Press release
How are Expanding Construction and Automotive Industries Driving ASEAN Air Compressor Market?
In addition to this, the combined value of megaprojects across the ASEAN region was around $3 trillion, as of 2018. Since air compressors are used extensively in both these industries, their demand is also increasing along with the growth of these sectors.
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Air compressors are utilized to increase the pressure of air by reducing its volume. In the automotive and construction industries, air compressors are used for tire inflation, engine construction, car painting, and air conditioning systems, and tunnel, port, bridge, subway, and highway construction, respectively.
The global ASEAN air compressor market generated revenue of over $0.9 billion in 2018 and is predicted to reach $1.1 billion, growing with a CAGR of 3.6% in the coming years. Apart from construction and automotive industries, air compressors are also used in power, food & beverage, oil & gas, textile, chemical & cement, and industrial manufacturing sectors and heating, ventilation, air conditioning, and refrigeration (HVAC-R) systems.
Among these, the largest demand for air compressors was created by the industrial manufacturing sector during 2014–2018.
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In the coming years, the requirement for air compressors from the food & beverage industry is expected to grow at the fastest pace.
The flourishing automotive industry in the region is a major contributor to the ASEAN air compressor market growth. Such devices are heavily used in the automotive industry for a range of purposes, such as engine construction, tire inflation, air conditioning systems, and vehicle painting. Countries such as Singapore, Thailand, and Malaysia are the leading car manufacturers here.
The application segment of the ASEAN air compressor market is categorized into textile, industrial manufacturing, construction, food & beverage, heating, ventilation, air conditioning, and refrigeration, oil & gas, automotive, power, and chemical & cement.
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The industrial manufacturing category accounted for the highest revenue contribution throughout the historical period and held a 33.0% share in 2018. This can be attributed to the category’s significant growth in the Philippines, Indonesia, Malaysia, and Thailand. In the forecast period, the food & beverage industry is predicted to be the fastest growing category.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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