Key Insights
The Europe, Middle East, and Africa (EMEA) hot-melt adhesives market is poised for significant expansion, driven by robust demand across key industries. The market is projected to reach $15.5 billion by 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 5.7%. Key growth catalysts include the burgeoning construction and packaging sectors, the increasing adoption of advanced adhesive technologies, and a rising preference for sustainable, eco-friendly solutions. The building and construction industry's expansion, fueled by infrastructure development, and the packaging industry's growth, driven by e-commerce, are primary contributors. While Western Europe demonstrates higher market penetration, Sub-Saharan Africa presents substantial long-term growth opportunities due to rapid industrialization and urbanization. Ethylene vinyl acetate and styrenic-butadiene copolymers dominate resin-based segments, with a growing trend towards bio-based and recyclable adhesives driven by environmental consciousness.
Europe, Middle-East and Africa Hot-melt Adhesives Market Market Size (In Billion)
Market challenges include fluctuating raw material prices and stringent environmental regulations concerning VOC emissions. These factors necessitate innovation in compliant adhesive formulations, creating opportunities for sustainable solutions. Despite these restraints, the EMEA hot-melt adhesives market outlook remains exceptionally strong, propelled by expanding end-use sectors, technological advancements, and a sustained emphasis on sustainability. The growth of thermoplastic polyurethane (TPU) based hot melts, valued for their superior performance in demanding applications, is expected to further enhance market expansion.
Europe, Middle-East and Africa Hot-melt Adhesives Market Company Market Share
Europe, Middle East & Africa Hot-Melt Adhesives Market: A Comprehensive Report (2019-2033)
This comprehensive report provides an in-depth analysis of the Europe, Middle East & Africa (EMEA) hot-melt adhesives market, offering invaluable insights for businesses operating within this dynamic sector. The report covers the period from 2019 to 2033, with 2025 serving as the base year and the forecast period spanning 2025-2033. The historical period analyzed is 2019-2024. Key market segments, competitive dynamics, and growth drivers are meticulously examined to provide a holistic understanding of the EMEA hot-melt adhesives landscape.
Europe, Middle-East and Africa Hot-melt Adhesives Market Market Structure & Competitive Dynamics
The EMEA hot-melt adhesives market exhibits a moderately consolidated structure, with several major players commanding significant market share. Market concentration is influenced by factors such as economies of scale, technological advancements, and brand recognition. The competitive landscape is characterized by intense rivalry, with companies focusing on innovation, product differentiation, and strategic partnerships to maintain a competitive edge. Innovation ecosystems are robust, driven by research and development investments from both established players and emerging companies. Regulatory frameworks vary across EMEA regions, influencing product formulations and market access. The market witnesses continuous evolution with product substitutions driven by advancements in material science and sustainability concerns. End-user trends in construction, packaging, and transportation significantly shape market demand. M&A activities are moderately active, with deal values varying depending on target company size and market conditions. Several major acquisitions have reshaped the competitive landscape over the past five years, primarily driven by the need for portfolio expansion and technological integration.
- Market Share (2024 Estimate): Top 5 players hold approximately xx% market share.
- M&A Activity (2019-2024): xx deals with a total estimated value of xx Million.
- Key Competitive Strategies: Product diversification, geographic expansion, strategic partnerships, and technological innovation.
Europe, Middle-East and Africa Hot-melt Adhesives Market Industry Trends & Insights
The EMEA hot-melt adhesives market is experiencing robust growth, driven by increasing demand from key end-user industries such as building and construction, packaging, and transportation. This growth is further fueled by technological advancements leading to the development of more efficient and sustainable hot-melt adhesives. Consumer preference for eco-friendly and high-performance products is influencing the adoption of bio-based and recyclable hot-melt adhesives. The market is also witnessing significant technological disruptions in the form of automation in adhesive application and advanced material science leading to enhanced product properties. Competitive dynamics are intensifying, with companies investing heavily in R&D and exploring innovative distribution channels to gain a competitive advantage. The market's compound annual growth rate (CAGR) from 2025 to 2033 is projected to be xx%, with market penetration driven by the adoption of innovative applications and growing demand in emerging economies within the EMEA region. Price competitiveness and regulatory changes remain significant influencing factors.
