(MENAFN- Alliance News) Our comprehensive research on the CNG Tanks market (2024-2032) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2032, including SWOT, BCG, PESTLE analysis, and visuals . It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global CNG tanks market experienced a valuation of US$ 1.58 billion in 2022, with estimations projecting a growth to US$ 2.6 billion by 2031. This reflects a steady compound annual growth rate (CAGR) of 5.9% from 2023 to 2031.
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CNG Tanks Overview:
Compressed natural gas (CNG) tanks are high-pressure cylinders designed to store CNG. Typically compressed to around 250 bar, CNG is stored in these high-pressure cylinders for use in various applications.
Factors Influencing Market Growth:
Environmental Awareness and Adoption of Natural Gas: The increase in environmental awareness and the growing adoption of natural gas in the automotive industry contribute to the expansion of the global CNG tanks market.
Challenges in the Market: High Cost of Composite Tanks Intense Competition Strict Regulatory Approvals Rise in Usage of Adsorbed Natural Gas (ANG)
Opportunities for Growth: Low Cost of CNG Compared to Crude Oil Derivative Fuels Growing Demand from Developing Countries
Impact of COVID-19:
The COVID-19 pandemic had a negative impact on the global CNG tank market. Restrictions on the export-import of raw materials and enforced lockdowns resulted in a sudden drop in the availability of crucial raw materials for vehicle components.
Regional Analysis:
In 2022, Asia-Pacific dominated the global CNG tank market in terms of revenue. Factors such as increased fuel efficiency norms, rising vehicle production, and subsidies in regions like LAMEA and Asia-Pacific contributed to the growth of the CNG tanks market.
Leading Companies:
Prominent companies in the global 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 Worthington Industries Inc. Other prominent key players
Segmentation Outline:
The market segmentation focuses on Raw Material, Propulsion, Vehicle Type, Type, and Region.
Raw Material: Glass Fiber Composites Raw Materials Carbon Fiber Composites Raw Materials Others
Propulsion: Vehicle Type: Passenger Vehicles Light Commercial Vehicles Heavy Commercial Vehicles
Type: Type 1 CNG Tanks Type 2 CNG Tanks Type 3 CNG Tanks Type 4 CNG Tanks
Region: North America (The U.S., Canada) Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe) Asia-Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest Of Asia-Pacific) LAMEA (Latin America, Middle East, Africa)
(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
Table of Contents:
Chapter 1: Introduction to the Global CNG Tanks Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global CNG Tanks Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global CNG Tanks Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global CNG Tanks Market Size (2024-2032)
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About Report Ocean:
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