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

Volatile Corrosion Inhibitors Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	6.7%
Base Year Market Size (2023)	USD 832.26 Billion
Forecast Year Market Size (2036)	USD 1.93 Trillion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of volatile corrosion inhibitors is estimated at USD 882.45 Billion.

The volatile corrosion inhibitors market size was over USD 832.26 Billion in 2023 and is likely to cross USD 1.93 Trillion by the end of 2036, growing at more than 6.7% CAGR during the forecast period i.e., between 2024-2036. The growth in the end-use industries is expected to drive market growth in the forecast period.

Asia Pacific is expected to account for largest industry share by 2036, owing to growth of construction, electronic, automotive, and chemical industries in the region and growing economies including India, Indonesia, and China.

Cortec Group, Protective Packaging Corporation, MetPro Verpackungs-Service GmbH, SKS Industries, Inc., JOHOKU CHEMICAL CO., LTD, LANXESS AG, BASF SE, B&V Chemicals, The Dow Chemical Company, Brad-Chem Ltd

Volatile Corrosion Inhibitors Market Trends