Dominant Markets & Segments in Europe, Middle-East and Africa Hot-melt Adhesives Market
The building and construction sector accounts for the largest share of the EMEA hot-melt adhesives market, followed by the paper, board, and packaging industry. Within resin types, ethylene vinyl acetate (EVA) holds a dominant position, driven by its versatility and cost-effectiveness. Germany and France are leading national markets within Europe, while South Africa and Egypt are key markets in Africa. The Middle East shows strong potential for growth due to infrastructure development projects.
Key Drivers by Segment:
- Building & Construction: Growing infrastructure investments, government initiatives to promote sustainable construction, urbanization, and rising disposable incomes.
- Paper, Board & Packaging: E-commerce boom increasing demand for packaging materials, stringent packaging regulations, and advancements in packaging technologies.
- Woodworking & Joinery: Demand for furniture and wood products, growth in the construction industry, and adoption of advanced woodworking techniques.
- EVA Resin: Cost-effectiveness, versatility, and suitability for a wide range of applications.
- Styrenic-butadiene Copolymers: Excellent adhesion properties and good flexibility.
Dominance Analysis: The dominance of EVA within resin types is rooted in its balance of properties and cost effectiveness making it widely applicable across end-use sectors. The dominance of the Building and Construction segment is propelled by the consistent demand in this sector.
Europe, Middle-East and Africa Hot-melt Adhesives Market Product Innovations
Recent innovations in hot-melt adhesives focus on enhanced performance characteristics, such as improved adhesion strength, increased heat resistance, and better environmental compatibility. Manufacturers are introducing bio-based hot-melt adhesives to meet growing sustainability concerns. The integration of nanotechnology into hot-melt adhesive formulations is improving their performance and expanding their applications. These developments are creating opportunities for product differentiation and expanding market penetration across various sectors. The incorporation of smart technologies is further tailoring the adhesive for specific use-cases, leading to better performance metrics.
Report Segmentation & Scope
This report segments the EMEA hot-melt adhesives market based on resin type (Ethylene Vinyl Acetate, Styrenic-butadiene Copolymers, Thermoplastic Polyurethane, Other Resin Types) and end-user industry (Building and Construction, Paper, Board, and Packaging, Woodworking and Joinery, Transportation, Footwear and Leather, Healthcare, Electronics, Other End-user Industries). Each segment is analyzed individually to provide a detailed understanding of its size, growth potential, and competitive dynamics. Growth projections for each segment are provided for the forecast period (2025-2033). Detailed market sizes are included for the base year (2025) and projections for all forecast years. The competitive landscape of each segment is thoroughly evaluated.
Key Drivers of Europe, Middle-East and Africa Hot-melt Adhesives Market Growth
The EMEA hot-melt adhesives market is propelled by several key drivers. Increased construction activities across the region are boosting demand for hot-melt adhesives in the building and construction sector. The growth of the packaging industry, particularly due to e-commerce, is driving demand for hot-melt adhesives used in packaging applications. Technological advancements, including the development of more environmentally friendly and high-performance adhesives, are expanding the market. Government regulations promoting sustainable manufacturing practices are also influencing the demand for eco-friendly options.
Challenges in the Europe, Middle-East and Africa Hot-melt Adhesives Market Sector
The EMEA hot-melt adhesives market faces several challenges. Fluctuations in raw material prices directly impact production costs and profitability. Stringent environmental regulations necessitate the adoption of eco-friendly formulations, which can increase production costs. Intense competition among manufacturers necessitates continuous innovation and cost optimization to retain market share. Supply chain disruptions due to geopolitical events can lead to delays and shortages in raw materials and finished products.
Leading Players in the Europe, Middle-East and Africa Hot-melt Adhesives Market Market
- Huntsman Corporation LLC
- Henkel AG & Co KGaA
- Mapei Spa
- Pidilite Industries Ltd
- 3M
- Master Bond Inc
- Alfa International Corporation
- Paramelt BV
- Ashland
- Arkema Group
- Dow
- H B Fuller Company
- Jowat
- Sika AG
- Hexcel Corporation
- Mactac
Key Developments in Europe, Middle-East and Africa Hot-melt Adhesives Market Sector
- January 2023: Company X launches a new bio-based hot-melt adhesive.
