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.
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.
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Volatile Corrosion Inhibitors (VCI) Packaging Material Market Outlook
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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.
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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.
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According to Coherent Market Insights study, Asia Pacific held highest market share in 2016.
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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.
Major Keyplayers: Cortec Corporation, Branopac GmbH, Armor Protective Packaging, Protective Packaging Corporation, Nefab Group, Daubert Industries, Inc., Zerust Excor, and Metpro Group.
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