The Europe tackifier market is expected to grow with a CAGR of 4.32%, over the forecast period of 2021 to 2028. The region’s market growth is principally attributable to key propellers, such as, the positive economic growth, the high construction output, and the rising demand across the consumer electronics, automotive, and construction industry.
The Europe tackifier market growth analysis includes the assessment of Russia, Belgium, Germany, Poland, the United Kingdom, Italy, France, and the rest of Europe. Germany leads Europe’s automotive market, with 41 assembly and engine production plants. Moreover, it contributes to over 33% of the region’s total automobile production. In 2018, the country’s automotive manufacturing registered a decline of over 9%. Yet, Germany represents around 30% of the total passenger car production, throughout Europe. In addition, about 21 of the world’s top-100 automotive suppliers are German enterprises.
On the other hand, the packaging industry in Russia has been witnessing remarkable growth, thereby fueling the demand for tackifiers in Europe. Moreover, the country’s food production and processing sector is among the key industries, on account of the constant, fast-paced life. As a result, this leads to a growing demand for products suitable for ready-to-go consumption. The longer shelf-life of packaged foods and their easy storage raises their appeal, especially among modern consumers. In addition, Russia’s demand for packaged products reached nearly 7.7%, accounting for 29 million metric tons, in 2020. Thus, these factors are set to reinforce the tackifier market in Europe, during the forecast years.
Some of the key companies operating in the market are, SI Group, Arkema SA, DRT (Les D?riv?s R?siniques et Terp?niques), etc.
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