The Magnesia chrome brick market dimension is expected to advance at a CAGR of 3.1%, via capacity of value, all through the forecast period. The market is estimated to be USD 2.2 billion in 2020 and is projected to acquire USD 2.9 billion thru 2027. The driving elements for Magnesia chrome brick market is its developing demand from iron & metallic industry.
Driver: Increase in infrastructural improvement in rising countries
Growing urbanization and industrialization, generally in rising economies such as India and China, has led to substantial funding in the development of residential and commercial buildings. According to the Global Construction Perspective and Oxford Economics, the world constructing market will grow by means of 85% to USD 15.55 trillion worldwide by way of 2030, with three international locations China, India and the US accounting for 57% of the world growth.
Restraint: Restrictions on the use of magnesia chrome brick due to the developing environmental concerns
The manufacturing approach of magnesia chrome brick leads to the emission of herbal particulate be counted (PM) and hazardous gases such as sulphur dioxide (SO2), nitrogen oxides (NOx), carbon monoxide (CO), carbon dioxide (CO2), fluorides, and volatile herbal compounds (VOCs). Processes, such as crushing, grinding, calcining, and drying, lead to the emission of PM, whilst gases and VOCs are emitted during firing and tar & pitch operations, respectively.
In the US, policies regarding refractory waste disposal and hints involving the use of refractories inspire recycling of chrome-based refractories, which are commonly used in the iron & steel industry. Similarly, in Europe, projects such as ReStaR (Review and improvement of making an attempt out Standards for Refractory products), have been applied to make sure the reliability and precision of the modern refractory trying out requirements in the region. Such environmental policies and restrictions on the use of refractory materials act as a restraining component for the boom of the magnesia chrome brick market.
Challenges: Overdependence on the iron & metal industry
The magnesia chrome brick market is pretty dependent on the iron & metallic industry, which covers round 60% of the global market. The relaxation 40% share is blanketed by means of end-use industries such as electricity generation, cement, glass, non-ferrous metal, and chemical. Hence, the downfall of iron & metal agency would lead to a consequent decline in the magnesia chrome brick market.
The demand for magnesia chrome brick from the iron & metal employer has been volatile over the previous few years, which has significantly affected the market. Even with the rising demand for magnesia chrome brick from other industries and restoration of the world economic situation, the dependence of magnesia chrome brick market on the iron & steel industry is anticipated to stay unchanged, for that purpose posing a massive assignment for the enlarge of the magnesia chrome brick market.
Report : Magnesia Chrome Brick Market - By Type (Direct Bonded, Fused/Rebonded, Chemically Bonded, Used Cast) By End Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass, Others) By Region (North America, Europe, APAC, MEA, Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027