- May 2022: Company Y acquires Company Z, expanding its product portfolio.
- October 2021: New regulations on VOC emissions come into effect in the EU.
- March 2020: Supply chain disruptions caused by the COVID-19 pandemic impact hot-melt adhesive production.
- Note: Further developments will be included in the final report.
Strategic Europe, Middle-East and Africa Hot-melt Adhesives Market Market Outlook
The EMEA hot-melt adhesives market is poised for sustained growth, driven by continued urbanization, infrastructure development, and the rising demand for eco-friendly packaging and construction materials. Strategic opportunities exist for companies that can invest in research and development to produce innovative and sustainable hot-melt adhesives. Companies that can effectively manage their supply chains and adapt to evolving regulatory landscapes will be well-positioned to capitalize on market growth. Expansion into emerging markets within the EMEA region offers significant potential for growth.
Europe, Middle-East and Africa Hot-melt Adhesives Market Segmentation
-
1. Resin Type
- 1.1. Ethylene Vinyl Acetate
- 1.2. Styrenic-butadiene Copolymers
- 1.3. Thermoplastic Polyurethane
- 1.4. Other Resin Types
-
2. End-user Industry
- 2.1. Building and Construction
- 2.2. Paper, Board, and Packaging
- 2.3. Woodworking and Joinery
- 2.4. Transportation
- 2.5. Footwear and Leather
- 2.6. Healthcare
- 2.7. Electronics
- 2.8. Other End-user Industries
Europe, Middle-East and Africa Hot-melt Adhesives Market Segmentation By Geography
-
1. Europe
- 1.1. Germany
- 1.2. United Kingdom
- 1.3. France
- 1.4. Italy
- 1.5. Spain
- 1.6. Rest of Europe
-
2. Middle East and Africa
- 2.1. Saudi Arabia
- 2.2. South Africa
- 2.3. United Arab Emirates
- 2.4. Rest of Middle East and Africa
Europe, Middle-East and Africa Hot-melt Adhesives Market Regional Market Share
Geographic Coverage of Europe, Middle-East and Africa Hot-melt Adhesives Market
Europe, Middle-East and Africa Hot-melt Adhesives Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 5.7% from 2020-2034 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. ; Increasing Demand from the Packaging Industry; Rising Environmental Concerns Regarding Solvent-borne Adhesives
- 3.3. Market Restrains
- 3.3.1. ; Volatility in the Availability and Price of Raw Material Forcing Internal Substitution; Other Restraints
- 3.4. Market Trends
- 3.4.1 Rising Demand from Paper
- 3.4.2 Board and Packaging Industry
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Europe, Middle-East and Africa Hot-melt Adhesives Market Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Resin Type
- 5.1.1. Ethylene Vinyl Acetate
- 5.1.2. Styrenic-butadiene Copolymers
- 5.1.3. Thermoplastic Polyurethane
- 5.1.4. Other Resin Types
- 5.2. Market Analysis, Insights and Forecast - by End-user Industry
- 5.2.1. Building and Construction
- 5.2.2. Paper, Board, and Packaging
- 5.2.3. Woodworking and Joinery
- 5.2.4. Transportation
- 5.2.5. Footwear and Leather
- 5.2.6. Healthcare
- 5.2.7. Electronics
- 5.2.8. Other End-user Industries
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1. Europe
- 5.3.2. Middle East and Africa
- 5.1. Market Analysis, Insights and Forecast - by Resin Type
- 6. Europe Europe, Middle-East and Africa Hot-melt Adhesives Market Analysis, Insights and Forecast, 2020-2032
- 6.1. Market Analysis, Insights and Forecast - by Resin Type
- 6.1.1. Ethylene Vinyl Acetate
- 6.1.2. Styrenic-butadiene Copolymers
- 6.1.3. Thermoplastic Polyurethane
- 6.1.4. Other Resin Types
- 6.2. Market Analysis, Insights and Forecast - by End-user Industry
- 6.2.1. Building and Construction
- 6.2.2. Paper, Board, and Packaging
- 6.2.3. Woodworking and Joinery
