Economic environment and market position
The economic environment for the Adhesive Technologies business unit was characterized by moderate growth in our relevant markets, which was in many instances lower than initially forecasted. The effects were felt mainly in the emerging markets outside Europe, and in the markets of Western Europe and North America. Trends in important industrial markets such as those in the automotive and electronics industries were subdued. Private consumption remained largely stable. Global market growth was again driven by positive development overall in the emerging markets. The highest rate of growth was seen in Asia (excluding Japan). The markets in Western Europe and the mature markets of the Asia-Pacific region declined slightly. The markets of North America showed a moderate increase.
Overall, we were able to further extend our leading market position in 2013.