Compacted Graphite Iron Market Size

Compacted Graphite Iron Market Size

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.

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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.