March 04, 2020
The research report titled ‘Asia Pacific Compressed Air Treatment Equipment Market Size By Application, Product, End-User, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024’, which is available at MarketStudyReport.com, offers a complete assessment of the major industry trends and provides estimated growth rate of the Asia-Pacific compressed air treatment equipment market.
According to the report, Asia-Pacific compressed air treatment equipment industry is expected to exceed USD 4.5 billion mark by the year 2024. The growth is majorly attributed to rapid industrialization in the region. Adding to this, introduction of various norms to maintain air quality in Japan, India, and China is fostering the demand for compressed air treatment equipment across Asia-Pacific. Growing automotive manufacturing sector in India along with technological advancements in chemical and pharmaceutical industries in China are further facilitating the market expansion.
As per the product type, the report states that the filters market segment not only held 70% share by volume but also generated 40% of overall market revenue in the year 2018 and is expected to grow with a CAGR of 7.5% during the period of 2019-2024. On the other hand, dryers segment of Asia Pacific compressed air treatment equipment market is expected to hold the largest revenue share over the forecast period, primarily due their high price along with extensive application of the product in the industrial sector.
Based on the application spectrum, process air application segment currently holds 35% volume share and is slated to generate up to 30% revenue share of APAC market. On the other hand, Asia-Pacific compressed air treatment equipment industry from breathing and instrument air application segment is presumed to expand with a CAGR of 7% between 2019 and 2024.
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Citing the end-use landscape, steel & industrial sector accounts for 25% market share in terms of consumption, whereas, aerospace, chemical, and electronics industries will witness lucrative growth in the forthcoming years.
The prominent companies operating in Asia-Pacific compressed air treatment equipment industry are Atlas Copco, Gardner Denver, Aircel Corp., Ingersoll Rand, and Elgi Compressors among others.
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