore Recent Development
7.9 Thintech Materials Technology
7.9.1 Thintech Materials Technology Company Information
7.9.2 Thintech Materials Technology Business Overview
7.9.3 Thintech Materials Technology Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.9.4 Thintech Materials Technology Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.9.5 Thintech Materials Technology Recent Development
7.10 Fujian Acetron New Materials
7.10.1 Fujian Acetron New Materials Company Information
7.10.2 Fujian Acetron New Materials Business Overview
7.10.3 Fujian Acetron New Materials Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.10.4 Fujian Acetron New Materials Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.10.5 Fujian Acetron New Materials Recent Development
7.11 Angstrom Sciences
7.11.1 Angstrom Sciences Company Information
7.11.2 Angstrom Sciences Business Overview
7.11.3 Angstrom Sciences Ultra-high Purity Aluminum Sputtering Target for FPD Sales, Revenue and Gross Margin (2021-2026)
7.11.4 Angstrom Sciences Ultra-high Purity Aluminum Sputtering Target for FPD Products Offered
7.11.5 Angstrom Sciences Recent Development
8 Ultra-high Purity Aluminum Sputtering Target for FPD Manufacturing Cost Analysis
8.1 Ultra-high Purity Aluminum Sputtering Target for FPD Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Key Suppliers of Raw Materials
8.2 Manufacturing Cost Structure
8.3 Manufacturing Process Analysis of Ultra-high Purity Aluminum Sputtering Target for FPD
8.4 Ultra-high Purity Aluminum Sputtering Target for FPD Industrial Chain Analysis
9 Marketing Channels, Distributors and Customers
9.1 Marketing Channels
9.2 Ultra-high Purity Aluminum Sputtering Target for FPD Distributors List
9.3 Ultra-high Purity Aluminum Sputtering Target for FPD Customers
10 Ultra-high Purity Aluminum Sputtering Target for FPD Market Dynamics
10.1 Ultra-high Purity Aluminum Sputtering Target for FPD Industry Trends
10.2 Ultra-high Purity Aluminum Sputtering Target for FPD Market Drivers
10.3 Ultra-high Purity Aluminum Sputtering Target for FPD Market Challenges
10.4 Ultra-high Purity Aluminum Sputtering Target for FPD Market Restraints
11 Research Findings and Conclusion
12 Appendix
12.1 Research Methodology
12.1.1 Methodology/Research Approach
12.1.1.1 Research Programs/Design
12.1.1.2 Market Size Estimation
12.1.1.3 Market Breakdown and Data Triangulation
12.1.2 Data Source
12.1.2.1 Secondary Sources
12.1.2.2 Primary Sources
12.2 Author Details
12.3 Disclaimer
Table of Figures
List of Tables
List of Figures
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The global Ultra-high Purity Aluminum Sputtering Target for FPD market is projected to grow from US$ 111 million in 2025 to US$ 143 million by 2032, at a CAGR of 2.9% (2026-2032), driven by critical product segments and diverse end‑use applications, while evolving U.S. tariff policies introduce trade‑cost volatility and supply‑chain uncertainty.
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The global market for Ultra-high Purity Aluminum Sputtering Target for FPD was estimated to be worth US$ 111 million in 2025 and is projected to reach US$ 143 million, growing at a CAGR of 2.9% from 2026 to 2032.
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