Volatile Corrosion Inhibitors Market

Volatile Corrosion Inhibitors Market Overview

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.

“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.

Which are Some Prominent Drivers Spearheading Volatile Corrosion Inhibitors Market Growth?

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.

What are the Challenges Faced by the Volatile Corrosion Inhibitors Industry?

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.

Why is Asia-Pacific emerging as an Opportunistic Volatile Corrosion Inhibitors Market?

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.

Nikhil Kaitwade

Principal Consultant

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How is Europe Contributing to Growth of the Volatile Corrosion Inhibitors Market?

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.

Market Competition

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.

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Scope of Report

Key Segments Profiled in the Volatile Corrosion Inhibitors Industry Survey

Material Type:

• VCI Petroleum-Based
• VCI Latex
• VCI Solvent-Based
• VCI-Modified
• Other VCI Material

Substrate Type:

• Volatile Corrosion Inhibitor Films
• Volatile Corrosion Inhibitor Paper
• Volatile Corrosion Inhibitor Powder
• Volatile Corrosion Inhibitor Solution

End Use:

• Volatile Corrosion Inhibitors for Automotive Industry
• Volatile Corrosion Inhibitors for Chemicals
• Volatile Corrosion Inhibitors for Oil & Gas
• Volatile Corrosion Inhibitors for Electronics
• Volatile Corrosion Inhibitors for Construction
• Volatile Corrosion Inhibitors for Marine Industry
• Volatile Corrosion Inhibitors for Aerospace
• Volatile Corrosion Inhibitors for Mining & Metallurgy

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa