The Compacted Graphite Iron Market is expected to grow at > 4.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Compacted Graphite Iron Market
Compacted Graphite Iron Market is likely to witness a CAGR of 4.2% during the forecast period. Rapidly growing demand for low emissions, high torque, and improved fuel economy in high-performance vehicles, development of favorable features, such as high tensile strength and lightweight properties, superior product design, and assistance in the production & assembly process for large volume production of diesel engine models are some of the major factors driving the market growth during the forecast period.
Europe is estimated to account for the major share of the market owing to growing adoption of lightweight materials in the automotive industry during the forecast period. The automotive manufacturers are influenced by the stringent compliances made by the EU, to install lightweight cast iron in their vehicle engines, in order to decrease the emission of carbon dioxide, fueling the growth of the regional market over the forecast period. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Compacted Graphite Iron Market Share: By Grade Type
Based on the grade type, the market is segmented as 300 MPa, 350 MPa, 400 MPa, 450 MPa, and 500 MPa. 400 MPa is estimated to be the dominant segment accounting for the largest share of the market, owing to the excellent features offered by it, such as superior electrical properties, lightness, moisture resistance, and high tensile strength coupled with enhanced shelf life. Development of products with excellent fuel-efficient features to improve usage in diesel engines and with sustainable design improvement for engine applications, which is expected to accelerate the market growth during the forecast period.
Compacted Graphite Iron Market Share: By Product Type
Based on the product type, the market is segmented as spheroid and nodules. The spheroid product type is projected to account for the largest share of the market during the forecast period. The shape of this product allows it to get accustomed to almost all types of engine components used for automobile applications, such as power-generating equipment and construction equipment, and it also finds various applications having advantageous features, such as improved handling, fuel efficiency, reduced acceleration time, and relatively smooth functioning, fueling the segment’s growth during the forecast period.
Compacted Graphite Iron Market Share: By Application Type
Based on the application type, the market is segmented as automotive, construction, marine, power generation, and others. Automotive application is projected to hold the largest share of the market during the forecast period, owing to the utilization of compacted graphite iron in manufacturing engines. This improves their performance abilities in conjunction with weight reduction, and provides minimized acceleration time, better fuel efficiency, better handling, and relatively smooth rides, driving the segment’s growth over the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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