December 17, 2020
According to the recent research report titled ‘Compacted Graphite Iron (CGI) Market Size By Grade, By Product, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global compacted graphite iron (CGI) market is anticipated to record an appreciable growth over 2020-2026.
Escalating demand of super cars, growing requirement of smoother and energy efficient engines, increasing regulatory policies to reduce carbon emissions in vehicles, and rising adoption of lightweight automotive materials are fueling global compacted graphite iron (CGI) market growth.
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Notably, compacted graphite iron is a high-performance engineering material, consisting of graphite particles in vermicular or compacted form. These materials have intermediate mechanical and physical properties between grey and ductile irons. It has exceptional features like elastic modulus up to 75% and high tensile strength, making it an ideal choice for a plethora of modern engineering applications.
Coming to the pitfalls, limited product penetration is likely to hamper the remuneration scale of the industry over the study period.
Speaking of grade type, 450MPa segment of global compacted graphite iron (CGI) market is projected to record 4.8% CAGR through 2026. Meanwhile, 300MPa segment held above 15% share of the overall market in terms of volume in 2019 and is slated to grow substantially over the estimated timeframe.
Based on application spectrum, power generation segment is posed to register a 4% growth rate over the forecast timeframe. Escalating demand for reliable and constant power supply, along with requirement of sustainable power generation will significantly augment CGI consumption in energy sector. Future electrical infrastructure development as well as expansion projects across the globe will further stimulate the product demand in the upcoming years.
On the other hand, global compacted graphite iron (CGI) market share from others segment including applications in manufacturing and metallurgy, held 10% share and is reckoned to accrue notable returns through 2026. The growth is creditable to demand for high efficiency in manufacturing sector and growing number of metallurgical projects globally.
As per the regional landscape, Latin America accounted for 10% share of global compacted graphite iron (CGI) industry by volume in 2019 and is anticipated to gain considerable traction through 2026. While, Middle East & Africa industry is predicted to record 3% CAGR over the forecast timeline. Surging growth in construction and automotive sectors in these regions will boost the overall industry remuneration in the coming years.
Renowned companies operating in global compacted graphite iron (CGI) market sphere are Hebei Jing County Jinli Casting Inc., ASI International, Ltd., Saguenay Foundry, Ltd., Eisengiesserei Baumgarte GmbH, Atlas Foundry Company, Inc., Waupaca Foundry, Inc., Durham Foundry Ltd., Teksid Iron, Tupy S.A., Silbitz Group GmbH, and Sintercast AB.