New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global Volatile Corrosion Inhibitors market size is projected to grow at a CAGR of over ~ 6 % from 2023 to 2035. The market is expected to garner a revenue of USD 1,250 billion by the end of 2035, up from a revenue of ~USD 780 billion in the year 2022. The major growth driver of the market is attributed to the expansion of the construction industry. The total output of the global construction industry is growing steadily and is projected to reach USD 17.5 trillion by 2030. Corrosion of metals, which occurs in almost every industry, is a major problem affecting metals and affecting their quality.
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Volatile corrosion inhibitors are most commonly used to protect metals from corrosion. Volatile corrosion inhibitors are a new type of corrosion protection process commonly applied to ferrous or non-ferrous metals. During this process, the organic and inorganic compounds that protect the metal surface are dispersed and condensed on the metal surface, making it less susceptible to corrosion. Volatile corrosion inhibitors are most useful when surface protection treatments appear to be ineffective. A high employment rate in the construction industry, where volatile corrosion inhibitors are widely used, is expected to increase the market size in the coming years. By the year 2020, there has been 680,000 employers and approximately 7 million employees in the U.S. construction industry.
Global Volatile Corrosion Inhibitors Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The oil & gas segment to garner the highest growth
- Market in North America to grow at a highest rate
Expansion of Automotive Industry across the Globe to Boost Market Growth
The automotive industry includes various companies and organizations that design, develop, manufacture, market, and sell automobiles. This makes it one of the top-grossing industries in the world. It is also the industry with the highest research and development spending per company. The terms "automobile" and "motor vehicle" are often used interchangeably, but they are not exactly the same. Motor vehicles refer to four-wheeled vehicles used for transportation, and motor vehicles refer to all motor vehicles. The boom in the automotive industry is expected to increase demand for volatile corrosion inhibitors that protect metals and increase their durability. The global automotive industry is expected to grow to USD 9 trillion by the year 2030. Hence, the boom in the automotive industry is expected to fuel the growth of the global volatile corrosion inhibitors market. Moreover, increasing adoption of VCI-based packages to improve the economy is expected to boost market growth. By the year 2021, the global packaging industry is estimated to generate USD 500 billion annually, accounting for 1%–2% of gross domestic product (GDP). A surge in the packaging industry is thus expected to significantly contribute to market growth over the forecast period.
Global Volatile Corrosion Inhibitors Market: Regional Overview
The global volatile corrosion inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growth in Construction Industry to Drive Market Growth in the Asia Pacific Region
The volatile corrosion inhibitors market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the growth in the construction, electronics, automotive, and chemical industries. As of the year 2022, the Indian automotive industry had earned USD 222 billion in revenue, and by the year 2026, it is expected to grow to USD 300 billion. Furthermore, high employment in the construction sector is expected to expand the construction industry, which is expected to increase demand for the temporary corrosion industry. As of 2022, the Indian construction industry employs approximately 51 million people. Moreover, high demand for chemicals is expected to accelerate the adoption rate of the volatile corrosion inhibitors market. According to the India Brand Equity Foundation, the Indian chemical industry was worth USD 178 billion in 2019 and is expected to reach USD 304 billion by 2025. In addition, demand for chemicals is expected to grow by 9% annually by the year 2025. Temporary corrosion inhibitors are materials that protect metals from corrosion. VCI is also known as vacuum VCI. This means it has special performance characteristics in a vacuum and anti-corrosion properties.
Spiking Expansion of the Automotive Industry to Influence Growth in the North American Region
The volatile corrosion inhibitors market in the North American region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. The auto and parts industry in the United States generated approximately USD 1.5 trillion in revenue as of 2021. The automobile industry contributes 3% of its GDP to America. In addition, increased per capita income for local residents is estimated to enable them to switch to individual passenger vehicles. Volatile corrosion inhibitors are widely used in the automotive industry. Hence, this is expected to fuel market growth in the North American region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Volatile Corrosion Inhibitors, Segmentation by End User Industry
- Mining & Metallurgy
- Oil & Gas
- Automotive
- Aerospace
- Electronics
- Others
Amongst these six segments, the oil & gas segment is anticipated to hold the largest share over the forecast period. Corrosion inhibitors are widely used in industry to provide corrosion-resistant coatings for proper functioning of equipment such as pipelines, ships, and subsea equipment. Corrosion inhibitors are used in a variety of applications, including exploration and production, transportation and storage, refining, and petrochemicals. Therefore, the oil and gas industry boom is expected to bring significant returns to the major players. The oil and gas industry is estimated to be one of the world's largest sectors in terms of dollars, and by the year 2022, it is estimated to be worth USD 5 trillion. Oil and natural gas are important industries in the energy market and play an influential role in the global economy as the world's leading fuel sources. Oil and gas extraction and distribution processes and equipment are highly complex, capital intensive, and require cutting-edge technology.
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Global Volatile Corrosion Inhibitors, Segmentation by Material Type
- Petroleum Based
- Latex
- Solvent Based Modified
Amongst these three segments, the petroleum based segment is anticipated to hold a significant share over the forecast period. Petroleum is a liquid that occurs naturally in rock formations. It consists of a complex mixture of hydrocarbons of different molecular weights and other organic compounds. Some compounds derived from petroleum are also derived from other fossil fuels. Petroleum-based oils represent a wide range of natural hydrocarbon-based substances and refined petroleum products, each with a different chemical composition. As a result, different types of crude oil and refined products have different physical properties. These petroleum products include gasoline, distillates such as diesel and kerosene, jet fuel, petrochemical feedstocks, waxes, lubricants and asphalt. Petroleum liquids are crude oils, condensates, and final or intermediate products produced or extracted in petroleum refineries. In 2021, US oil consumption averaged about 19.78 million barrels per day (b/d), including about 1 million b/d of biofuels. Total U.S. oil consumption in 2021 was about 8% above 2020 levels, largely as the U.S. economy recovered from the impact of the COVID-19 pandemic response. Hence, increasing petroleum consumption is estimated to add to the segmental growth over the forecast period.
Global Volatile Corrosion Inhibitors, Segmentation by Substrate Type
- Films
- Paper
- Powder
- Solution
Few of the well-known market leaders in the global volatile corrosion inhibitors market that are profiled by Research Nester are Cortec Group, Protective Packaging Corporation, MetPro Verpackungs-Service GmbH, SKS Industries, Inc., JOHOKU CHEMICAL CO., LTD, LANXESS AG, BASF, B&V Chemicals, The Dow Chemical Company, Brad-Chem Ltd, and other key market players.
Recent Development in the Global Volatile Corrosion Inhibitors Market
- In 2022, MetPro Verpackungs-Service GmbH started developing an innovative VCI-based packaging system called BIOCOR made from a blend of cellulose and cotton.
- In 2021, Cortec Group acquired Alpha Foundations, making a significant equity investment.
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