- 6.2.4. Transportation
- 6.2.5. Footwear and Leather
- 6.2.6. Healthcare
- 6.2.7. Electronics
- 6.2.8. Other End-user Industries
- 6.1. Market Analysis, Insights and Forecast - by Resin Type
- 7. Middle East and Africa Europe, Middle-East and Africa Hot-melt Adhesives Market Analysis, Insights and Forecast, 2020-2032
- 7.1. Market Analysis, Insights and Forecast - by Resin Type
- 7.1.1. Ethylene Vinyl Acetate
- 7.1.2. Styrenic-butadiene Copolymers
- 7.1.3. Thermoplastic Polyurethane
- 7.1.4. Other Resin Types
- 7.2. Market Analysis, Insights and Forecast - by End-user Industry
- 7.2.1. Building and Construction
- 7.2.2. Paper, Board, and Packaging
- 7.2.3. Woodworking and Joinery
- 7.2.4. Transportation
- 7.2.5. Footwear and Leather
- 7.2.6. Healthcare
- 7.2.7. Electronics
- 7.2.8. Other End-user Industries
- 7.1. Market Analysis, Insights and Forecast - by Resin Type
- 8. Competitive Analysis
- 8.1. Market Share Analysis 2025
- 8.2. Company Profiles
- 8.2.1 Huntsman Corporation LLC
- 8.2.1.1. Overview
- 8.2.1.2. Products
- 8.2.1.3. SWOT Analysis
- 8.2.1.4. Recent Developments
- 8.2.1.5. Financials (Based on Availability)
- 8.2.2 Henkel AG & Co KGaA
- 8.2.2.1. Overview
- 8.2.2.2. Products
- 8.2.2.3. SWOT Analysis
- 8.2.2.4. Recent Developments
- 8.2.2.5. Financials (Based on Availability)
- 8.2.3 Mapei Spa
- 8.2.3.1. Overview
- 8.2.3.2. Products
- 8.2.3.3. SWOT Analysis
- 8.2.3.4. Recent Developments
- 8.2.3.5. Financials (Based on Availability)
- 8.2.4 Pidilite Industries Ltd
- 8.2.4.1. Overview
- 8.2.4.2. Products
- 8.2.4.3. SWOT Analysis
- 8.2.4.4. Recent Developments
- 8.2.4.5. Financials (Based on Availability)
- 8.2.5 3M
- 8.2.5.1. Overview
- 8.2.5.2. Products
- 8.2.5.3. SWOT Analysis
- 8.2.5.4. Recent Developments
- 8.2.5.5. Financials (Based on Availability)
- 8.2.6 Master Bond Inc
- 8.2.6.1. Overview
- 8.2.6.2. Products
- 8.2.6.3. SWOT Analysis
- 8.2.6.4. Recent Developments
- 8.2.6.5. Financials (Based on Availability)
- 8.2.7 Alfa International Corporation
- 8.2.7.1. Overview
- 8.2.7.2. Products
- 8.2.7.3. SWOT Analysis
- 8.2.7.4. Recent Developments
- 8.2.7.5. Financials (Based on Availability)
- 8.2.8 Paramelt BV
- 8.2.8.1. Overview
- 8.2.8.2. Products
- 8.2.8.3. SWOT Analysis
- 8.2.8.4. Recent Developments
- 8.2.8.5. Financials (Based on Availability)
- 8.2.9 Ashland
- 8.2.9.1. Overview
- 8.2.9.2. Products
- 8.2.9.3. SWOT Analysis
- 8.2.9.4. Recent Developments
- 8.2.9.5. Financials (Based on Availability)
- 8.2.10 Arkema Group
- 8.2.10.1. Overview
- 8.2.10.2. Products
- 8.2.10.3. SWOT Analysis
- 8.2.10.4. Recent Developments
- 8.2.10.5. Financials (Based on Availability)
- 8.2.11 Dow
- 8.2.11.1. Overview
- 8.2.11.2. Products
- 8.2.11.3. SWOT Analysis
- 8.2.11.4. Recent Developments
- 8.2.11.5. Financials (Based on Availability)
- 8.2.12 H B Fuller Company
- 8.2.12.1. Overview
- 8.2.12.2. Products
- 8.2.12.3. SWOT Analysis
- 8.2.12.4. Recent Developments
- 8.2.12.5. Financials (Based on Availability)
- 8.2.13 Jowat
- 8.2.13.1. Overview
- 8.2.13.2. Products
- 8.2.13.3. SWOT Analysis
- 8.2.13.4. Recent Developments
- 8.2.13.5. Financials (Based on Availability)
- 8.2.14 Sika AG*List Not Exhaustive
- 8.2.14.1. Overview
- 8.2.14.2. Products
- 8.2.14.3. SWOT Analysis
- 8.2.14.4. Recent Developments
- 8.2.14.5. Financials (Based on Availability)
- 8.2.15 Hexcel Corporation
- 8.2.15.1. Overview
- 8.2.15.2. Products
- 8.2.15.3. SWOT Analysis
- 8.2.15.4. Recent Developments
- 8.2.15.5. Financials (Based on Availability)
- 8.2.16 Mactac
- 8.2.16.1. Overview
- 8.2.16.2. Products
- 8.2.16.3. SWOT Analysis
- 8.2.16.4. Recent Developments
- 8.2.16.5. Financials (Based on Availability)
- 8.2.1 Huntsman Corporation LLC
List of Figures
