CHICAGO, Oct. 7, 2020 /PRNewswire/ -- According to the new market research report "Magnesia Chrome Brick Market by Type (Direct Bonded, Fused/Rebonded, Chemically Bonded, Fused Cast), End-use Industry (Iron & Steel, Power generation, Non-Ferrous metals, Cement, Glass), and Region - Global Forecast to 2025", published by MarketsandMarkets™, 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.
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Magnesia Chrome Brick are used across industries, such as Iron & Steel, Power generation, Non-Ferrous metals, Cement and Glass. In the Magnesia Chrome Brick market, iron & steel is the key end-use industry owing to the wide applications of these magnesia chrome brick.
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.
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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.
RHI Magnesita (Austria), Visuvius (UK), Shinagawa Refractories (Japan), HarbisonWalker International (US), and Calderys (France) are the leading magnesia chrome brick manufacturers, globally.
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