Magnesia Chrome Brick Market: Introduction
- Magnesia chrome bricks are made up of high purity magnesia and chrome. These bricks perform well at high temperatures and possess good thermal stability.
- Magnesia chrome brick comprises magnesium oxide (MgO) and chromium oxide (Cr2O3) with main ingredient, periclase, and spinel as the main mineral component of refractory products. Common magnesia chrome brick is formed by sintered magnesia and refractory level chrome ore as raw materials. Magnesia chrome brick is manufactured with raw materials of magnesite clinker and chromite, during which purity of magnesia staple must be as high as possible.
- Magnesia chrome brick may be a refractory brick produced from magnesia and chromite with a composition of 55% to 80% MgO and up to 20 Cr2O3. Magnesia chromes bricks are commonly utilized in cement kilns and non-ferrous furnaces.
Key Drivers and Restraints of Magnesia Chrome Brick Market
- Demand for magnesia chrome bricks is expected to increase at a significant rate during the forecast period due to the growth in infrastructure development in emerging countries such as China and India
- Rise in urbanization and industrialization, especially in emerging economies such as India and China, has led to significant investment in the construction of residential and commercial buildings. According to the Global Construction Perspective and Oxford Economics, the global construction market is expected to expand by 85% to US$ 15.55 Trn by 2030, with three countries – China, India and the U.S. – accounting for 57% of the global growth.
- Restrictions on the usage of magnesia chrome bricks due to the rise in environmental concerns is negatively affecting the magnesia chrome bricks market
Magnesia Chrome Brick Market: End-use Industry Segment
- Based on end-use industry, the magnesia chrome bricks market can be divided into iron & steel, power generation, non-ferrous metals, cement, glass, and others
- The iron & steel segment dominates the magnesia chrome brick market due to the increasing demand for infrastructure development and consumer goods such as automobiles. Rise in preference of 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.
COVID-19 Impact on Global Magnesia Chrome Brick Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Major players have announced the suspension of production due to the low demand, supply chain bottlenecks, and to protect the safety of their employees in the U.S., France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for magnesia chrome brick is expected to decline in the near future. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.
Asia Pacific to Hold Leading Share of Global Magnesia Chrome Brick Market
- In terms of region, the magnesia chrome brick market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global magnesia chrome brick market, followed by North America and Europe, during the forecast period
- Rapid increase in consumption of magnesia chrome bricks in iron & steel, power generation, cement, and glass industries in countries such as China, Japan, India, South Korea, and Australia is boosting the demand for magnesia chrome bricks in Asia Pacific
Key Manufacturers Operating in Global Magnesia Chrome Brick Market
The magnesia chrome brick market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the magnesia chrome brick market include:
- Chosun Refractories Co. Ltd
- Gita Refractories
- Harbisonwalker International
- KT Refractories
- Magnezit Group
- Minerex India
- Qinghua Refractories co. Ltd
- Resco Products
- RHI Magnesita
- RS Kiln Refractory Company
- Ruitai Materials Technology
- Shinagawa Refractories
Magnesia Chrome Brick Market: Research Scope
Magnesia Chrome Brick Market, by Type
- Direct Bonded
- Chemically Bonded
- Fused Cast
Magnesia Chrome Brick Market, by End-use Industry
- Iron & Steel
- Power Generation
- Non-ferrous metals
Global Magnesia Chrome Brick Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.