Global VCI Packaging Market: Overview
VCI packaging market is expected to witness robust growth in the near future, thanks to rising e-commerce, shipping, and sales of consumer electronics. VCI packaging is an abbreviation of Volatile Corrosion Inhibitor. It includes various packaging options like plastics, and paper material which provide extreme corrosion resistance with the help of inhibitors. These are widespread in demand as these make for ideal materials for transport and storage. Additional testing and research in VCI packaging is resulting in new methods for ensuring safety of transports. Advancement testing methods include accelerated climate test, razor blade test, and VIA test. With these testing apparatus, and effective application of the product, the VCI packaging market continues to provide tremendous growth opportunities. However, there is also a growing need in the market to standardize testing method to ensure more reliability and safety for end-products.
Global VCI Packaging Market: Notable Developments
The global VCI packaging market is witnessing new application in coatings of metal work. Corrosion of metals is a widespread issue for the manufacturing as well as several other sectors. Additionally, during transport, and other temporary arrangements, metal corrosion can result in significant damages. The VCI packaging provides the ability to vaporize, and condense on the surface. This makes ferrous and non-ferrous materials less susceptible to corrosion. Additionally, it provides a confined space for metals to go to work during operations. Moreover, the packaging also provides a layer of monomolecular surface which prevent electrochemical reactions.
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India’s largest carmaker Maruti Suzuki has announced that it will follow EU guidelines to reduce its carbon footprint through the use of extensive VCI packaging materials. The new measures will see conform to the packaging, labelling and classification needs for chemical substances. The company in recent years has accounted for more than 50% share in domestic passenger vehicle segment. Maruti Suzuki has also announced that it will use international material data capturing systems to weed out prohibitive substances in packaging. The rising benchmark for industries such as EU norms, growing concerns about carbon emissions, and rising effectiveness of VCI packaging for transporting vehicles, especially during rainy seasons are expected to drive tremendous growth.
Global VCI Packaging Market: Drivers and Restraints
Rising demand for automobiles, and increasing regulations, and rising applications like metal coatings are expected to remain major drivers in the VCI packaging market. Additionally, the rise of e-commerce is expected to create several opportunities for growth in the VCI packaging market. The VCI packaging market products also provide robust application for rising sectors like heavy-industries, aerospace, and defense. The rising demand from these sectors and growing trends such as rising use of biodegradable materials in the packaging industry are expected to drive growth.
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Global VCI Packaging Market: Geographical Analysis
The global VCI packaging market is expected to register significant growth in North America region. The market is likely to ride as high in the region, thanks to expansion of e-commerce, automation, and growing demand in the packaging industry. Apart from e-commerce giants like Amazon, other major companies like Walgreens have also started delivery services for consumers. The need for safety, and reliability in pharmaceutical products will result in more growth for the VCI packaging market. Moreover, the global VCI packaging market is also expected to register significant growth in Asia Pacific. The rising manufacturing and packaging activity in the region, bans on single-use plastics, and changing processes among major automakers are expected to drive significant growth in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.