Compacted Graphite Iron Market
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Compacted graphite iron market size was around USD 7 million in 2020 and will grow with a CAGR of 4.7% from 2021 to 2027. Compacted Graphite Iron (CGI) also termed as vermicular graphite iron is a sort of cast iron where the compacted graphite form offers similar physical properties of ductile or gray iron. The unique properties, such as lower weight and great strength of the material, have garnered heavy usage, especially in the automotive industry.
The compacted graphite iron market is propelled by numerous benefits such as high durability and lightweight properties, superior and flexible product design, and assistance with the assembly & production process for the enormous volume creation of diesel motor models. Moreover, the solid capability of cast metal and its capacity to offer better performance in comparison to other cast iron materials will additionally uphold industry development.
Vehicle producers worldwide are creating new technologies to lessen the overall vehicle load and develop fuel efficacy. Regulatory bodies across the globe including the U.S. Environmental Protection Agency and the National Highway Traffic Safety Administration (NHTSA) have together created a standard relating to the foundation of norms applying to various high-performance vehicles, such as supercars, particularly with diesel motors.
The guidelines were set by these directing bodies to further develop the efficiency of fuel the consumption from more than 30 miles/gallon to around 50 miles/gallon. These guidelines can be accomplished from vehicle weight decrease and more usage of cast iron in vehicle motors. Presently, CGI is a growing technology yet holds a sturdy potential for its use in automotive, transportation, and construction businesses.
Regular R&D activities are carried out to diminish the processing period and cost of the goods. The manufacturers are creating recovery frameworks to improve product penetration across several end-use industries. Nevertheless, the enhancement of appropriate technologies to reduce the failure mechanism will decrease the effect over the next few years. Multiplying the purchaser interest for superior-performing vehicles is another factor that will support the compacted graphite iron market share.
The main factor negatively affecting the compacted graphite iron market is the restricted product penetration across different end-use sectors owing to the recent development in cast iron technology. In addition, the disperse of COVID-19 has hampered the expansion of the CGI demand since it has diminished the sale of vehicles and construction-related activities across the globe.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Compacted Graphite Iron Market size in 2020: | 7 Million (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2023 - 2032 CAGR: | 4.7 |
| 2023 Value Projection: | 9.64 million (USD) |
| Historical Data for: | 2017 to 2020 |
| No of Pages: | 200 |
| Tables, Charts & Figures: | 229 |
| Segments Covered: | Grade, Product, Application |
| Growth Drivers: |
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| Pitfalls Challenges: |
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400 MPa compacted graphite iron is likely to dictate the segment with around 25% market share by 2027. Excellent electrical properties, moistness obstruction, lightweight, and high durability are the key elements augmenting the segment penetration in the coming years. CGI producers are creating products with superior fuel efficacy to propel product application in diesel motors. Product advancement with design upgrades for motor applications will bolster product consumption.
Based on products, the industry has been categorized into the nodule and spheroid-shaped CGIs. Spheroid graphite irons will generate a demand for around 2-kilo tons by 2027. The sphere shape supports its adoption in a wide range of motor segments utilized in construction machinery, automobiles, and power generation equipment, among several others. The utilization of spheroid products presents advantages such as improved handling, comparatively smoother operations, and fuel efficiency.
Automotive applications segment will generate over USD 4.5 million by 2027. The use of vermicular graphite iron in producing and assembling engines will increase the performance abilities related to weight decrease. This offers diminished acceleration time, fuel efficacy, better handling, and comparatively smoother rides. The industry is gaining significant traction from luxury car manufacturers. The growing adoption of these vehicles will likely prompt substantial CGI utilization, directly aiding the compacted graphite iron market sales around the globe.
Europe compacted graphite iron market is estimated to grasp a revenue of over USD 3 million by 2027 driven by the expanding acceptance of lightweight materials from automotive OEMs. Strict emission guidelines in the region to check CO2 discharge are affecting vehicle manufacturers to introduce lightweight materials in vehicle motors. The countries in the region are projected to increase the demand for additional luxury vehicles.
The compacted graphite iron industry is extremely consolidated. The major industry players are
The compacted graphite iron market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD thousands from 2017 to 2027 for the following segments:
The above information is provided on a regional and country basis for the following:
Europe will register more than USD 3 million by the end of 2027 propelled by the expanding acceptance of lightweight materials from automotive OEMs.
The compacted graphite iron industry share is expected to achieve $9.5million and will expand at a CAGR of 4.7% from 2021 to 2027.
400 MPa compacted graphite iron will record 25% of the market revenue through 2027 owing to its key properties such as moistness obstruction, lightweight, and high durability.
The automotive applications will register USD 4.5 million by 2027 due to the usage of vermicular graphite iron in the production and assembling of engines.