The global volatile corrosion inhibitor (VCI) shrink films market is estimated to exhibit growth at a healthy CAGR of around 5% to 6% during the forecast period 2022-2032. Surging adoption of protective films for wrapping expensive metal products, tools, machineries, and others across diverse industries is expected to bolster the demand for VCI shrink films in the global market.
VCI shrink films, commonly known as VCI shrink wraps, are clear films comprising transparent and volatile corrosion inhibitor molecules that assist in protecting metal surfaces from external factors, such as corrosion. These films can be used for ferrous, non-ferrous, and multi-metal for protection and are available in a wide range of sizes in sheets, rolls, and bags & tubing formats.
VCI shrink films are primarily made of low-density polyethylene (LDPE) and are used to protect metal components against rust, contamination, and corrosion. Active substance such as volatile corrosion inhibitors in VCI shrink films penetrate into cavities and creates a protective atmosphere against corrosion.
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Which are Some Prominent Drivers Spearheading VCI Shrink Films Market Growth?
VCI shrink films are designed to provide long-term protection for metallic parts made of various metals such as iron & steel, copper, brass, tin, zinc & zinc galvanized, bronze, and nickel from corrosion during manufacturing, storage, and transit. Also, these films have favorable characteristics such as excellent clarity, ultraviolet (UV) stability, cross-laminated, and cling properties, which eliminate the need for additional cleaning and degreasing to metal parts covered with this films.
Attributed to this, VCI shrink films are finding a wide range of applications across transport & logistic sectors for storage and transportation of metal parts. They are extensively being used in centerfold sheeting, case liners and covers, lock-tip bags, single wound sheeting, elasticated bags, tubing, flat gusseted bags, and others, thereby, creating strong demand in the market.
Hence, leading players are emphasizing on developing novel shrink wrapping films with innovative features such as flame retardant and anti-static properties to capitalize on the surging demand. Some of the manufacturers are also aiming at providing customized VCI shrink films as per the end use and application need. This is projected to accelerate the sales of VCI shrink films in the global market over the forthcoming years.
What are the Challenges Faced by the VCI Shrink Films Market?
Although there are several advantages associated with the use of VCI shrink films, factors such as high cost of these shrink films and increasing availability of other low-cost substitutes are hindering the sales in the market.
In addition to this, the implementation of several stringent regulations and norms regarding the use of plastics across North America, Asia Pacific, and Europe, due to rising environmental concerns are restraining the growth in the global VCI shrink films market.
Why is North America Emerging as an Opportunistic VCI Shrink Films Market?
As per FMI, North America is estimated to exhibit growth at a rapid CAGR in the global VCI shrink films market during the forecast period 2022-2032.
Demand for VCI shrink films is increasing at a rapid pace, owing to increasing application in storage and transportation sector. These VCI films do not affect physical surface properties and eliminate the need for wiping, spraying, surface preparation, or dipping along with securely wrapping irregularly shaped products that are difficult to wrap. Attributed to this, these shrink films are increasingly being used for wrapping electronic and electric metal goods, machineries, metallurgy equipment, and others.
Hence, key manufacturers are focusing on launching novel products with innovative features to capitalize on the surging demand. For instance, in 2018, Daubert Cromwell, a U.S.-based manufacturer of protective packaging films announced introducing a new environment-friendly Clear Pak® BIO VCI Film, designed to protect ferrous metals from corrosion, using advanced VCI chemistry derived from plant extracts that are amine-free, nitrite-free, and non-toxic. A slew of such new product launches is expected to favor the sales in the North America market.
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How is Western Europe Contributing to the Growth of the VCI Shrink Films Market?
Future Market Insights states that Western Europe is anticipated to account for a significant share in the global VCI shrink films market from 2022 to 2032.
A swift rise in import and export of automobiles and automotive goods are being witnessed across the countries such as Germany, the U.K., France, and others, creating strong demand for metal wrapping films.
According to a report by the Observatory of Economic Complexity, nearly US$ 123 Bn worth of automotive vehicles, including passenger cars and commercial vehicles, and US$ 54.6 Bn valued automobile parts were exported by Germany in the year 2020. As VCI shrink films are extensively being used for wrapping automotive vehicles and automobile parts for protecting them from corrosion and other external factors, such rise in exports is projected to bolster the demand in the Western Europe market.
Market Competition
Some of the leading players in the VCI shrink films market are Superior Industries, Inc., MAGNA INTERNATIONAL PTE LTD., Cortec Corporation, Aicello Corporation, Daubert Cromwell, Inc., MetPro Group, Harita-NTI Ltd., BRANOpac GmbH, Propagroup, and others.
Prominent players in the global VCI shrink films market are aiming at launching sustainable products and capacity expansion to gain edge in the highly competitive market.
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Key Segments Profiled in the VCI Shrink Films Market Survey
By Film Thickness:
- Below 25 micron
- 25 to 100 microns
- 100 to 200 microns
- Above 200 microns
By End Use Industry:
- Mining and Metallurgy
- Electronic & Electrical
- Automotive
- Transport & Logistic
- Aerospace
- Agriculture
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa
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