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″, 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 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.
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.
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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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RHI Magnesita (Austria) is the largest player in the magnesia chrome brick market, globally. In 2016, RHI AG, merged with Magnesita Refratarios S.A. to form the world’s leading refractories manufacturer, RHI Magnesita N.V. The company has a good geographical presence with operations in more than 180 countries and 70 sales offices. The company has a strong product portfolio of magnesia chrome brick, which caters to various end-use industries such as glass, lime, foundry, and metallurgy. As a part of its growth strategy, the company is actively engaged in mergers & acquisitions. The company has recently announced the merger of its Indian subsidiaries (RHI India, RHI Clasil, and Orient Refractories).
Vesuvius (UK) is the second-largest player of the magnesia chrome brick market, globally. It offers its refractory products through the steel and foundry segments. The company is focused on new product developments and geographical expansions. It also invests in R&D activities. In 2017, the company inaugurated its new R&D center in Visakhapatnam, India. This R&D facility is dedicated to advanced refractories. Vesuvius has a strong product portfolio, which includes products such as magnesia chrome brick, coatings, filtration and gating system, metallurgical and pouring control systems, feeding systems, die dressings and coatings, melt treatment products, crucibles, and ceramics.
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