Discover the Top 10 Insights Driving Global CNG Tank Market Growth!
Explore the latest trends and key players shaping the $2.6 billion CNG tank market by 2031. Gain strategic insights for business growth in eco-conscious automotive sectors worldwide. Get ahead with essential market dynamics and growth opportunities.
CONTENTS: Discover the Top 10 Insights Driving Global CNG Tank Market Growth!
High-pressure cylinders for compressed natural gas
Discover the Top 10 Insights Driving Global CNG Tank Market Growth!
The global market for CNG (compressed natural gas) tanks was valued at $1.58 billion in 2022 and is projected to reach $2.6 billion by 2031. This market is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2031.
CNG tanks are high-pressure cylinders designed to store compressed natural gas. This gas is typically compressed to a pressure of around 250 bar for storage in these cylinders.
Environmental awareness driving CNG adoption
Factors such as increasing environmental consciousness and rising adoption of natural gas in the automotive sector are poised to drive expansion in the global CNG tanks market through the forecast period.
However, challenges such as the high expense of composite tanks, competitive pressures, stringent regulatory approvals, and the growing preference for adsorbed natural gas (ANG) are expected to restrain market growth.
On the other hand, opportunities for growth include the cost advantages of CNG over oil-based fuels and increasing demand from developing nations, which are anticipated to foster the growth of the CNG tank market in the coming years.
Pandemic disrupted CNG tank production
The global CNG tank market was adversely affected by the COVID-19 pandemic, as governments worldwide imposed restrictions on the import-export of critical raw materials and enforced stringent lockdowns. This resulted in a sudden reduction in the availability of essential raw materials for vehicle components.
Key players dominate global market
In 2022, the Asia-Pacific region emerged as the dominant revenue contributor in the global CNG tank market. This was driven by increased fuel efficiency standards and growth in vehicle production within the region.
Additionally, subsidies and stringent government regulations aimed at environmental sustainability in regions like LAMEA and Asia-Pacific have bolstered demand for CNG in the automotive industry.
Key companies prominently featured 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
The segmentation of the global CNG tanks market includes categories based on raw materials (such as glass fiber composites, carbon fiber composites, and others), propulsion types (petrol, diesel), vehicle types (passenger vehicles, light commercial vehicles, heavy commercial vehicles), tank types (Type 1, Type 2, Type 3, Type 4), and regions (North America, Europe, Asia-Pacific, LAMEA).
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