Volatile Corrosion Inhibitors (VCI) Packaging Market Poised for Growth: Forecasted CAGR of 6.1% by 2033

Anticipated to be valued at US$ 825.4 million in 2023, the global volatile corrosion inhibitors (VCI) packaging market is poised for growth, supported by technological advancements in VCI formulations. This progress is expected to fuel the market’s expansion at a noteworthy Compound Annual Growth Rate (CAGR) of 6.1% from 2023 to 2033, ultimately reaching a substantial valuation of around US$ 1.4 billion by 2033. The continuous evolution of VCI technologies underscores the market’s adaptability to meet corrosion prevention needs, positioning VCI packaging as a crucial solution in preserving the integrity of metals and metallic components across various industries.

The expansion of the primary metal industry in India is expected to significantly impact the demand for volatile corrosion inhibitors (VCI) packaging. India is projected to become the largest shareholder, accounting for approximately 34% of the South Asian VCI packaging market by 2033. The growth and increased penetration of value-added manufacturing industries present lucrative opportunities for VCI packaging manufacturers in the country. India has witnessed a steady rise in the demand for eco-friendly and biodegradable VCI packaging over the past decade, with an expected CAGR of 6.0% over the analysis period. The continued production in heavy equipment, metalworks, and the automotive industry has driven the need for VCI packaging to protect these assets, further boosting the growth of the global VCI packaging market.

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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 and cost-effective solution for preventing corrosion, thereby extending the lifespan of automotive parts and reducing maintenance costs. The rising production of automobiles, especially in emerging economies, is driving 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 heavily relies on metal equipment and infrastructure that are 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.

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, which includes the development of 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 Market Study

• 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 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, 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) packagingis 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.

Market Drivers:

1. Increasing Demand for Corrosion Protection: The primary driver for the VCI packaging market is the growing need for effective corrosion protection in various industries. VCI packaging provides a cost-effective and efficient way to protect metal components and products from corrosion during storage and transportation.
2. Global Industrial Growth: With the expansion of industrial sectors, including automotive, aerospace, electronics, and oil and gas, there is an increased demand for corrosion protection solutions. VCI packaging is particularly valuable in these industries where metal components are prevalent.
3. Focus on Sustainable Packaging: As environmental concerns rise, there is a growing preference for sustainable and eco-friendly packaging solutions. VCI packaging, which often uses recyclable materials, aligns with these sustainability goals, contributing to its market growth.
4. Technological Advancements: Ongoing research and development efforts in the field of corrosion inhibition technology lead to continuous improvements in VCI formulations. Advanced VCI technologies that offer longer protection periods and broader applications contribute to market expansion.

Market Restraints:

1. Limited Effectiveness for Certain Metals: While VCI packaging is effective for many metals, its performance may vary for certain metal alloys or in extreme environmental conditions. This limitation can hinder its adoption in specific industries where these factors are critical.
2. Competitive Alternatives: There are alternative corrosion protection methods and materials available in the market, such as coatings, desiccants, and traditional rust preventatives. The presence of these alternatives may pose a challenge to the widespread adoption of VCI packaging.
3. Cost Considerations: Although VCI packaging is generally considered cost-effective for long-term corrosion protection, the initial investment might be higher compared to some traditional methods. Some businesses may be hesitant to adopt VCI packaging due to perceived cost implications.
4. Regulatory Compliance: Adherence to regulations and standards regarding packaging materials, especially in the food and pharmaceutical industries, can pose challenges for VCI packaging manufacturers. Meeting these stringent requirements may require additional investments in testing and certification.

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Competitive Portfolio

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.,
• among others.

Recent Developments:

• In February 2021, Daubert Cromwell Inc. introduced a new line of VCI paper, called Clear Pak BIO VCI Paper, which is 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, called VpCI-126 HP UV Shrink Film, which combines UV resistance with VCI technology. The film is suitable for outdoor storage and provides both corrosion protection 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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Key Segments Profiled In The Global Volatile corrosion inhibitors (VCI) packaging Market

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 Pacific
• East Asia
• Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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