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. In the year 2024, the industry size of volatile corrosion inhibitors is estimated at USD 882.45 Billion.The primary growth driver of the market is attributed to the expansion of the construction industry. The total output of the global construction industry is forecasted to increase steadily, reaching USD 17.5 trillion by 2030. As volatile corrosion inhibitors prevent rusting and corrosion, they are considered to be an ideal component for metals and irons used in the construction processes.
Volatile corrosion inhibitors are most useful when surface protective treatment appears ineffective. Thus, volatile corrosion inhibitors are heavily used in various end-use industries such as mining & metallurgy, oil & gas, automotive, aerospace, and others where there is a high need for protecting the surface. Also, volatile corrosion inhibitors are useful in the water treatment sector for treating and recycling polluted water. Thus, reducing the gap between demand and supply for treated water is anticipated to expand the market size during the forecast period. In addition, the increasing urbanization in developing countries especially in countries such as China and India is expected to raise the utilization rate of volatile corrosion inhibitors in numerous end-use applications including power generation, chemical processing, and others which in turn is expected to impetus the growth of the market in the upcoming years. Also, rising investments and focus on research and development activities for introducing novel and advanced volatile corrosion inhibitors that can be used in numerous processes are projected to create a positive outlook for market growth in the analysis period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.7% |
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Base Year Market Size (2023) |
USD 832.26 Billion |
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Forecast Year Market Size (2036) |
USD 1.93 Trillion |
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Regional Scope |
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End-user (Mining & Metallurgy, Oil & Gas, Automotive, Aerospace, Electronics)
The global volatile corrosion inhibitors market is segmented and analyzed for demand and supply by end-use industry into mining & metallurgy, oil & gas, automotive, aerospace, electronics, and others. Out of these, the oil & gas segment is expected to garner the highest revenue by 2036. The industry utilizes corrosion inhibitors on a large scale to provide a corrosion-resistant coating to equipment such as pipelines, vessels, and subsea equipment, for proper functioning. Corrosion inhibitors are employed in a variety of applications, along with exploration and production, transportation and storage, and refining and petrochemical. Thus, the boom in the oil & gas industry is expected to generate considerable revenues for the key players. It was estimated that the oil & gas industry is one of the largest sectors in the world in terms of dollar value, generating an estimated USD 5 trillion in 2022.
Substrate Type (Films, Paper, Powder, Solution)
The global volatile corrosion inhibitors market is also segmented and analyzed for demand and supply by substrate type into films, paper, powder, and solution. Out of these, the segment of the film is attributed to garner the most significant share in the market owing to the rising need to protect metal surfaces from corrosion, cavities, and crevices. Although, methods such as galvanization and painting are effective in preventing the product from rusting, using volatile corrosion inhibitor films reduces the manufacturing cost of the products and increases their durability. Also, the high demand for volatile corrosion inhibitor films from a wide range of industries such as automotive, electrical and electronics, and others are projected to create a positive outlook for segment growth in the future. On the other hand, the paper segment is also projected to grow with a steady CAGR value owing to its eco-friendly properties. As a result of increased inclination towards a sustainable solution, manufacturers are encouraged to use volatile corrosion inhibitor paper as packaging material. In addition to that, as volatile corrosion inhibitor papers are safe for the environment with non-toxic, recyclable, and repulpable properties, it is preferred for various purposes across numerous industries.
Our in-depth analysis of the global market includes the following segments:
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By Material Type |
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By Substrate Type |
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By End-Use Industry |
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APAC Market Statistics
The Asia Pacific volatile corrosion inhibitors market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2036, owing to the growth of construction, electronic, automotive, and chemical industries in the region and growing economies including India, Indonesia, and China. As of 2022, the Indian automobile industry generated a revenue of USD 222 billion, which is further projected to rise to USD 300 billion by 2026. Furthermore, the high employment in the construction sector is anticipated to expand the construction industry, which is forecasted to rise the demand for the volatile corrosion industry. As of 2022, the Indian construction industry has around 51 million people employed. Additionally, the high demand for chemicals is anticipated to faster the adoption rate of volatile corrosion inhibitors. According to the India Brand Equity Foundation, the Indian chemical industry stood at USD 178 billion in 2019 and is expected to reach USD 304 billion by 2025. Also, the demand for chemicals is expected to expand by 9% per annum by 2025.
North American Market Forecast
On the other hand, the North America volatile corrosion inhibitors market is also expected to expand with a noteworthy revenue generation till the end of the forecast period. Accelerated industrialization, as well as the augmentation of end-use industries. Furthermore, the presence and availability of key players in the region along with the rising availability of raw materials in the region and growth in investments by companies are other factors that are projected to impetus the revenue generation in the region.
In 2022 MetPro Verpackungs-Service GmbH started working towards developing an innovative VCI-based packaging system called BIOCOR, made of cellulose and cotton blend fabric.
In 2021 Cortec Group finally acquired Alpha Foundations and made a significant capital investment.
Author Credits: Rajrani Baghel
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