Compacted Graphite Iron Market Growth, Competitive Analysis, Future Prospects and Forecast 2026
As per a new research report by Global Market Insights Inc., the compacted graphite iron market is estimated to surpass a $9.2 million valuation by 2026.
Delaware, United States – August 9, 2021 /MarketersMedia/ —
The compacted graphite iron market is slated to witness considerable growth over the coming time period owing to the increasing adoption of luxury vehicles. Today, consumers expect enhanced driving experience as well as comfort from their vehicles, which is favorably shaping industry gains.
Shifting preferences have also led to a surge in production and sales of super cars, particularly in Europe, stimulating the industry outlook. Subsequently, rising popularity of corrosion resistant automobile components will complement the business scenario.
Numerous countries are promoting technology and material solutions to decrease the levels of vehicle pollution. Given the overall increase in awareness among the general population, automakers are advertising the use of lightweight components and integration of fuel-saving solutions to attract consumer attention. This highlights a new trend in the field of automobiles, on that will help surge the use of CGI in vehicle engines.
Prominent industry players are increasingly undertaking various strategic initiatives, including novel product launch, research and development, acquisitions, and collaborations for consolidating their market share.
With respect to product, the overall compacted graphite iron market is classified into nodule and spheroid shape. Among these, spheroids segment is much more popular across the market and is anticipated to witness a revenue gain of more than $5.5 million by the end of 2026. This growth is attributed to the adaptability of the product in main engine components.
In terms of application, the market for compacted graphite iron is segmented into power generation, construction, construction, marine and others such as manufacturing and metallurgy. Among these, the marine application segment is likely to witness a decent CAGR of over 4.5% through the forecast time period.
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In addition, the power generation application segment is likely to gather gains of approximately $8 million by the end of the analysis timeframe. The cast irons are mostly used in manufacturing cylinder heads and engine frames in equipments for automated power generation.
Through the regional standpoint, compacted graphite iron market in Asia Pacific is anticipated to account for more than 18% market share by the end of the analysis timeframe. Meanwhile, North America, which is regarded as the world’s second fastest growing market in the overall compacted graphite iron market, is projected to grow with a CAGR of more than 4.5% over the forecast time period.
Eisengiesserei Baumgarte GmbH, Teksid Iron, Saguenay Foundry, Hebei Jing County Jinli Casting, Inc, Silbitz Group GmbH, ASI International, Ltd., Sintercast AB, Waupaca Foundry, Durham Foundry, Atlas Foundry Company, and Tupy SA among many others are some of the key players in the compacted graphite iron market.
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 along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/compacted-graphite-iron-cgi-market
Source: MarketersMedia
Release ID: 89040523
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