(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The "CNG Tanks market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application Type (Fuel, Transportation), and Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global CNG tanks market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.5% from 2024 to 2029, with a projected value of USD 4.3 billion by 2029, up from USD 2.9 billion in 2024. This growth is observed because the focus has been shifted to clean energy production and there is legislation that seeks to check emissions of green house gases to the atmosphere. Since governments and organisations look for other sources than the traditional fossil fuels, the market for CNG tanks is in an upward trend, with its usage in CNG vehicles as well as in a variety of industries. Also, the fact that CNG is cheaper and environmentally friendly than gasoline and diesel also play along the economic factor that drives the demand for the vehicles and therefore CNG tanks, across the economies, markets and segments.
The Type 4 tanks to be the fastest growing segment in terms of value in the global CNG tanks
Type 4 tanks are expected to register the highest CAGR (Compound Annual Growth Rate) during the forecasted period, which illustrate the market demand and uptake of the tanks. Type 4 tanks are designed with light weight and advanced composite material and are far superior to metal tanks in safety, storage capacity and reduced vehicle weight. These advantages have made the Type 4 tanks well suitable for use in automobiles since efficiency is very important in these units.
The subsequent rising concern of car manufacturers with regard to fuel efficiency as well as emissions standards, augmentation in the use of composite solutions augments the type 4 tanks demand. They are rapidly growing in the market also because of good policies and subsidies for green energy products.
Metal material type is expected to dominate the market in terms of volume
Metal material type segment holds the largest share in global CNG tanks market, in terms of volume. The segment is leading the market because of high demand for type 1 CNG tanks, which are made fully metallic. These tanks are special for their high strength and resistance as they are produced with fully metal body and can stand high pressure and tough climate. They are commonly used due to its relatively cheap compare to the composite tanks and has been used in the industry for many years.
However, Type 1 tanks are still in use because of the easy fabrication process and widely available stocks of this type of tank as opposed to the relatively new advanced composite tanks. This continuous demand keeps on protecting the Type 1 tanks their position of having the highest average share in the market.
Light-Duty Vehicles is estimated to be the fastest-growing segment during forecast period
Among all the vehicle type for CNG tanks, light-duty vehicles will exhibit the highest compound annual growth rate because compressed natural gas presents a better option than gasoline or diesel owing to cost and efficiency. Since cities today present high emission standards and environmental issues, light-duty automobiles such as cars and small pick-ups are now fitted with CNG tanks.
Further, new technology in the vehicle that is used in CNG and widespread availability of the refueling stations as well as increase efficiency of the CNG tank also put into the picture that CNG is for transportation. The inclination towards reduction of operating expenses and increasing the fuel efficiency is instrumental in fostering high growth in this segment, making LDVs as an important growth factor for the CNG tanks market.
Fuel tank application is the largest segment in terms of both value and volume
The fuel tank application holds the largest share in terms of volume and value of the CNG tanks market due its importance in feeding the operation of CNG vehicles. These tanks are used to store CNG and to fuel several automotive uses such as automobiles, buses, and trucks, which hence need storage in tanks with high capacities and reliability.
The high number of tanks in use in the automotive industry is attributed to the high usage of CNG vehicles commonly enhanced by incentives and legislation that seek to improve the usage of cleaner fuels. Moreover, high values are associated with higher advanced engineering and safety features that qualify these tanks all round driving performance and durability. This testifies to extensive demand for fuel tanks and technology advancement making fuel tanks to retain a leading place in the CNG tanks market.
Asia Pacific is the largest regional level market in the global CNG tanks market in terms of value and volume.
Asia Pacific is to be the largest and fastest growing region for CNG tanks in terms of both volume and value attributed to rapid industrialization and urbanization coupled with increased focus towards adoption of cleaner fuels. For example, India is experiencing a rather rapid growth in terms of CNG station and vehicle deployments to have a response to high-smog levels and increasing environmental requirements.
High level of growth in automotive industry of the region, enhanced government support and investment in CNG technology also puts high demand of the CNG tanks. Further, the technological growth in the fabrication of tanks and the growing concern for fuel economy and, thereby the associated cost also fuel the swift market growth. Such a dynamic growth path ensures the leadership of Asia Pacific in the CNG tanks market.
Research Coverage
This report covers the global CNG tanks market and forecasts the market size until 2029. The report includes the market segmentation - Tank type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Carbon fiber, Glass fiber), Application (Fuel tank, Transportation tank), Vehicle Type (LDV, MDV, HDV), and Region (Europe, North America, APAC, Latin America, and MEA). Porter's Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global CNG tanks market.
The report provides a comprehensive analysis of company profiles listed below:
Worthington Enterprises (US) Everest Kanto Cylinder (India) Luxfer Group (UK) Hexagon Composite ASA (Norway) CIMC Enric (China) Rama Cylinders Pvt Ltd (India) Faber Industries SPA (Italy) Quantam Fuel System LLC (US) Jay Fe Cylinders Ltd. (India) Galileo Technologies S.A. (Argentina)
Key Attributes
| Report Attribute | Details |
| No. of Pages | 248 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $2.9 Billion |
| Forecasted Market Value (USD) by 2029 | $4.3 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Market Dynamics
Drivers Rising Demand for CNG-based Vehicles Favorable Government Policies for Promotion of CNG Vehicles and Infrastructure Rising Environmental Awareness
Restraints Scarcity of CNG Refueling Stations in Emerging Economies High Cost of CNG Tanks and Requirement of Regulatory Approvals
Opportunities Introduction of Lightweight Composite Material-based CNG Cylinders Increasing Support from Governments for Bio-CNG
Challenges Impact of Fluctuating Oil Prices Development of Electric Cars and Competition from Alternative Fuels
Technology Analysis
Key Technology Filament Winding Manufacturing Process
Complementary Technology Latest Resin Transfer Molding Manufacturing Process
Adjacent Technology Latest Compression Molding Manufacturing Process
Patent Analysis
Methodology Document Types Insights Legal Status Jurisdiction Analysis Top Applicants US: Top 10 Patent Owners in Last 10 Years
Case Study Analysis
Case Study 1: Urban Public Transport Fleet Case Study 2: Industrial Fleet Optimization
Companies Featured
Worthington Enterprises Luxfer Group Hexagon Composites Asa Quantum Fuel Systems LLC Everest Kanto Cylinder Ltd. Beijing Tianhai Industry Co. Ltd. Faber Industrie S.p.A. Cimc Enric Luxi New Energy Equipment Group Co. Ltd. Sinocleansky Time Technoplast Ltd. Rama Cylinders Composite Advanced Technologies, LLC Galileo Technologies SA Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. Jay Fe Cylinders Limited Sahuwala Cylinders Ltd. Euro India Cylinders Ltd. Steelhead Composites, Inc. Kioshi Compresion Anhui Clean Energy Co. Ltd. Shanghai Metal Corporation Santek Inflex Indoruss Synergy
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