Report Code : A17396
The global automotive industry has experienced tremendous transformation in past few years. The ever-growing demand for passenger safety has made vehicle manufacturers to focus incessantly on forming new design experiences by enabling efficient incorporation of new technologies and processes. Owing to this, the demand for composite cylinders is growing at a faster pace due to the various properties of its materials such as lighter weight, improved safety, and superior corrosion resistance. The rapid surge in the application of natural gas powered vehicles and rise in demand for lightweight storage solutions are positive factors that foster the growth of CNG tanks market
Sneha Kamble - Lead Analyst
Automotive and Transportation at Allied Market Research
According to a new report published by Allied Market Research, titled, “CNG Tanks Market," The CNG tanks market was valued at $1.5 billion in 2021, and is estimated to reach $2.6 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
In 2021, Asia-Pacific dominated the market, in terms of revenue, followed by North America, Europe, and LAMEA. Increase in vehicle production, rise in fuel efficiency norms in Asia-Pacific drives growth of the CNG tanks market in the region. Furthermore, stringent government regulations on account of environmental concern and increase in subsidy among various regions such as Asia-Pacific and LAMEA has increased the demand for CNG in the automotive industry which in turn is expected to fuel the demand for CNG tanks market
The prominent key factors that drive growth of the CNG tanks market are surge in adoption of natural gas in the automotive industry and rise in environmental awareness. Owing to ever-increasing oil prices, the low-cost of CNG is preferred in many countries. Moreover, the growth in energy requirement by various nations leads to the use of non-conventional fuel such as compressed natural gas, which drives the market. Owing to this, increase in government regulations to promote the usage of CNG as fuel in the transportation sector.
The CNG tanks market is segmented on the basis of raw material, propulsion, vehicle type, type, and region. By raw material, it is divided into glass fiber composites raw materials, carbon fiber composites raw materials, and others. By propulsion, it is bifurcated into petrol and diesel. By vehicle type, it is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). By type, it is divided into P Type 1 CNG Tanks, Type 2 CNG Tanks, Type 3 CNG Tanks, and Type 4 CNG Tanks. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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KEY FINDINGS OF THE STUDY
Key players that operate in this CNG tanks market include Anhui Clean Energy Co., Ltd., Avanco GmbH, Beijing Tianhai Industry Co., Ltd., Everest Kanto Cylinders Limited, Faber Industrie S.P.A, FIBA Technologies, Inc., Hexagon Composites ASA, Indoruss Synergy Pvt. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Luxfer Holdings PLC, Maruti Koatsu Cylinders Ltd., NGV Technologies Inc., Plastic Omnium, Praxair Technology, Inc., Quantum Fuel Systems LLC, ULLIT, and Worthington Industries Inc.
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CNG Tanks Market by Raw Material (Glass Fiber Composites Raw Materials, Carbon Fiber Composites Raw Materials, Others), by Propulsion (Petrol, Diesel), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), by Type (Type 1 CNG Tanks, Type 2 CNG Tanks, Type 3 CNG Tanks, Type 4 CNG Tanks): Global Opportunity Analysis and Industry Forecast, 2021-2031
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