As per the recent research study of Future Market Insights (FMI), the global sales of VCI packaging was valued at ~US$ 600 Mn in 2018. According to the report, the global VCI packaging market is projected to expand at a CAGR of ~6% during the forecast period. According to FMI’s report, the rising export of primary metal & products from emerging economies is offering momentum to the global VCI packaging market. The growing need for efficient & secured metal packaging solutions is expected to be a primary factor for the growth of the market. Manufacturers of VCI packaging are grabbing the attention of end users by offering new designed VCI packaging products, which are highly suitable for specific applications.
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To satisfy consumers’ demand, manufacturers are adopting the strategy of product development, customer support & expansion. The packaging industry leaders across the globe are expanding product portfolio based on VCI packaging. The Mondi Group is also focusing on developing VCI packaging solutions to take benefits from the growing demand. The increasing demand for eco-friendly & sustainable VCI packaging is attributed to be beneficial for the paper packaging industry leaders to enter the market.
VCI bags are expected to witness an increased in market share owing to large volume bags offered by manufacturers. The quick adoption of VCI bags by metal parts and components manufacturers is a vital factor for the rising demand for VCI bags in the market. Manufacturers are adding new types and formats in the VCI packaging product portfolio by understanding the end users’ need. The VCI paper is attributed to be the best alternative in the fulfillment of sustainable and low-cost packaging products. The VCI paper is expected to expand at a maximum CAGR while VCI film is projected to witness sluggish growth during 2019-2029. The VCI packaging product growth in the global market closely depends upon the rising need for packaging of different metal products and current & future packaging products available in the market. For instance, VCI film was highly used for packaging in the past, which is expected to a slowly replaced by VCI paper & bio-based VCI products in the future.
Investment of Emerging Economies in Manufacturing Sectors
The VCI packaging market is highly based on industries where metal parts and components are mostly used. Globally, the VCI packaging market is likely to grow due to demand from the primary metal & metal works industries. Owing to the adoption of VCI liquids and powders, the automotive industry is expected to witness a sluggish growth in the future. The aerospace & components industries are projected to increase the consumption of VCI packaging during the forecast period. The emerging countries are boosting the demand for VCI packaging by investing in the aerospace, metal, and electrical & electronics industries. Other processing industry are also shifting towards VCI liquid and powder to protect metal products & components due to new easy techniques for removal & applicators.
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FMI’s also highlights noteworthy insights into the competitive scenario of the VCI packaging market along with the key player’s main strategies. Key players in the VCI packaging market are engaging in product developments and introductions in new markets. For instance, in June 2019, the leading VCI packaging manufacturer, Cortec Corporation, launched biodegradable VCI packaging film (EcoCorr® Film), which provides contact, barrier, and vapor corrosion inhibition. In May 2019, the company also developed bioplastics and anticorrosion films plant in Baranja, Croatia.
This study underlines key opportunities in the VCI packaging market and finds that the market is projected to exhibit growth at a value CAGR of ~6% during the forecast period.