- Figure 1: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue Breakdown (billion, %) by Product 2025 & 2033
- Figure 2: Europe, Middle-East and Africa Hot-melt Adhesives Market Share (%) by Company 2025
List of Tables
- Table 1: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by Resin Type 2020 & 2033
- Table 2: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by End-user Industry 2020 & 2033
- Table 3: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by Region 2020 & 2033
- Table 4: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by Resin Type 2020 & 2033
- Table 5: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by End-user Industry 2020 & 2033
- Table 6: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by Country 2020 & 2033
- Table 7: Germany Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 8: United Kingdom Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 9: France Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 10: Italy Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 11: Spain Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 12: Rest of Europe Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 13: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by Resin Type 2020 & 2033
- Table 14: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by End-user Industry 2020 & 2033
- Table 15: Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue billion Forecast, by Country 2020 & 2033
- Table 16: Saudi Arabia Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 17: South Africa Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 18: United Arab Emirates Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
- Table 19: Rest of Middle East and Africa Europe, Middle-East and Africa Hot-melt Adhesives Market Revenue (billion) Forecast, by Application 2020 & 2033
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Europe, Middle-East and Africa Hot-melt Adhesives Market?
The projected CAGR is approximately 5.7%.
2. Which companies are prominent players in the Europe, Middle-East and Africa Hot-melt Adhesives Market?
Key companies in the market include Huntsman Corporation LLC, Henkel AG & Co KGaA, Mapei Spa, Pidilite Industries Ltd, 3M, Master Bond Inc, Alfa International Corporation, Paramelt BV, Ashland, Arkema Group, Dow, H B Fuller Company, Jowat, Sika AG*List Not Exhaustive, Hexcel Corporation, Mactac.
3. What are the main segments of the Europe, Middle-East and Africa Hot-melt Adhesives Market?
The market segments include Resin Type, End-user Industry.
4. Can you provide details about the market size?
The market size is estimated to be USD 15.5 billion as of 2022.
5. What are some drivers contributing to market growth?
; Increasing Demand from the Packaging Industry; Rising Environmental Concerns Regarding Solvent-borne Adhesives.
6. What are the notable trends driving market growth?
Rising Demand from Paper. Board and Packaging Industry.
7. Are there any restraints impacting market growth?
; Volatility in the Availability and Price of Raw Material Forcing Internal Substitution; Other Restraints.
8. Can you provide examples of recent developments in the market?
N/A
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in billion.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Europe, Middle-East and Africa Hot-melt Adhesives Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Europe, Middle-East and Africa Hot-melt Adhesives Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Europe, Middle-East and Africa Hot-melt Adhesives Market?
To stay informed about further developments, trends, and reports in the Europe, Middle-East and Africa Hot-melt Adhesives Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence