DALLAS, TX / ACCESSWIRE / January 14, 2021 / 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 declined 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 $1.6 billion by 2026 with a CAGR of 6% to 8% from 2021 to 2026. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.
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In this market, automotive and bulk transportation are the major applications. On the basis of comprehensive research, Lucintel forecasts that the automotive 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.
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 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.
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.
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 2015 to 2026]:
- Automotive
- Bulk Transportation
By Tank Type [Volume (Thousand Units) and Value ($ Million) from 2015 to 2026]:
- Type I
- Type II
- Type III
- Type IV
By Material Market [Volume (Million lbs) and Value ($ Million) from 2015 to 2026]:
- Metal
- Glass Fiber Composite
- Carbon Fiber Composite
- Metal
By Region [Volume (Thousand Units) and Value ($ Million) from 2015 to 2026]:
- North America
- Europe
- Asia Pacific
- Rest of the World
Automotive CNG Tank Market by Tank Type [Volume (Thousand Units) and Value ($ Million) from 2015 to 2026]:
- Type I
- Type II
- Type III
- Type IV
Automotive CNG Tank Market by Vehicle Type [Volume (Thousand Units) and Value ($ Million) from 2015 to 2026]:
- Light Duty Vehicle
- Heavy Duty Vehicle (bus, trucks, etc.)
Bulk Transportation CNG Tank Market by Tank Type [Volume (Thousand Units) and Value ($ Million) from 2015 to 2026]:
- 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 click on this link helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751
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SOURCE: Lucintel
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