Market players are focusing on offering all VCI products and increase the product durability & life to decrease the impact of VCI on health.
DUBAI, UAE / ACCESSWIRE / January 20, 2021 / 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.
Competitive Landscape
Leading companies operating in the VCI packaging market include Cortec Corporation, Branopac India Pvt. Ltd., Armor Protective Packaging , Haver Plastics Co Ltd., Daubert Cromwell, LLC, NTIC (Zerust Excor) , Muller LCS Inc., Transcendia Inc., Mondi Group, Smurfit Kappa Group PLC, AICELLO CORPORATION, CGP Coating Innovation, NEFAB GROUP, Patkar Extrusiontech (Pvt.) Ltd., and Crayex Corporation. Key companies are engaging in product developments and advancements in emerging markets. Furthermore, companies are engaged in enhancing their VCI packaging with environmental-friendly products
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About the Study
The study offers readers a comprehensive assessment of the VCI Packaging market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product (VCI paper [VCI films {stretch, shrink and sheet}, VCI bags {flat, gusseted, and zipper}], foam, others (emitters, desiccants, etc.) ), material (paper, polyethylene and others (bio-based plastics)), end-user industry (aerospace & defense, primary metal, electricals & electronics, automotive, heavy equipment, metal works and others (building & constructions, oil & gas, etc.)), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Explore FMI's Coverage of the Packaging Industry
VCI Paper Market: Obtain detailed analysis on the global VCI Paper market through FMI's report covering competitive analysis, key regions, and segmental analysis for 2017- 2027.
VCI Bags Market: Get insights on the VCI Bags market through FMI's report covering detailed quantitative and qualitative analysis for projection period 2020 - 2030.
VCI Shrink Films Market: FMI's exhaustive study on the global VCI Shrink Films market covers the latest trends, innovations, key players, and popular strategies for the period 2018 - 2028.
About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights