Volatile Corrosion Inhibitors Market Size & Share, by Material Type (Petroleum Based, Latex, Solvent Based Modified); Substrate Type (Films, Paper, Powder, Solution); End-user (Mining & Metallurgy, Oil & Gas, Automotive, Aerospace, Electronics) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4234
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Volatile Corrosion Inhibitors Market size is anticipated to reach USD 1250 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of volatile corrosion inhibitors was over USD 780 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.


Volatile Corrosion Inhibitors Market
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Volatile Corrosion Inhibitors Sector: Growth Drivers and Challenges

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

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 780 Billion

Forecast Year Market Size (2035)

~ USD 1,250 Billion

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)
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Volatile Corrosion Inhibitors Segmentation

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 2035. 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:

            By Material Type

  • Petroleum Based
  • Latex
  • Solvent Based Modified

             By Substrate Type

  • Films
  • Paper
  • Powder
  • Solution

            By End-Use Industry

  • Mining & Metallurgy
  • Oil & Gas
  • Automotive
  • Aerospace
  • Electronics
  • Others

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Volatile Corrosion Inhibitors Industry - Regional Synopsis

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 2035, 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.

Research Nester
Volatile Corrosion Inhibitors Market Size
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Companies Dominating the Volatile Corrosion Inhibitors Landscape

top-features-companies
    • Cortec Group
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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

In the News

  • 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:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4234
  • Published Date: Feb 20, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growth in the end-use industries is expected to drive market growth in the forecast period.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2035.

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 the Asia Pacific region is projected to hold the largest market share by the end of 2035 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 other key players.

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 2035 and display significant growth opportunities.
Volatile Corrosion Inhibitors Market Report Scope
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