Compacted Graphite Iron (CGI) Market By Application Forecasts Growth By 2026 | Top Key Players - Teksid Iron, Saguenay Foundry, Hebei Jing County Jinli Casting, Inc, Silbitz Group GmbH

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.

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.

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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 compacted graphite iron market 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.

For instance, in June 2020, after the outcome of a comprehensive six-month long trial, WHB Automotive, a prominent supplier of independent automotive components in Brazil, applied a purchase option to acquire the System 4000 process control equipment of SinterCast. This acquisition provides WHB Automotive with full capability for complete series production of CGI (compacted graphite iron).

With respect to product, the overall 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.

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.

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Meanwhile, key participants in the market have been undertaking various strategies so as to strengthen their product portfolios, offering diverse technologically advanced and new products to their customers. For instance, in June 2020, Grede, a leading developer, manufacturer, assembler as well as supplier of gray, ductile and specialty iron castings as well as machined components for the industrial, automotive, and commercial vehicles sector, announced the purchase of assets of iron castings foundry, namely Renaissance manufacturing Group, Waukesha.

The acquisition expands Grede’s strategic growth in the industrial and commercial vehicle markets. The firm is now effectively equipped to meet the rising demand for top-quality casting products within a cost-conscious market.

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.

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