The global VCI packaging market will expand at a CAGR of 6% over the assessment period 2019-2029. Growing demand from the primary industry due to escalating e-commerce, shipping, and consumer electronics sales is poised to spur the demand for VCI packaging. Although, the market witnessed a slump in demand on the onset of COVID-19 outbreak. The market is regaining its pre-crisis status quo by the end of 2021 or beginning of 2022.
“Mounting demand from defense, aerospace and heavy-industries and rising trends such as rising usage of biodegradable materials in the packaging sector are anticipated to drive market growth.” comments the FMI analyst.
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VCI Packaging Market – Key Highlights
- East Asia will remain dominant among other regions due to its high export of metal product and mushrooming manufacturing industry.
- The aerospace & defense end use industries will boost the uptake of VCI packaging amid the assessment period.
- Bio based plastic is gaining traction among other materials due to growing intolerance against plastic in packaging.
- VCI bags will remain lucrative and hold majority of market share due to huge volume bags presented by market players.
VCI Packaging Market – Drivers
- Increasing export of primary metal & products from developing economies is driving market growth.
- Increasing demand for secured & efficient metal packaging solutions will be supporting growth in the market.
- Growing demand for automobiles, increase in regulations, and increasing applications such as metal coatings will remain major growth drivers.
- Surge of e-commerce will generate several prospects for growth in the market.
VCI Packaging Market – Restraints
- Higher material cost is likely to act as a constraint, as well as challenge the market growth.
- Low adoption of standardize testing method to ascertain more safety and reliability for end-products might limit the growth prospects.
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COVID-19 Impact on the Market
The COVID-19 outbreak has put a lot of pressure on the packaging companies across the world. The VCI packaging market is experiencing huge supply-demand gap. Availability of raw materials as a result of disruptions in supply chain is compelling market players to rethink their business strategies to remain afloat in the market. Moreover, with re-opening of businesses, the global market is anticipated to witness recovery from 2021-2022.