CNG Tank Market Size, Share & Industry Analysis, By Tank Type (Cryogenic Tank, Tube Tailored Tank, Stationary Tank, Others), By Composite Type (Carbon Fibre, Steel or Aluminium Alloy, Metal Component , Glass Fibre, Others), By Vehicle Type (Commercial Vehicle, Passenger Vehicle, Others ) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
CNG tanks are the storage devices used to store compressed natural gas (CNG) which is used as an alternative to gasoline for the transportation fleet. Vehicles that use CNG as their fuel is termed CNG vehicles where CNG is stored at ambient temperature in tanks that are manufactured of various materials. CNG combustion reduces the pollution and improves the drive run of a vehicle in city crowds due to its lighter weight and is promoted by the authorities to overcome the rising pollution.
Based on the tank type, the market is segmented into the cryogenic tank, tube tailored tank, stationary tank, and others. The tailored tank is anticipated to dominate the most significant CNG tank market due to its wide application in the automotive industry owing to load-bearing capacity, lower acquisition cost. Other than that life cycle of a vehicle is significantly more effective due to the lighter weight directly impacting the CNG tanks market.
Based on the composite type, the market is segmented into carbon fiber, steel or aluminum alloy, metal component, glass fiber, and others. The carbon fiber composite offers the lightest weight of any CNG volume which results in improved vehicle range, fuel efficiency, and payload of the vehicle. Based on these factors, the carbon fiber composite is expected to grow during the forecast period.
Based on the vehicle type, the market is segmented to passenger type, commercial type, and others. The commercial gas vehicle is available from the original equipment manufacturers which have led to the most significant market growth for CNG tank. Other than that, the application of commercial vehicles includes delivery trucks, heavy goods vehicles, buses, and others this wide range of applications and CNG serves lighter weight it reduces the transport and work cost it is anticipated to grow the CNG tank market.
One of the major drivers for the global CNG tank market is the economical solution for lower acquisition cost and significantly lighter weight which reduces fuel consumption.
The initial cost involved in the installation of the CNG tank is very high. Other than that, the availability of fuel during blackout hinders the global CNG tank market growth.
Key Market Driver -
The fuel cost and load bearing element associated with the CNG tanks acts the major market driver.
Key Market Restraint -
the initial cost of the CNG tank installation and accessibility of fuel hinders the CNG tank market.
Key players covered:
Some of the major companies present in the global CNG tank market are Faber Technologies, Hexagon Composites ASA, Luxfer Gas Cylinder, Quantum Fuel System Technologies, Everest Kanto Cylinder, and Fiba Technologies.
Regional analysis:
The CNG tank market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. The Asia Pacific is expected to dominate the most significant market owing to rising demand for natural gas mainly across the region like India, China, Japan, and others in regions like China, Japan, South Korea, and others. China has the fastest-growing investment in CNG tanks, as its focus on cleaner energy for industrial and commercial transportation is anticipated to drive the market across the region. Following Asia-Pacific, North America and Europe have implemented stringent laws to reduce emissions & are more focused on renewable energy projects and energy-efficient sectors; the rise in commercial and industrial transportation has led to the expansion of CNG tanks across the region, enhancing the market landscape of CNG tank positively.
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Segmentation
ATTRIBUTES | DETAILS |
By Tank Type |
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By Composite Type |
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By Vehicle Type |
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By Geography |
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Key Industry Developments
- On 30 April 2019, Faber Industries has achieved the 0.75kg/I weight for type-1 cylinder. This weight reduction has lead OEM to pursue trades between weight and robustness of tank.
- On 29 March 2021, Hexagon Composites business company Hexagon Ability has bagged an order for CNG trucks from global logistics deliver company Ups. This order will lead to establishment of sustainable fleets in environmental and economic sense.
- Ongoing
- 2023
- 2019-2022
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