PET VCI Shrink Film Market Size and Global Growth Insights
The PET VCI shrink film market was valued at approximately USD 71.74 billion in 2024 and is anticipated to grow to around USD 122.54 billion by 2034, reflecting a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2024 to 2034.
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The market is increasing due to the growing automotive, machinery, and electronics packaging that needs to protect from rusting. The rising automotive market is boosting the PET VCI shrink film market.
PET VCI shrink film packing is heat-sealable and shrinkable packaging film that is used to wrap metals or any machinery items to protect them from rust during storage or transportation. It is an alternative to expensive multi-layer packaging film to reduce the requirement of dehumidification and vacuum packaging.
These shrink films wrap tightly around the object which avoids contact with the metal body and moisture and protects it from any kind of damage. These films are made up of polyethylene terephthalate (PET) that includes volatile corrosion inhibitors (VCI). These films when heated wrap tightly as the PET film shrinks and creates a vacuum around the metal body. This technology is mainly valued in markets where metal parts are vulnerable to corrosion and rust, such as aerospace, automotive, and manufacturing.
PET VCI Shrink Film Market Trends
Sustainability and Eco-Innovation
The growing demand for eco-friendly packaging materials, particularly for automotive components, is significantly boosting the PET VCI shrink film market. Biodegradable packaging options for machinery and electronics are increasingly appealing to consumers.
Technological Advancements
PET VCI shrink films are produced using advanced manufacturing processes that enhance their barrier properties and durability. As technology continues to evolve, the applications for shrink films are expanding, making them more versatile across various industries.
Versatility and Customization
Customization options for PET VCI shrink films have broadened their utility in packaging machines, enhancing their application within the packaging sector. This tailored capability allows for greater adaptability to specific needs.
Addressing Corrosion Concerns
There is a rising concern about rust and corrosion of automotive parts, prompting industries to seek effective corrosion protection solutions. The financial implications of rust are significant, driving demand for reliable protective packaging.
Market Opportunities
Expansion Through Eco-Friendly Solutions
As the automotive industry evolves, the demand for advanced technology increases, leading to a corresponding rise in the need for PET VCI shrink films. These films are often transparent, providing high visibility for packed products, which is particularly beneficial in trade wrapping where visual appeal is critical. Additionally, PET VCI shrink films exhibit excellent stretchability and slit resistance, ensuring that products remain securely packaged during transport. Their durability makes them suitable for a wide range of applications, from food and beverage packaging to various consumer goods.
In November 2023, Duo and Plastix announced a collaboration to launch shrink films made from 98% marine waste, including fishing ropes and nets, highlighting the trend towards sustainable materials.
While PET VCI shrink films offer numerous benefits, challenges such as low heat resistance during storage can lead to premature shrinkage. Manufacturers are addressing these issues through advanced technologies and formulations that enhance the strength and performance of PET VCI shrink films.
Regional Insights
Asia Pacific: Leading the Market
Asia Pacific accounted for the largest revenue share in 2023, driven by the rising demand from manufacturing industries for high-quality packaging films. Countries like China, India, Japan, South Korea, and Thailand are key contributors to the market’s growth. The demand for eco-friendly, durable, and cost-effective shrink films is propelling expansion in the packaging sector.
In December 2023, Gunze Limited launched GEOPLAS™ HCX1, an eco-friendly lightweight shrink film designed for automatic sleeve applicators. Major market players are focusing on improving packaging quality to meet customer expectations, with a strong emphasis on providing biodegradable and recyclable PET VCI shrink films. The increasing demand for new vehicle models also supports the market, as these films are essential for protecting metal components.
In June 2024, Dow collaborated with RKW to introduce REVOLOOP™, a recycled plastic resin developed to repurpose waste materials.
North America: Rapid Growth
North America is projected to experience the fastest growth rate over the forecast period, driven by the demand for innovative packaging solutions in the automotive sector. The presence of established market players with strong industrial capabilities and supply networks further solidifies North America’s position in the PET VCI shrink film market.
Strict regulatory standards and high quality requirements in North America also promote the adoption of advanced rust protection formulations like PET VCI shrink films. Manufacturers in the region prioritize film quality and durability, necessitating the use of cutting-edge packaging solutions to protect metal components from rust during storage and transportation.
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