The global hot-melt adhesives market is expected to register a moderate compound annual growth rate (CAGR) during the forecast period, 2018-2023, according to a report from Research and Markets offering. With increased emphasis on fuel efficiency and vehicular emission control, the reduction of vehicle body weight is reportedly gaining widespread importance throughout the world. According to the European Automobile Manufacturers Association, automotive production in Europe grew by 3.1% year over year (YOY) in 2017 over 2016, reaching a total of 22,161,107 vehicles. In 2017, the Indian automotive industry grew by 5.83%. Between fiscal year 2006-2017, the passenger vehicle segment witnessed the fastest growth, registering a CAGR of around 10%.
China's transport ministry and National Development and Reform Commission have planned to invest $724 billion during the period 2016-2018 to construct 303 key transportation projects, including railways, highways, waterways, airports, and urban rail. Under the 13th five-year plan, the Chinese government is planning for infrastructure development of 30,000 km of railway lines and 30,000 km of expressways. The production of light vehicles in China recorded a growth of 1.6% YOY and reached a total of 24,806,687 units in 2017. The production of trucks in China recorded a growth of 28.5% YOY and reached a total of 2,257,562 units in 2017.
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