The globalMagnesia 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.
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.
Magnesia chrome brick is a diversified and competitive market with a large number of global players and few regional and local players. RHI Magnesita (Austria), Visuvius (UK), Shinagawa Refractories (Japan), HarbisonWalker International (US) and Calderys(France). are some of the key players in the market.
Speak to our Analyst @ Click Here
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://mnmblog.org/market-research-reports/magnesia-chrome-brick-market
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Ashish Mehra
630 Dundee Road
Northbrook, IL 60062