Northbrook, IL -- (SBWire) -- 10/13/2020 --The 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", 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. 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.
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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.
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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COVID-19 Impact on the Magnesia chrome brick Market
The global Magnesia chrome brick market includes major Tier I and II suppliers like as RHI Magnesita (Austria), Visuvius (UK), Shinagawa Refractories (Japan), HarbisonWalker International (US) and Caldarys (France). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.
These players have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for magnesia chrome brick is expected to decline in 2020. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.
Recent Developments :
- In January 2020, RHI Magnesita, acquired Missouri Refractories Co, Inc. (MORCO). MORCO perfectly fits into RHI Magnesita's strategy to strengthen the company's position in the North American refractory market.
- In March 2019, Vesuvius, acquired CCPI (US), a specialty refractory producer focused on tundish (steel continuous casting) applications and aluminum. This will help the company to expand presence in North America.
- In June 2019, Resco Products, announced the opening of its new R&D center in Greensboro in North Carolina. This R&D center is responsible for developing technical refractory capabilities to support customers requirement.
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Magnesia Chrome Brick Market Worth $2.6 Billion by 2025 : Growing at a CAGR of 3%
Major Players in Magnesia Chrome Brick Market are RHI Magnesita (Austria), Visuvius (UK), Shinagawa Refractories (Japan), HarbisonWalker International (US), and Calderys (France).