Volatile Corrosion Inhibitors (VCI) Packaging Material Market

Volatile Corrosion Inhibitors (VCI) Packaging
Material Market – Size, Share, Outlook, and
Opportunity Analysis, 2018 - 2025
Volatile corrosion inhibitors packaging material is obtained by impregnation of
volatile corrosion inhibitors (VCI) or vapor corrosion inhibitors on packaging materials
such as paper and plastic. Volatile corrosion inhibitors mainly consists of amino salts
or nitrile compounds. It forms a thin barrier on packaging surface to protect metal
surfaces by preventing rust and corrosion.
VCI packaging material is used to protect metals against corrosion during
transportation and storage. It is commonly used in steel packaging, automotive
packaging, metal packaging and others.
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Market Dynamics
According to International Measures of Prevention, Application and Economics of
Corrosion Technology (IMPACT), published by NACE International, global cost of
corrosion was US$ 2.5 trillion, which was equivalent to 3.4% of the global Gross
Domestic Product (GDP) with major contribution from the industrial sector in 2013.
Thus, significant burden of corrosion globally is driving growth of the global VCI
packaging material market.
Volatile corrosion inhibitors packaging material is effectively used for packaging of
automotive parts such as gears, axles, and differential units. Furthermore, according
to World Trade Organization (WTO), percent share of the global automotive exports
in the total merchandized manufactured goods exports was 9% in 2016. This
significant demand from the automotive industry is fuelling growth of the global
volatile corrosion inhibitors packaging material market.
Growing industrial packaging industry is supporting high adoption of VCI packaging
materials. According to a Coherent Market Insights’ study, global industrial
packaging market is estimated to exhibit a CAGR of 6.1% between 2017 and 2025 to
reach US$ 97.2 billion.
Volatile Corrosion Inhibitors (VCI) Packaging Material Market Outlook
Asia Pacific is expected to witness highest growth in the global VCI packaging
material market, owing rising demand for anti-corrosion packaging from various
end-use industries including electronics and automotive among others.
According to SEMI, an industry association of providers of materials, equipment and
services for manufacturing of semiconductors, LED, photovoltaic panels and others,
integrated circuit packaging and testing market in China generated revenue of US$
29 million in 2017 thereby making China largest consumer of packaging equipment
and materials in 2017. This growing demand for packaging of electronic components
is propelling growth of the VCI packaging materials market in the country.
According to Coherent Market Insights study, Asia Pacific held highest market share
in 2016.
North America held a significant market share in the global VCI packaging material
market in 2016. Furthermore, the U.S. is the major contributor to growth of this
market in North America.
According to NACE International, an organization of the corrosion control industry,
the cost of corrosion to the U.S. economy in 2016 was over US$ 1.1 trillion in 2016
and contributed over 6.2% to the U.S. economy in 2016. This, in turn is increasing
demand for various anti-corrosive agents including VCI packaging materials in this
region.
Furthermore, in 2017, the U.S. exported automotive parts globally valued at US$
85.6 billion, according to the International Trade Administration, Department of
Commerce, the U.S. thereby, increasing demand for automotive packaging materials
including volatile corrosion inhibitors packaging materials. This is expected to aid in
significant growth of the market in the region over the forecast period.
Key Players
Key players operating in the global volatile corrosion inhibitors packaging material
market include Cortec Corporation, Branopac GmbH, Armor Protective Packaging,
Protective Packaging Corporation, Nefab Group, Daubert Industries, Inc., Zerust
Excor, and Metpro Group.
Manufacturers operating in the global VCI packaging materials are launching
innovative products and expanding manufacturing capacities to cater to growing
demand for volatile corrosion inhibitors packaging materials. For instance, in August
2015, ALFA Solution launched ProGARDO range of VCI products including bags
and shrink wrap film for wrapping components and machinery.
In November 2015, EcoCortec, a subsidiary of Cortec Corporation, launched Corpak
Static Dissipative bubble film with volatile corrosion inhibitors. In addition to this, in
November 2017, EcoCortec announced construction of new production facility in Beli
Manastir, Croatia, for vapor corrosion inhibitor films and bags for packaging.
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The research report on Volatile Corrosion Inhibitors (VCI) Packaging Material Market is segmented by Product Type, End-use Industry – Size, Share, Outlook, and Opportunity Analysis, 2018 - 2025

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