Volatile Corrosion Inhibitors Market Analysis 2023-2035
Research Nester published a report titled “Volatile Corrosion Inhibitors Market: Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global volatile corrosion inhibitors market in terms of market segmentation by material type, substrate type, end-use industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global volatile corrosion inhibitors market is anticipated to grow with a CAGR of ~6% during the forecast period, i.e. 2023-2035. The market is segmented 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, owing to increased utilization of volatile corrosion inhibitors during various processes such as exploration & production, transportation & storage, refining & petrochemical. Thus, the expansion of the oil & gas industry is expected to generate high demand of volatile corrosion inhibitors in the forecast period.
The global volatile corrosion inhibitors market is estimated to garner a revenue of ~USD 777 million by the end of 2031, up from a revenue of ~USD 760 million in 2021. Recently, the focus on eliminating corrosion of metals to prevent economy loss has gained importance. Thus, in the recent years, key players have seen growth opportunities for the market growth. 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. Volatile corrosion inhibitors are a great substitute for protecting metals 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.
Geographically, the global volatile corrosion inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimate to garner the largest market share by the end of 2031, on the back of increased utilization rate of volatile corrosion inhibitors in various end-use industries such as growth of construction, electronic, automotive and chemical. Additionally, the high expenditure on research and development and considerable growth in GDP in the region is projected to bring lucrative opportunities for the market growth.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Expansion of Automotive and Packaging Manufacturing Industry to Drive the Market Growth
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. For instance, the global automotive industry is projected to grow by USD 9 trillion by 2030. 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. As of 2021, it was estimated that the global packaging industry generates USD 500 billion yearly.
However, easy availability of alternative chemicals and stringent rules by the government are expected to operate as key restraints to the growth of the global volatile corrosion inhibitors market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global volatile corrosion inhibitors market which includes company profiling of 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 profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global volatile corrosion inhibitors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
