The global market for fixed income exchange traded funds will likely grow to more than $2 trillion in assets over the next decade, compared with $302 billion today, according to a new report by iShares.

Over the same period, the US fixed income ETF category will likely grow to $1.4 trillion in assets, compared with $222 billion today.

So what’s going to fuel the market’s growth? According to the report’s authors Matthew Tucker, Head of iShares Fixed Income Strategy, and Jennifer Grancio, Head of iShares Global Business Development, changing demographics in the US and abroad are going to result in more and more investors seeking income-producing investments. Also, the evolution of global bond markets continue to evolve will increase the investment opportunity set for investors.

The pair also wrote that despite all the growth of the last ten years, the ETF market is still tiny compared to the individual bond and mutual fund markets. “Fixed income ETFs are only about 5% of the size of fixed income mutual funds. Even if the amount of assets in fixed income portfolios remained flat, ETFs assets still have room to grow as more and more investors may discover them and shift away from traditional mutual funds and individual bonds.”