Global demand for volatile corrosion inhibitors was valued at US$ 760 Million in 2021, and is forecast to register a Y-o-Y growth rate of 2.3% in 2022, expected to reach US$ 777.9 Million. During the 2022-2032 forecast period, the market is poised to accelerate at a 4.43% value CAGR to reach US$ 1,200 Million.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 760 Million |
| Expected Market Value (2022) | US$ 777.9 Million |
| Anticipated Forecast Value (2032) | US$ 1,200 Million |
| Projected Growth Rate (2022-2032) | 4.43% CAGR |
“Corrosion is an irreversible phenomenon of metals with its environment that results in consumption of the metal or its dissolution into the material of a component of the environment," according to the International Union of Pure and Applied Chemistry. Corrosion of metals can be defined as the surface disintegration of metals or alloys within a specific environment. Some metals have a high corrosion resistance due to a variety of factors such as the nature of the chemical reaction, chemical constituents, and others.
Corrosion is a critical industrial issue that affects metals and causes direct and indirect economic loss. There are several methods for preventing corrosion, including protective coating, galvanization, cathodic protection, and corrosion inhibitors. Among all of these methods, volatile corrosion inhibitors are the most commonly used for temporary metal protection. Volatile corrosion inhibitors are corrosion inhibitors that are applied to ferrous or non-ferrous metals. Volatile corrosion inhibitors are a novel corrosion protection method in which the organic or inorganic chemical compounds that protect the metal surface disperse and condense on the metal surface, making it less corrosive. In general, volatile corrosion inhibitors are used when surface protective treatment appears ineffective. Volatile corrosion inhibitors are preferred in industries such as offshore drilling, storage tanks, automotive underbodies, and naval vessels, petrochemical and chemical.
Corrosion is spreading all over the world. The market for volatile corrosion inhibitors is being propelled by the rapid growth of various end-use industries such as automotive, marine, and packaging, among others. Automobile production in BRIC countries, for example, is expected to grow at a CAGR of 7% to 9% over the forecast period.
Furthermore, significant growth in the use of volatile corrosion inhibitors in packaging will drive the market over the forecast period. This is primarily due to an improving economy, increased adoption of VCI-based packaging, the expansion of manufacturing industries, and low raw material prices, among other factors.
The marine industry, particularly the shipbuilding sector, is expected to slow during the forecast period due to a variety of global economic factors, resulting in lower demand for the volatile corrosion inhibitors market during the forecast period.
Asia Pacific dominates the global volatile corrosion inhibitors market in terms of consumption and production. This is primarily due to the significant growth of the Asia Pacific Region's construction, electronic, and automotive industries, particularly in China and India. Furthermore, due to low labor costs, less stringent environmental regulations, and low manufacturing costs, volatile corrosion inhibitors manufacturers are focusing on strategic investments in China and India, providing impetus for the volatile corrosion inhibitors market's growth.
The China volatile corrosion inhibitors market is expected to grow at a healthy rate during the forecast period. Corrosion protective coatings, on the other hand, emit high levels of VOC during the drying process, such as those based on solvent-borne technology.
According to Future Market Insights, the implementation of stringent VOC emission regulations across Europe is expected to have a significant negative impact on volatile corrosion inhibitors market growth. The volatile corrosion inhibitors market in Europe is expected to grow slowly over the forecast period.
Some of the key participants present in the global Volatile Corrosion Inhibitors market include Protective Packaging Corporation, ZAVENIR DAUBERT INDIA PVT LTD, BRANOpac GmbH, Metpro Group, Cortec Corporation, Armor Protective Packaging India Pvt Ltd, JOHOKU CHEMICAL CO., LTD and Chem-Verse Consultants (India) Pvt. Ltd, among others.
Attributed to the presence of such high number of participants, the market is highly competitive.
| Report Attribute | Details |
| Growth Rate | CAGR of 4.45% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Customization | Available Upon Request |
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FMI projects the global volatile corrosion inhibitors market to expand at a 4.45% value CAGR by 2032.
Asia Pacific is expected to be the most opportunistic volatile corrosion inhibitors market.
Protective Packaging Corporation, ZAVENIR DAUBERT INDIA PVT LTD and BRANOpac GmbH, are some prominent Volatile Corrosion Inhibitors manufacturers
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Volatile Corrosion Inhibitors Market
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