Volatile Corrosion Inhibitors (VCI) Packaging Material Market – Size, Share, Outlook, and Opportunit

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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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