The global volatile corrosion inhibitors market is estimated to garner a revenue of ~USD 777 Million by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 760 Million in the year 2021. The primary growth driver of the market is attributed to the expansion of construction industry. The total output of the global construction industry is forecasted to increase steadily, reaching USD 17.5 trillion by 2030.
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Corrosion of metals that happens in almost all the industries is a major issue that affects metals and degrades its quality. To protect the metals from corrosion, the most common way is to use volatile corrosion inhibitors. Volatile corrosion inhibitors are a novel corrosion protection method that are usually applied to ferrous or non-ferrous metals. In this method, the organic or inorganic chemical compounds that protect the metal surface disperse and condense on the metal surface, making it less corrosive. Volatile corrosion inhibitors are most useful when surface protective treatment appears ineffective. High employment rate in the construction industry where there is a high utilization of volatile corrosion inhibitors is expected to expand the market size in the upcoming years. As of 2020, the construction industry of the United States had 680,000 employers and approximately 7 million employees.
Growth in Automotive Industry – The boom in automotive industry is forecasted to rise the demand of volatile corrosion inhibitors for providing protection to the metals and making it durable. The global automotive industry is projected to grow by USD 9 trillion by 2030.
Boom in Packaging Manufacturing Industry – The increased adoption of VCI (Volatile Corrosion Inhibitors) based packaging to improve the economy is expected to drive the 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 manufacturing industry in the United States is predicted to be USD 8 trillion in 2022. Further, the total number of enterprises in manufacturing industry was projected to be 740, 850 in 2018.
Development in Chemical Industry – It was estimated that the revenue generated by global chemical industry stood up at approximately USD 5 trillion in 2021.
High Expenditure in Research and Development – As per the World Bank, in 2020, the global research and development expenditure was amounted to be 2.63% of the total GDP, up from 2.14% of the total GDP in 2016.
Low Adoption of Volatile Corrosion Inhibitors
Easy Availability of Alternative Materials
Stringent Government Rules
The 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 2031. The industry utilizes corrosion inhibitors on a large scale to provide corrosion-resistant coating to the equipment such as pipelines, vessels, and subsea equipment, for proper functioning. Corrosion inhibitors are used in various application areas, namely, exploration & production, transportation & storage, refining & 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.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global volatile corrosion inhibitors market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, owing to growth of construction, electronic, automotive and chemical industries. As of 2022, the Indian automobile industry generated a revenue of USD 222 billion, which is further projected to rise to USD 300 billion till 2026. Furthermore, the high employment in construction sector is anticipated to expand the construction industry, which is forecasted to rise the demand of volatile corrosion industry. As of 2022, the Indian construction industry has around 51 million people employed. Additionally, the high demand of chemicals is anticipated to faster the adoption rate of volatile corrosion inhibitors market. 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.
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The global volatile corrosion inhibitors market is further classified on the basis of region as follows:
Our in-depth analysis of the global volatile corrosion inhibitors market includes the following segments:
By Material Type
By Substrate Type
By End Use Industry
FREQUENTLY ASKED QUESTIONS
The growth in the end use industries is expected to drive the market growth in the forecast period.
The market is anticipated to attain a robust CAGR of 5% over the forecast period, i.e., 2022 – 2031.
The easy availability of alternative chemicals and stringent rules by the government are some of the factors that is expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Cortec Group, Protective Packaging Corporation, MetPro Verpackungs-Service GmbH, SKS Industries, Inc., JOHOKU CHEMICAL CO., LTD, LANXESS AG, BASF, B&V Chemicals, The Dow Chemical Company, Brad-Chem Ltd and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material type, substrate type, end use industry, and by region.
The oil & gas segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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