Selbyville, Delaware, Nov. 25, 2020 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the global compacted graphite iron market size was estimated at $8.3 million in 2019 and is slated to surpass $9.2 million by 2026, registering a CAGR of 4.6% from 2020 to 2026. The report gives a complete analysis of the top winning strategies, drivers & opportunities, market estimations as well as size, top investment avenues, wavering industry trends, and competitive scenarios.
The increasing adoption of luxury vehicle across the world and shifting consumer acceptance of enhanced driving experience as well as comfort will surge the vermicular graphite iron market growth in the near future. The rising popularity of corrosion resistant automobile components is likely to drive the product advancement further. Moreover, the use of lightweight components along with integration of efficient fuel-saving solutions is expected to gain considerable consumer inclination. This is further likely to surge the use of compacted graphite iron in vehicle engines.
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With respect to product spectrum, the overall compacted graphite iron market is classified into nodules and spheroid. Among these products, spheroid compacted graphite iron segment is expected to witness a significant revenue gain of more than $5.5 million by the end of the analysis timeline. This anticipated growth is ascribed to the product popularity owing to its adaptability in top engine components.
The COVID-19 outbreak has had a major impact on the global economy and the global market for compacted graphite iron has also shown a declining growth rate. The pandemic has resulted in decrease of sales and production of automobiles, leaving a severe impact on the compacted graphite iron market share. However, with economies open slowly and steadily and the hopes of effective vaccine getting stronger, a stable recovery trend is expected to be seen in the forthcoming time, with the CGI industry showcasing a respectable jump in revenues.
Key reasons for compacted graphite iron market growth:
- Rising demand from the marine industry.
- Growing adoption of lightweight automotive components.
- Increasing adoption of luxury vehicles across the globe.
2026 forecasts anticipate the ‘power generation’ application segment showing appreciative growth:
In terms of product applications, the overall market is classified into power generation, marine, construction, automotive, and others, comprising of manufacturing, metallurgy. Among these, power generation application segment is projected to garner approximately $8 million by the end of the analysis timeline. These cast irons are majorly utilized in manufacturing cylinder heads and engine frames in automated power generating equipment, which is a primary factor driving the compacted graphite iron market growth.
North America and Asia-Pacific to witness lucrative growth:
On the geographical front, North America is the second fastest expanding the compacted graphite iron market. The region is expected to witness a respectable CAGR of more than 4.5% over the forthcoming time period. The region’s strong automobile sector is expected to make notable contributions towards the industry revenue streams.
Meanwhile, compacted graphite iron market in Asia-Pacific is likely to account for around 18% of the global industry share by the end of the analysis timeline. Increasing consumer focus on fuel efficiency is likely to factor in as a distinguished growth driver.
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Leading market players:
Notable market players analyzed in the compacted graphite iron industry report include Waupaca Foundry, Eisengiesserei Baumgarte GmbH., Atlas Foundry Company, Hebei Jing County Jinli Casting, Inc., Silbitz Group GmbH, Tupy SA, Saguenay Foundry, ASI International, Ltd., Sintercast AB, Durham Foundry, and Teksid Iron among many others.
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, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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