The Compacted Graphite Iron Market could be worth $9.5 million by 2027, says Global Market Insights Inc.
The superior performance of the compacted graphite iron over conventional cast iron has led to the adoption of the compacted graphite iron market over the forecast timeframe, says this report.
SELBYVILLE, Del., Aug. 17, 2021 /PRNewswire/ -- Based on a Global Market Insights Inc. report, the global Compacted Graphite Iron Market was estimated at $7 million in 2020 and is slated to exceed $9.5 billion by 2027, registering a CAGR of 4.7% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations, as well as size and competitive scenarios.
The rising demand for luxury and sports cars across the globe along with changing consumer perception toward vehicle comfort and driving experience will boost compacted graphite iron (CGI) market growth. The increasing popularity of automobile components with corrosion-resistance properties will further drive the product demand. Durability, enhanced performance, and lightweight engines are among the primary product features that are considered for manufacturing vehicles.
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Industry players are consistently investing in research & development to provide solutions that stop the wear and tear of engine components. Several regions are promoting technology and material solutions to minimize automobile pollution. The integration of fuel-saving solutions and usage of lightweight components will achieve substantial consumer inclination, boosting the market for compacted graphite iron.
Compacted graphite iron is at least 45% stiffer and 75% stronger than conventional aluminum alloys and grey iron. The technology is quite new, and for that reason, product penetration is still limited in several applications and industries. It is ideal for casting components that have mechanical loading and simultaneous thermal such as cylinder heads and blocks, turbocharger housings, and exhaust manifolds. The usage of CGI is rising in commercial vehicles, passenger vehicles, and industrial power engines, including marine, locomotive, agricultural, off-road, and stationary power applications.
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The nodules product segment of the compacted graphite iron market volume is projected to foresee a CAGR of 5.5% through 2027. Amongst the foremost graphite shapes, nodules are most preferred in various applications as they can coexist in castings with relevant changes in properties. The nodule-shaped compacted graphite iron's heavy load carrying capacity, economical pricing, resistance to corrosion from external factors, and low weight are among the notable features that aid producers in client acquisition.
The Asia Pacific compacted graphite iron market is estimated to attain a market share of over 15% by 2027. Swift product acceptance due to its use in motorsports, such as NASCAR and Formula 1 racing, will propel product usage in developed economies.
The major product manufacturers in the compacted graphite iron industry include Sintercast AB, Eisengiesserei Baumgarte GmbH, Silbitz Group GmbH, Hebei Jing County Jinli Casting, Tupy SA, Atlas Foundry Company, Teksid Iron, ASI International Ltd., Saguenay Foundry, Waupaca Foundry, and Durham Foundry, Inc.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Compacted Graphite Iron Market Overview
SOURCE Global Market Insights Inc.
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