Volatile Corrosion Inhibitors Market Trends

Growth Drivers

• Growth in Automotive Industry – The boom in the automotive industry is forecasted to rise the demand for volatile corrosion inhibitors for providing protection to the metals and making them durable. Vehicles are manufactured using metals and alloys which is forecasted to increase the usage of volatile corrosion inhibitors during the assessment period.  The global automotive industry is projected to grow by USD 9 trillion by 2030.
• The Boom in Packaging Manufacturing Industry – The adoption of VCI (Volatile Corrosion Inhibitors) based packaging is projected to expected to increase owing to the high domestic and international shipping along with the logistics activities in the improving economy which in turn is anticipated to drive market growth. As of 2021, it was estimated that the global packaging industry generates USD 500 billion yearly, accounting for between 1% and 2% of gross domestic product (GDP).
• Expansion in Manufacturing Industry – The revenue generated by the manufacturing industry in the United States was predicted to be USD 8 trillion in 2022. Further, the total number of enterprises in the United States manufacturing industry was projected to be 740, 850 in 2018.
• Development in Chemical Industry – It was estimated that the revenue generated by the global chemical industry stood up at approximately USD 5 trillion in 2021.
• High Expenditure in Research and Development – Major key players of the market along with the government are investing massive money in the research and development sector to develop novel volatile corrosion inhibitors for varied purposes across multiple end-use industries.  As per the World Bank, in 2020, the global research and development expenditure amounted to 2.63% of the total GDP, up from 2.14% of the total GDP in 2016.

Challenges

• Easy Availability of Alternative Materials – In today’s market scenario, there are various alternatives to volatile corrosion inhibitors such as salts of rare earth elements which are equally effective as volatile corrosion inhibitors. Thus, the easy availability of such cost-effective and efficacious alternatives is estimated to pose a challenge to market growth.  
• Stringent Government Rules
• Low Adoption of Volatile Corrosion Inhibitors