Dallas, TX - March 22 - The CNG tank market has witnessed double
digit growths during the last decade and is expected to grow at a similar rate for
the next five years (2010-15). According to Lucintel, the global composite CNG market
for automotive industry is forecast to reach $ 368.8 million by 2015.
Lucintel, a leading global management consulting and market research firm, has analyzed
the global automotive CNG tank market and has now published a comprehensive research
report entitled "Growth Opportunities in Global Automotive Composite CNG Tank
Market 2010-2015: Trends, Forecast and Market Analysis".
Lucintel's study finds that growth in composite materials consumption in the CNG
tank industry is primarily driven by increase in the number of natural gas vehicles
produced together with increasing acceptance of composite CNG tanks on account of
total lifecycle cost benefits. While more expensive than its traditional counterparts,
the use of composite in CNG tanks is growing in applications where weight savings,
fuel economy and other performance benefits are critical. Composite CNG cylinders
have also been proven to be cost effective, environment friendly and safe solutions
for several in-city & intercity mass transportation systems across the globe.
The European & Asian-Pacific markets are likely to lead the way for accelerated
consumption of CNG tanks - witnessing highest growth in the next 5 years primarily
driven by environmental concerns. Composite CNG tank manufacturers are as a result
heavily focusing and investing in these markets to take advantage of changing geographic
demand patterns and their subsequent opportunities. Moreover, interest among Asian
suppliers to cater to increasing demand in domestic and export markets is expected
to increase competitiveness in the market.
Lucintel's research report analyzes in detail the key drivers and challenges shaping
the global CNG tank marketplace. The report looks at market size, market share,
regional analysis, trends & forecasts for CNG tank market (2010-2015) from both
end-product and material suppliers' perspective to offer insights into current and
future opportunities.
For a detailed table of contents and pricing information on this timely and insightful
report, please contact Lucintel at +1-972-636-5056 or via email
at helpdesk@lucintel.com. Lucintel provides
cutting edge decision support services that help you make critical decisions with
greater speed, insight and cost-efficiency. To find out more, please visit www.lucintel.com. .
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