Press release
Compressor Wheel Market Set to Reach USD 29.05 Billion by 2032, Growing at a 4.53% CAGR
Compressor Wheel Market
The global compressor wheel market is on a trajectory of significant expansion, driven by the escalating demand for turbocharged engines, advancements in manufacturing technologies, and a heightened focus on fuel efficiency across various industries. Valued at USD 20.38 billion in 2024, the market is projected to reach nearly USD 29.05 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.53% during the forecast period.
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➤ Vietnam: Emerging Opportunities in the Compressor Wheel Market
Vietnam's rapidly growing automotive sector presents substantial opportunities for the compressor wheel market. The country's increasing vehicle production and favorable investment climate have attracted global automotive manufacturers, thereby boosting the demand for high-performance components like compressor wheels. Additionally, Vietnam's proactive participation in mergers and acquisitions has enhanced its manufacturing capabilities, further propelling market growth.
Thailand: Trends in Compressor Wheel Adoption
Thailand, recognized as a major automotive hub in Southeast Asia, is experiencing a surge in the adoption of turbocharged vehicles, leading to increased demand for compressor wheels. The nation's robust automotive manufacturing infrastructure and export-oriented policies have attracted significant foreign investments. Notably, in April 2023, Burckhardt Compression acquired Thailand-based SPAN Maintenance and Service Co. Ltd., establishing Burckhardt Compression (Thailand) Co. Ltd. to strengthen its presence in Southeast Asia and enhance service offerings in the region.
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Japan: Growth in Compressor Wheel Applications
Japan's emphasis on technological innovation and its strong automotive sector have led to significant growth in compressor wheel applications. Japanese manufacturers are investing in research and development to produce lightweight and efficient compressor wheels, aligning with the global shift towards fuel-efficient and environmentally friendly vehicles. The acquisition of Proterial, Ltd. by Bain Capital in November 2023 marked a new era for the century-old supplier of high-performance materials, aiming for global growth and innovation in compressor wheel manufacturing.
South Korea: Consolidation in the Compressor Wheel Sector
South Korea's compressor wheel market is experiencing consolidation, marked by strategic mergers and acquisitions aimed at enhancing product portfolios and expanding market reach. Companies are focusing on integrating advanced materials and manufacturing techniques to meet the evolving demands of the automotive and industrial sectors. For instance, Hanwha Corporation, a major South Korean conglomerate, has diversified its portfolio to include precision machinery and automotive components, contributing to the growth and consolidation of the compressor wheel market.
Singapore: Opportunities and Updates in the Compressor Wheel Industry
Singapore's strategic location and robust industrial base present opportunities for growth in the compressor wheel market. The nation's focus on precision engineering and support for high-value manufacturing sectors are encouraging companies to establish and expand operations, thereby driving demand for compressor wheels in various applications. Singapore's commitment to technological advancement and innovation positions it as a key player in the regional compressor wheel market.
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United States: Trends and Mergers in the Compressor Wheel Industry
The United States continues to be a significant player in the compressor wheel market, driven by advancements in automotive technologies and a strong emphasis on performance and efficiency. In August 2022, Cummins Inc. acquired Meritor Inc. for $3.7 billion, aiming to expand its engine offerings and add axle and brake technology to its product line, thereby enhancing its competitive edge in the compressor wheel sector. Additionally, in March 2024, Ingersoll Rand announced the acquisition of ILC Dover for approximately $2.33 billion, bolstering its presence in the life sciences markets and demonstrating the strategic importance of mergers and acquisitions in driving market growth.
The Business Research Company
Reuters
Europe: Growth and Key Developments in the Compressor Wheel Market
Europe's compressor wheel market is expanding, fueled by stringent emission regulations and the increasing adoption of turbocharged engines to enhance fuel efficiency. Manufacturers are investing in innovative designs and materials to comply with environmental standards while delivering high-performance products. Collaborations and acquisitions are also prevalent, aiming to strengthen market positions and technological capabilities. For example, Danfoss, a Denmark-based industrial equipment company, acquired BOCK GmbH in March 2023 to expand its presence in the automotive compressor markets.
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➤ Key Recent Developments in the Compressor Wheel Market
March 2024: Ingersoll Rand announced the acquisition of ILC Dover for approximately $2.33 billion, aiming to bolster its presence in the life sciences markets and expand its product portfolio.
Reuters
March 2023: Danfoss acquired BOCK GmbH, a Germany-based manufacturer of automotive HVAC compressors, to expand its presence in the automotive compressor markets.
August 2022: Cummins Inc. acquired Meritor Inc. for $3.7 billion, aiming to enhance its engine offerings and add axle and brake technology to its product line.
➤ Compressor Wheel Market Segmentation:
by Product Type
Aluminum Compressor Wheel
Titanium Compressor Wheel
Stainless Steel Compressor Wheel
Twin Blade Compressor Wheel
by Diameter
20 mm - 40 mm
40 mm - 60 mm
More than 60 mm
by End Use
Automobile Industry
Manufacturing Industry
Oil & Gas Industry
Water Treatment Industry
➤ Compressor Wheel Market Key Players
1. ABI Showatech Private Ltd.
2. BOOSTER Precision Components
3. BorgWarner Inc.
4. Changzhou E & E Turbo Power Co., Ltd.
5. Doncasters Group Ltd
6. E&E Turbo
7. GARRETT MOTION INC.
8. Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.
9. Melett North America Inc. (Melett Ltd.)
10. Nelcon Motor Company
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