Vancouver, British Columbia, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The global magnesia chrome bricks market was valued at USD 2,190.7 Million in 2019 and is projected to reach USD 2,742.9 Million by 2027, at a CAGR of 2.8% during the forecast period, according to a current analysis by Emergen Research. Magnesia chrome bricks are witnessing high demand, due to the rise in infrastructure development activities, especially in developing economies. A smoothly functioning, up-to-date infrastructure is essential to a nation’s economic development and quality of living of its citizens. The worldwide infrastructure investment needs are likely to be USD 94.00 Trillion in the 2016–2040 period, which is equivalent to USD 3.70 Trillion annually.
For instance, in India, the government’s emphasis on providing housing to all citizens by 2022 is likely to drive the demand for cement in the next few years. Also, announcements pertaining to infrastructure development projects, including the Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project that is valued at USD 500.00 Billion, are fueling the demand for cement. This, in turn, is propelling the magnesia chrome bricks market in the country.
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The power generation sector is driven by rapid urbanization and growth in demand for energy. Refractory materials such as magnesia chrome bricks are frequently installed to assist in regulating the heat to obtain protection from thermal shocks resulting from constant use over time.
Key Highlights of Report
- In September 2019, Orient Refractories Limited made an announcement about the acquisition of machinery and assets of Manishri Refractories & Ceramics Pvt. Ltd.
- Fused cast magnesia chrome bricks are considerably employed in various end-use industries, owing to their beneficial properties such as large-sized and isolated pores, good corrosion resistance, high strength, and high-temperature endurance
- Demand for cement in India is estimated to reach 550–600 MTPA by the year 2025, owing to surging demand from various sectors, including industrial, commercial, and residential construction. Furthermore, the Government of India, in the Union Budget 2019–20, made an announcement to upgrade roads stretching 1,25,000 kilometers in the next five years, which is likely to boost the demand for cement in the country in the near future.
- Asia Pacific held the largest share of the global chrome bricks market in 2019. The market in the region is led by China. Dominance of the APAC region is attributable to growth of end-user industries, especially iron & steel, power generation, cement, and glass, in the region. Besides, rise in the level of disposable income in the region is boosting the market in Asia Pacific.
- Key market participants include Calderys, Resco Products, RHI Magnesita NV, KT Refractories, Mayerton, Vesuvius, Chosun Refractories Co. Ltd., HarbisonWalker International Inc., Magnezit Group Ltd., and Lanexis
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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
- Glass
- Cement
- Others
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- Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- North America
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