The global Magnesia Chrome Brick Market size was USD 2,388.2 Million in 2022 and is expected to register a revenue CAGR of 2.7% during the forecast period. Rising infrastructural projects in both commercial and residential sectors, increasing funds and investments by government authorities, along with rising utilization of iron steel in various industries are some of the factors driving market revenue growth.
As per the U.S. Census Bureau, expenditure on private construction was USD 1,442.6 billion annually, which is essentially unchanged from the revised December estimate of USD 1,442.0 billion. The seasonally adjusted annual rate of residential buildings in January was USD 847.4 billion, which was 0.6% less than the updated December estimate of USD 852.1 billion. At a seasonally adjusted annual pace of USD 595.2 billion in January, nonresidential building was 0.9% higher than the updated December estimate of USD 589.9 billion. Such investments and funds are significantly leading to significant infrastructural development which is driving revenue growth of the magnesia chrome brick market.
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Top Leading Players:
Magnezit Group, Mayerton, Calderys, RHI Magnesita, HarbisonWalker International, Resco Products, Vesuvius, Lanexis Enterprises (P) Ltd., Qinghua Refractories Co., Ltd., and Hengzhou Rongsheng Refractory Co., ltd. among others.
Magnesia Chrome Brick Market Upcoming Growth:
- Increasing demand from the steel industry: Magnesia chrome bricks are widely used in steelmaking applications, such as steel ladles, converters, and electric arc furnaces, due to their excellent resistance to high temperatures and corrosive environments. As the steel industry continues to grow, the demand for magnesia chrome bricks is expected to increase.
- Rising demand for non-ferrous metals: Magnesia chrome bricks are also utilized in non-ferrous metal production, including copper, nickel, and lead smelting processes. The growing demand for these metals, particularly in developing economies, can drive the demand for magnesia chrome bricks.
- Infrastructure development and construction activities: Magnesia chrome bricks find applications in various high-temperature industrial processes, including cement kilns, glass furnaces, and incinerators. The growth of infrastructure development and construction activities worldwide can contribute to the demand for magnesia chrome bricks.
- Technological advancements: Ongoing research and development efforts in refractory materials can lead to the development of improved magnesia chrome brick formulations with enhanced properties, such as higher resistance to thermal shock and improved longevity. Technological advancements can drive market growth by offering more efficient and reliable solutions.
- Environmental regulations: Increasing environmental regulations and a focus on reducing emissions can lead to the adoption of cleaner and more energy-efficient technologies in industries such as steel and non-ferrous metal production. Magnesia chrome bricks can play a role in supporting these efforts by providing heat insulation and reducing energy consumption in high-temperature processes.
Please note that the aforementioned factors are based on trends up to September 2021, and the actual growth of the magnesia chrome brick market in 2023 may be influenced by various additional factors and industry dynamics.
Segments covered in the report:
Product Type Outlook (Revenue, USD Million; 2019-2032)
- Direct Bonded Magnesia Chrome Brick
- Common Magnesite Chrome Brick
- Fused Rebonded Magnesite Chrome Brick
- Fused Cast Magnesite Chrome Brick
- Chemically Bonded Magnesium Brick
Industry Outlook (Revenue, USD Million; 2019-2032)
- Iron Steel
- Power Generation
- Glass
- Non-ferrous Metals
- Cement
- Others
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