The global Magnesia Chrome Brick market size is expected to grow from USD 2.2 billion in 2020 to USD 2.6 billion by 2025, at a CAGR of 3.0% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries ranging from iron & steel to the glass industry. Increasing demand from APAC will further drive the growth of the global magnesia chrome brick market.
RHI Magnesita (Austria), Visuvius (UK), HarbisonWalker International
(US), and Shinagawa Refractories (Japan). among others are the leading magnesia
chrome brick manufacturers, globally. These companies adopted
expansion and merger & acquisition as their key growth strategies between
2017 and 2020 to earn a competitive advantage in the magnesia chrome brick
market.
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The iron & steel end-use industry
is expected to register the highest CAGR in the global Magnesia Chrome Brick
market during the forecast period.
The iron & steel industry will
continue to lead the Magnesia Chrome Brick market. This was due to the
increasing demand for infrastructure development and mounting demand for
consumer goods such as automobiles. The increasing preference for high-cost,
high-performance magnesia chrome brick is driven by its applications in the
lining of various furnaces, ladles, and vessels, which are governed by the
operating conditions at each stage in the process of manufacturing steel.
Furthermore, magnesia chrome bricks are widely used for linings and insulation
of the high-temperature furnaces in this industry.
APAC is expected to hold the largest
market share in the global magnesia chrome brick market during the forecast
period.
Asia Pacific accounted for the
largest share of the magnesia chrome brick market in 2020. Factors such as the
rapidly increasing consumption of magnesia chrome Brick in the iron &
steel, power generation cement, and glass industries in countries such as
China, Japan, India, South korea and Australia have led to an increased demand
for magnesia chrome brick in the Asia Pacific region.
Read More Insights At https://www.prnewswire.com/news-releases/magnesia-chrome-brick-market-worth-2-6-billion-by-2025--exclusive-report-by-marketsandmarkets-301147433.html
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