ASEAN Air Compressor Market to Register 3.6% CAGR during 2019–2024

The countries in Association of Southeast Asian Nations (ASEAN) are registering economic growth and infrastructural development, due to which the construction industry is growing at a swift pace. The combines value of mega-projects across ASEAN stood around $3 trillion, as of 2018. Some of the major contributors to this amount are Singapore, Thailand, Philippines, Malaysia, Indonesia, and Vietnam. 

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In addition to this, a number of infrastructural projects are in the pipeline in Malaysia under ‘Eleventh Malaysia Plan’, which includes the construction of mass rapid transit, highways, water treatment plants, electricity power plants, and light rail transit.

Because of this robust growth of the construction sector, the demand for air compressors in the ASEAN region is growing rapidly, as they are widely utilized in a number of applications in the industry. Generally speaking, compressors are mechanical devices which are utilized for increasing pressure in a variety of compressible gases or fluids, air being the most common of them. 

Apart from the construction industry, air compressors are used in textile, power, food & beverage, industrial manufacturing, automotive, heating, ventilation, air conditioning, and refrigeration (HVAC-R), oil & gas, and chemical & cement sectors as well. The industrial manufacturing sectors accounted for the major demand for air compressors in the past, which is ascribed to the high industrial growth in the Philippines, Indonesia, Malaysia, and Thailand. 

In the construction industry, these devices are utilized in the development of tunnels, highways, subways, bridges, and ports construction. According to a P&S Intelligence report, in 2018, the ASEAN air compressor market reached a value of $902.9 million and is expected to progress at a 3.6% CAGR during the forecast period (2019–2024).

Positive displacement and dynamic are the two types of air compressors, between which the positive displacement variants were more in demand in 2018. This is because of the rising requirement for these devices from industrial manufacturing and food & beverages sectors.

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ASEAN Air Compressor Market Projected to Generate $1.1 Billion in Near Future

The automotive and construction industries in Association of Southeast Asian Nations (ASEAN) region are growing rapidly. For example, the total vehicle (car) sales in Malaysia grew from 501,700 in 2017 to 565,000 in 2018. In addition to this, the combined value of megaprojects across the ASEAN region was around $3 trillion, as of 2018. 

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. Various manufacturing industries, such as shipbuilding, steel, cosmetics, electronics, pulp & paper, glass, toy, nuclear, machinery, tobacco, and arms & ammunition, utilize air compressors in plant air and instrument air systems. In the coming years, the requirement for air compressors from the food & beverage industry is expected to grow at the fastest pace. 

The industry makes use of air compressors for processing, manufacturing, and preserving food and beverages, including edible oils, bakery products, sugar, drinks, dairy products, meat products, packaged food, and confectionery products.

The process of producing compressed air via oil-flooded air compressors results in condensation and contamination, due to which the preference toward oil-free air compressors is growing. 

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At the present time, food & beverage companies in the ASEAN region are utilizing oil-free air compressors for product handling, packaging, cutting and peeling food products to prevent their contamination, and in cleaning and manufacturing. 

Furthermore, the need for condensate treatment is eliminated by the use of oil-free compressors, resulting in the reduction of the hidden cost of testing, monitoring, and disposing of the condensate. These compressors use about 6% less energy than conventional compressors.

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How are Expanding Construction and Automotive Industries Driving ASEAN Air Compressor Market?

From garnering $902.9 million in 2018, the ASEAN air compressor market is predicted to generate $1,126.9 million by 2024, witnessing a 3.6% CAGR during the forecast period (2019–2024). A shift toward energy-efficient air compressors, flourishing automotive industry, and increasing construction activities are influencing the market positively.

ASEAN, short for the Association of Southeast Asian Nations, has Vietnam, Laos, Cambodia, Brunei, Thailand, Singapore, Myanmar, the Philippines, Indonesia, and Malaysia as its members. A mechanical device which is used for increasing the air pressure by reducing its volume is termed as an air compressor.

An inclination toward oil-free compressors can be observed in the ASEAN air compressor market. Industries such as oil & gas, automotive, textile, food & beverage, power, chemical, and manufacturing use compressors in high numbers.

Based on lubrication, the ASEAN air compressor market is bifurcated into oil-flooded and oil-free. In 2018, the larger value share in the market was accounted for by oil-flooded compressors all throughout the historical period (2014–2018) due to their high demand across various industries owing to their ability to provide high pressure.

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In the food & beverage industry, for product packaging and handling, oil-free compressors are being used. Further, due to their lower discharge pressure, these compressors consume approximately 6.0% less energy than the oil-flooded type, therefore are high in demand.

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