Magnesia-Chrome Brick Market Research Report until 2025
The global Magnesia chrome brick market is estimated to be USD 2,2 billion in 2020 and is projected to reach USD 2,6 billion by 2025, at a CAGR of 3 % from 2020 to 2025.
The market is witnessing moderate growth, owing to increasing application, infrastructural development, and growing demand for these magnesia chrome brick in the Asia-Pacific and Europe. Magnesia chrome brick are largely used in the iron and steel industry. The increasing use of magnesia chrome brick in iron and steel making and the rising construction activities is driving the magnesia chrome brick market. Strict environmental and government regulations is the restraints for the magnesia chrome brick market. The iron and steel industry will continue to lead the magnesia chrome brick market, accounting for a share of 60,2 % of the overall market, in 2019 terms of value. 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.