Additionally, the iron & steel industry is increasingly demanding refractory materials such as magnesia chrome bricks for lining backup zones of furnaces, iron and steel production, and for transportation of liquid steel and slag. The steel manufacturing industry is one of the leading consumers of refractory materials. Rising demand for steel across the globe is, in turn, driving the adoption of magnesia chrome bricks, driving the growth of the market.
The global magnesia chrome bricks market is expected to reach the valuation of USD 2,742.9 Million by the end of 2027, according to a recent study published by Emergen Research. This growth is attributable to the increasing demand for magnesia chrome bricks from several end-use industries such as the iron & steel industry.
Furthermore, the expansion of the cement industry is one of the leading contributors to the growth of the global magnesia chrome bricks market. Continuously evolving construction industries globally coupled with initiatives for improving infrastructure is boosting cement production. This is a key factor driving the growth of the global magnesia chrome bricks market.
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Key Highlights of Report
- In August 2020, IMERYS announced acquiring a 60.0% equity stake in Haznedar Group. Haznedar is a Turkey-based producer of refractory bricks; through this acquisition, the group is looking for expansion of its business.
- Based on product type, the direct-bonded magnesia chrome bricks sub-segment is projected to expand at the fastest CAGR over the forecast period. This segmental growth is attributable to the high-grade refractory material employed for improving and especially a large-scale production of cement.
- On the basis of application, the construction sub-segment is expected to see robust growth over the forecast period. This growth is attributable to the expansion of the industry all across the globe and especially across developing nations. Additionally, the industry is gaining traction for surging demand for residential homes, infrastructure development, and rising investments in the telecom sector.
- Based on region, North America acquired the largest share in the global magnesia chrome bricks market in 2019 and is estimated to retain its dominance over the forecast period. The regional growth is credited to the expansion of the iron & steel industry in the region. Further, factors such as the rising focus on renewable power generation are expected to increase in coming years from the region over the forecast period.
- Key players in the magnesia chrome bricks market include Resco Products, Calderys, RHI Magnesita NV, Mayerton, KT Refractories, Vesuvius, HarbisonWalker International Inc., Chosun Refractories Co. Ltd., Lanexis, and Magnezit Group Ltd.
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Emergen Research has segmented the global magnesia chrome bricks market in terms of product type, application, and region:
- Product Type Outlook (Revenue, USD Million; 2017–2027)
- Common Magnesite Chrome Brick
- Direct Bonded Magnesia Chrome Brick
- Fused Rebonded Magnesite Chrome Brick
- Chemically Bonded Magnesium Brick
- Fused Cast Magnesite Chrome Brick
- Application Outlook (Revenue, USD Million; 2017–2027)
- Iron & Steel
- Non-ferrous Metals
- Power Generation
- Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America