NEWARK, Del, July 17, 2023 (GLOBE NEWSWIRE) -- The Global Volatile Corrosion Inhibitors (VCI) Packaging Market is anticipated to reach a valuation of US$ 825.4 million in 2023, driven by the increasing proliferation of electronic devices and components. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.1% between 2023 and 2033 and reaching a total valuation of approximately US$ 1.4 billion by 2033.
One of the major factors expected to boost the growth of the VCI market is the increasing demand from the automotive industry. There is a growing need to protect metal components and parts from corrosion as the automotive sector continues to expand. VCIs provide a reliable, cost-effective solution for preventing corrosion, extending automotive parts' lifespan, and reducing maintenance costs. The rising production of automobiles, especially in emerging economies, drives the demand for VCIs in the automotive industry.
The expansion of the oil and gas industry is also expected to contribute to the growth of the VCI market. The oil and gas sector relies heavily on metal equipment and infrastructure exposed to harsh environments and corrosive substances. VCIs are extensively used in this industry to protect pipelines, storage tanks, drilling equipment, and other metal components from corrosion. The demand for effective corrosion protection solutions like VCIs is expected to increase as the industry continues to explore new reserves and invest in infrastructure development.
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Advancements in VCI technology are further driving the growth of the market. Manufacturers are constantly investing in research and development to enhance the performance and effectiveness of VCIs, including developing high-performance VCIs that offer extended protection and can be applied in challenging conditions. Advanced formulations and application methods are being developed to cater to the specific needs of different industries and ensure optimal corrosion protection. The technological advancements are propelling the adoption of VCIs across various sectors.
Key Takeaways from the Volatile Corrosion Inhibitors (VCI) Packaging Market Study
- The global volatile corrosion inhibitors (VCI) packaging market was valued at US$ 778.0 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.0%.
- India is expected to hold a dominant CAGR of 6.0% during the forecast period.
- By product, the VCI Bags segment is expected to constitute a CAGR of 6.0% in 2033.
- On the basis of the end-user industry, the primary metal segment is expected to dominate the market with a CAGR of 5.9% in 2033.
- From 2023 to 2033, the volatile corrosion inhibitors (VCI) packaging market is expected to flourish at a CAGR of 6.1%.
- By 2033, the market value of volatile corrosion inhibitors (VCI) packaging is expected to reach US$ 1.4 billion.
Increasing focus on sustainability, across the globe is a major factor that is expected to propel the growth of the volatile corrosion inhibitors (VCI) packaging market in the near future, remarks an FMI analyst.
Competitive Portfolio of Volatile Corrosion Inhibitors (VCI) Packaging Market
Prominent players in the volatile corrosion inhibitors (VCI) packaging market are:
- Cortec Corporation
- Armor Protective Packaging
- Branopac India Pvt. Ltd.
- Daubert Cromwell, LLC
- Haver Plastics Co Ltd.
- Muller LCS Inc.
- NTIC (Zerust Excor)
- Mondi Group
- Transcendia Inc.
- AICELLO CORPORATION
- Smurfit Kappa Group PLC
- NEFAB GROUP
- CGP Coating Innovation
- Crayex Corporation
- Patkar Extrusiontech (Pvt.) Ltd.
Recent Developments in Volatile Corrosion Inhibitors (VCI) Packaging Industry:
- In February 2021, Daubert Cromwell Inc. introduced a new line of VCI paper, Clear Pak BIO VCI Paper, made from biodegradable and compostable materials. The paper provides corrosion protection for metal parts and can be easily recycled or disposed of in an environmentally friendly manner.
- In November 2020, CORTEC Corporation introduced a new VCI film, VpCI-126 HP UV Shrink Film, combining UV resistance with VCI technology. The film is suitable for outdoor storage and provides both corrosion and UV protection for metal parts and equipment.
- In June 2020, Cortec Corporation launched VpCI®-391, a water-based, temporary coating that offers multi-metal corrosion protection. The coating is environmentally friendly, easy to apply, and provides long-lasting corrosion protection for various metal surfaces.
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Volatile Corrosion Inhibitors (VCI) Packaging Market Key Segmentation:
By Product:
- VCI Paper
- VCI Film
- Stretch
- Shrink
- Sheet
- VCI Bags
- Flat
- Gusseted
- Zipper
- Foam
- Others
By Material:
- Paper
- Polyethylene
- Others
By End-user Industry:
- Aerospace & Defense
- Primary Metal
- Electricals & Electronics
- Automotive
- Heavy Equipment
- Metal Works
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa (MEA)
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global volatile corrosion inhibitors (VCI) packaging market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the volatile corrosion inhibitors (VCI) packaging market, the market is segmented based on product (VCI paper, VCI film, VCI bags, foam, and others), by material (paper, polyethylene, and others), and end-user industry (aerospace & defense, primary metal, electricals & electronics, automotive, heavy equipment, metal works, and others), by across five major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and 1 Billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
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