The study on the global market for Compacted Graphite Iron (CGI) evaluated the historical and current performance of this market, especially highlighting the key trends and growth opportunities. According to the study, the rising demand for this product is driving the global market for Global Compacted Graphite Iron (CGI) significantly. The expansion in the various related industry is also expected to reflect positively on the sales of Global Compacted Graphite Iron (CGI) product over the next few years.
Compacted graphite iron finds wide application in automotive, marine, construction, and power generation sectors, among others. CGI consumption across the power generation sector is slated to grow at a robust 4% CAGR through 2026. The increasing global demand for reliable and continuous power supply combined with the need for sustainable power generation will boost the product consumption substantially. Upcoming electrical infrastructure development and expansion projects worldwide will drive the product demand over the next few years.
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Globally, the compacted graphite iron market size is estimated to register a commendable growth rate over the next several years, with increasing application in automotive, construction, power generation, and numerous other end-use verticals. Compacted graphite iron or CGI is universally considered as a promising high-performance engineering material.
It consists of graphite particles in compacted or vermicular form. The materials possess intermediate physical and mechanical properties between grey and ductile irons. CGI exhibits exceptional properties including tensile strength and elastic modulus up to 75% and 35% higher than grey cast irons respectively, making it suitable for a range of modern day engineering applications.
On account of these properties, CGI is being extensively used in the production of machine parts, automotive engines, and many other engineering applications. Although several manufacturing techniques are in use today, manufacturers are constantly focusing developing methods of casting CGI products in order to have precise control over the final microstructure.
Based on the grade, the CGI industry is segmented into 300 MPa, 350 MPa, 400 MPa, 450 MPa, and 500 MPa. The demand for 450MPa CGI is projected to rise at a CAGR of around 4.8% through 2026. The 300MPa segment had captured more than 15% of the market share in terms of volume during 2019 and is poised to record substantial growth by 2026.
The others segment includes applications in metallurgy and manufacturing. This segment accounted for nearly 10% of the CGI market in revenue and is likely to witness notable growth by 2026. The need for high efficiency in the manufacturing sector is likely to fuel the product demand. In addition, increasing number of metallurgical projects worldwide are expected to further fuel this demand.
Geographically, Latin America held nearly 10% of the CGI industry in terms of volume during 2019 and is slated to record appreciable gains by the end of 2026. The CGI market in Middle East and Africa is expected to register a steady 3% CAGR through 2026.
The rapid expansion of automotive and construction sectors in these regions will propel the product demand significantly. Compacted graphite iron is being widely incorporated into vehicle parts and components as it can effectively reduce the overall weight of the vehicle on account of its high strength low weight compared to cast iron and aluminum alloys.
Analysis of regional landscape:
- Based on geographical terrain, the Compacted Graphite Iron (CGI) market is segmented into North America, Europe, Asia-Pacific, Southeast Asia, Middle East and Africa, South America.
- A performance summary of each region..
- Insights into the total sales, growth rate, and revenue generated by each geography is provided.
Key Questions Answered in Compacted Graphite Iron (CGI) Market Report:
- What is the size and CAGR of the global Market?
- What are the key driving factors of the most profitable regional market?
- Which are the leading segments of the global market?
- How will the global market advance in the coming years?
- What are the main strategies adopted in the global market?
- What is the nature of competition in the global market?
Summary of the regional outlook documented in this report:
- Consumption pattern and consumption rate with respected to each region.
- Predicted consumption rates over the forecast period.
- Market forecasts of key regions are detailed in the report.
- Consumption market share solely based on the regional contribution.
- Market share held by the listed geographies.
COVID-19, the disease it causes, surfaced in late 2019, and now had become a full-blown crisis worldwide. Over fifty key countries had declared a national emergency to combat coronavirus. With cases spreading, and the epicentre of the outbreak shifting to Europe, North America, India and Latin America, life in these regions has been upended the way it had been in Asia earlier in the developing crisis. As the coronavirus pandemic has worsened, the entertainment industry has been upended along with most every other facet of life. As experts work toward a better understanding, the world shudders in fear of the unknown, a worry that has rocked global financial markets, leading to daily volatility in the U.S. stock markets.
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