According to a new market report published by Lucintel, the future of the global CNG tank market looks attractive with opportunities in automotive and bulk transportation applications. The global CNG tank market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $1.0 billion by 2025 with a CAGR of 1% to 2% from 2020 to 2025. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.
This report has 95 figures/charts and 68 tables spread through 136 pages. For more detail on this report please click link http://www.lucintel.com/cng-tank-market-2017-2024.aspx
In this market, automotive and bulk transportation are the major applications. On the basis of comprehensive research, Lucintel forecasts that the bulk transportation segment will show above average growth during the forecast period. Within the global CNG tank market, the automotive segment is expected to remain the largest market by value and volume. Expected growth in the fleet of alternative fuel powered vehicles is the major driving factor that is likely to spur growth for this segment over the forecast period.
There are 4 types of tank, type I is all metal, type II metal-lined hoop-wrapped, type III metal-lined fully wrapped, and type IV plastic-lined fully wrapped. By type of tank, type I CNG tank is expected to be the largest segment due to its lower cost and higher demand from countries in the APAC and ROW regions which have large NGV fleet.
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To make CNG tank metals, plastics, and composites are used. Metal is most widely used material in the global CNG tank market and is expected to remain the largest material type by value as well as by volume over the forecast period. Cost effectiveness and stringent regulations of composites cylinders in many countries are likely to drive the demand for metal over the forecast period.
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APAC is expected to remain the largest region over the forecast period. This region is expected to witness the highest growth for CNG tanks due to the growing fleet of alternative fuel powered vehicles, as well as increasing number of CNG refueling stations.
Emerging trends, which have a direct impact on the dynamics of the industry, include the increase in green fleet and development of type V tanks. Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Faber Industries S.p.A., and Everest Kanto Cylinder Ltd. are among the major suppliers of CNG tanks.
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The study includes the forecast for the global CNG tank market by application, tank type, material consumption, and region as follows:
By Application [Volume (Thousand Units) and Value ($ Million) from 2013 to 2024]:
Automotive
Bulk Transportation
By Tank Type [Volume (Thousand Units) and Value ($ Million) from 2013 to 2024]:
Type I
Type II
Type III
Type IV
By Material Market [Volume (Million lbs) and Value ($ Million) from 2013 to 2024]:
Metal
Glass Fiber Composite
Carbon Fiber Composite
Metal
By Region [Volume (Thousand Units) and Value ($ Million) from 2013 to 2024]:
North America
Europe
Asia Pacific
Rest of the World
Automotive CNG Tank Market by Tank Type [Volume (Thousand Units) and Value ($ Million) from 2013 to 2024]:
Type I
Type II
Type III
Type IV
Automotive CNG Tank Market by Vehicle Type [Volume (Thousand Units) and Value ($ Million) from 2013 to 2024]:
Light Duty Vehicle
Heavy Duty Vehicle (bus, trucks, etc.)
Bulk Transportation CNG Tank Market by Tank Type [Volume (Thousand Units) and Value ($ Million) from 2013 to 2024]:
Type I
Type II
Type III
Type IV
This 136-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com
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