Volatile Corrosion Inhibitors Packaging Market: Increased Industrial Applications to Aid Market Expansion
Category: Packaging Published Date : July 2022 ID: CVC-00170 Format: PDF Pages: 319
Volatile Corrosion Inhibitors Packaging Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Volatile Corrosion Inhibitors Packaging Market was worth US$ 778.5 Mn and is expected to grow at a CAGR of 6.3% over the forecast period. The market is expected to hit US$ 1,269.2 Mn by 2030 end.
Corrosion is an electrochemical process that causes metal materials to deteriorate gradually due to their contact with the environment. VCI packaging is often utilized to prevent this.
The primary reason for this shift in growth rate is that VCI packaging protects against abrasion and stress damage, generating high demand from end-users.
MULTIPLE INDUSTRIAL USES OF VCI DRIVE THE MARKET
One of the primary factors driving the growth of the Volatile Corrosion Inhibitors Packaging (VCI) packaging market is the increased export of steel and iron parts and components worldwide. The increased level of metal product shipping and logistics operations, which raises the demand for sophisticated anti-corrosion solutions, and the spike in manufacturers’ adoption of various product development methods to remain competitive in the market, accelerate market expansion.
The increasing usage of Volatile Corrosion Inhibitors Packaging packaging in various end-use industries, including electrical and electronics, aerospace and military, metal works, construction, automotive, primary metal, and heavy equipment, may result in significant growth.
HIGH RAW MATERIAL COSTS HAMPER THE MARKET GROWTH
Manufacturing is projected to be hampered by the high cost of the process and variable raw material costs. The negative impact of COVID-19 on commerce and the supply chain is expected to challenge the Volatile Corrosion Inhibitors Packaging (VCI) packaging market in the forecast period of 2022-2030.
THE INTRODUCTION OF ECO-FRIENDLY PACKAGING WILL CREATE OPPORTUNITIES FOR THE MARKET
Environmental worries about the detrimental impacts of packaging are driving manufacturers in the Volatile Corrosion Inhibitors Packaging packaging market to develop biodegradable VCI packaging. Foodservice firms can benefit from bio-based VCI packaging as well.
Adopting eco-friendly VCI packaging would open up enormous opportunities for the VCI packaging industry.
The rapid emergence of the COVID-19 pandemic resulted in a large closure of the automotive, heavy equipment, metal works, primary metal, and several other end-user industries, significantly influencing the Volatile Corrosion Inhibitors Packaging packaging industry.
The Volatile Corrosion Inhibitors Packaging packaging market suffered a decline in demand owing to supply chain disruptions, which originally resulted in the entire shutdown of production units due to the outbreak of a fatal virus.
Why are VCI Bags product type Volatile Corrosion Inhibitors Packaging projected to have the highest CAGR?
Because of their anti-corrosive qualities and ease of packaging, volatile corrosion inhibitor bags are widely used in the automotive, electrical, and electronics sectors, accounting for more than 51.3% of the market in 2021. Demand for heavy metals and automotive parts has expanded worldwide, altering their packaging.
The adoption of VCI packing bags has mostly been influenced by numerous qualities such as ease of storing and handling.
Why is the Primary Metal end-user segment expected to expand the fastest during the forecast period?
In 2021, the primary metal sector dominated the end-user industry category in worldwide Volatile Corrosion Inhibitors Packaging packaging, with a market share of around 23.5%. Because of the anti-corrosive capabilities of the Volatile Corrosion Inhibitors Packaging packaging, primary metal will continue to lead the end-user industrial sector of the target market.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The Volatile Corrosion Inhibitors Packaging packaging industry is extremely fragmented, with several manufacturers vying for a prominent place. The companies in the VCI packaging market are attempting to develop novel formulations to make the product more resilient and effective for the end-user. The players are also engaged in growth initiatives that effortlessly meet end-user demand.
To increase the impact in the VCI packaging market, the companies are also involved in mergers, acquisitions, collaborations, partnerships, and joint ventures.
Some of the key developments that have taken place in the Volatile Corrosion Inhibitors Packaging Market include:
A list of some of the key suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global Volatile Corrosion Inhibitors Packaging Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Material, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|