by The Volatile Corrosion Inhibitors (VCI) Packaging Material Market is estimated to be valued at US$ 826 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Volatile Corrosion Inhibitors (VCI) packaging materials are used to protect ferrous and non-ferrous metals from corrosion during transportation and storage. VCI packaging provides a barrier between the metal and corrosion causing elements like moisture and oxygen. Common applications of VCI packaging include wrapping of steel parts and machinery during export. The VCI chemicals are added to paper or films during the manufacturing process and release vapors that condense on metal surfaces to form a protecting mxoLayer.
Market Dynamics:
The volatile corrosion inhibitors (VCI) packaging material market is dominated by the paper segment owing to its wide use in protecting ferrous and non-ferrous metals. Paper VCI packaging materials such as brown kraft paper, VCI laminated paper, and multi-layered paper are widely used for packaging automotive components, equipment, and other metal parts due to paper’s cost-effectiveness. The films segment is also growing due to its effectiveness in providing long term protection and ease of use for delicate components.
PEST Analysis:
- Political: Trade policies promoting manufacturing and exports are driving the VCI packaging demand. However, stringent environmental regulations pose challenges due to the use of heavy metals in few VCI compounds.
- Economic: Growth in end-use industries such as automotive, marine, equipment manufacturing is augmenting the VCI packaging market size. However, economic slowdowns impact the capital investment plans of manufacturers.
- Social: Rising environmental consciousness is boosting the use of eco-friendly alternatives to conventional VCIs. However, lack of awareness in some regions hampers adoption.
- Technological: The preference for multi-layered and combination films with advanced barrier properties and self-healing attributes is growing. Continuous R&D to develop nano-encapsulated and polymer-based VCIs is also crucial.
Key Takeaways:
The global volatile corrosion inhibitors (VCI) packaging material market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing manufacturing and international trade. The market size for VCI packaging materials was valued at US$ 826 Mn in 2023 and is projected to reach US$ 1,254 Mn by 2030.
Regional analysis indicates Asia Pacific as the fastest growing region in the VCI packaging material market owing to rapid industrialization and the presence of automotive hubs in China, India, and Southeast Asian countries. North America and Western Europe hold over 45% share collectively led by the US, Germany, Italy and demand from aerospace, defense and oil & gas sectors.
Key players operating in the volatile corrosion inhibitors (VCI) packaging market are Cortec Corporation, Branopac GmbH, Armor Protective Packaging, Protective Packaging Corporation, Nefab Group, Daubert Industries, Inc., Zerust Excor, and Metpro Group. Cortec Corporation leads the market with innovative multilayer VCI films and abundant production capacity. Branopac GmbH specializes in custom VCI packaging solutions for bulk and small lots.
