Compacted Graphite Iron Market Size & Trends 2023

1. Compacted Graphite Iron Market Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2027

2. Growing footprint in wide range of engineering applications to deliver higher tensile strength and elastic modulus in comparison to its other counterparts, the compacted graphite iron market will experience a significant boom. Of late, with the proliferating industrial awareness, the use of various engineering materials is not only limited to production. There is hence a gushing requirement for several efficient intermediates of grey and ductile irons that offer exceptional mechanical and physical properties in many different applications. • In light of these trends, the demand for compacted graphite iron (CGI), which is a prominent type of cast iron, is on the rise across various end-user sectors, including the production of automotive engines and machine parts to provide strength, ductility, and toughness. The processing of this material is also known to produce low dross while being less susceptible to carbide formation and shrinkage porosity. • The emergence of several new methods in the casting of these products along with the thriving efforts led by numerous design engineers to specify them in a variety of cast components will further add to their consumption in the long run. Taking cue from these parameters, recent estimates suggest that the global compacted graphite iron industry size will record USD 9.5 million in annual remuneration by 2027.

3. Wide penetration in the automotive industry • Automotive manufacturers, these days, are beginning to depend on compacted graphite iron to match the growing efficiency and strength requirements. The product, thus, marks broad presence in automotive applications and is increasingly adopted in manufacturing parts, including engine heads, exhaust manifolds, brake discs, and diesel engine blocks. On account of its increasing preference over gray iron, this cast iron is extensively employed in the creation of engines for higher pressure operating combustion chambers to deliver more efficiency with lower emissions levels. • The rapid strides in automotive production and sales will also act as a promising driver for the compacted graphite iron market development. According to the European Automobile Manufacturers Association (ACEA), over 77.9 million motor vehicles were manufactured around the world in 2020. Growing incursion in actual automotive parts like brake drums, clutch disks, and pulleys among others will further enhance the product demand. • The surging rate of processing of metal castings, mainly in the developing countries on account of the higher dependency on manufacturing goods for components and parts while catering to the growing number of industries will substantially drive the market growth. There is a stronger penetration of the product in cars and trucks.

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