CHICAGO, Aug. 27, 2024 /PRNewswire/ -- The report "CNG Tanks Market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application Type (Fuel, Transportation), and Region - Global Forecasts to 2029", is estimated at USD 2.9 billion in 2024 and is projected to reach USD 4.3 billion by 2029, at a CAGR of 8.5% from 2024 to 2031. There are various factors due to which the demand of CNG Tank will grow in coming years. Government is expected to bring in initiatives of adopting to clean energy and subsidies to promote the use of compressed natural gas as a fuel.
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By 2029, CNG tank market is expected to grow moderately in terms of value and volume, by 2029
CNG tanks are expected to grow moderately over the time due to their properties such as cost-effectiveness and lower emission of greenhouse gases as compared to diesel or gasoline. CNG tanks are used in light duty vehicles, medium duty vehicles and even in heavy duty vehicles in terms of fuel tanks and cascades which can be used for transportation Industry. Many countries have started to invest in CNG Infrastructure by increasing the count of CNG refuelling stations.
Type 1 tank dominates the global market in 2023, in terms of value and volume
Type 1 CNG tanks have dominated the global market of CNG tanks in 2023. They have the highest share, if compared with the rest types of tanks as these tanks are less costly than then the rest of the tanks and are often used in light-duty vehicles. Type 1 CNG tanks have a solid record of durability and reliability. CNG Type 1 tanks are made up of high strength steel which makes them extremely strong and robust choice for various application. CNG Type 1 tanks are less expensive as compared to composite tanks. As Type 1 tanks are durable, they have a longer lifespan and require less maintenance. CNG Type 1 tanks are most commonly available as these tanks are easier to source and replace if necessary. Due to such properties like cost effectiveness, durability, longer lifespan, they are chosen over type of tanks.
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Asia Pacific region is expected to account for the largest market share in 2023.
The compressed natural gas market has been studied in North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
The Asia pacific region of compressed natural gas accounts for the largest share in 2023 and is expected to grow furthermore due to increasing use of CNG vehicles due to their low cost and growing CNG refueling stations in nations such as China, India. As countries such as India, China are growing the vehicle demands have drastically been growing, driving the growth of CNG Tank market in Asia Pacific region. The government has been initiating policies and rules to lower emission and governments are shifting towards clean energy for Industrial and commercial use boosting the use of CNG tanks in Asia Pacific region. CNG powered vehicles are an attractive option in Asia pacific as compared to the other fuels due to their low cost.
Prominent companies include Worthington Enterprise (US), Luxfer Holding PLC (UK), Hexagon Composite ASA (Norway), Quantum Fuel Systems (US), Everest Kanto Cylinder (India), Beijing Tianhai Industry (China), Faber Industries SPA (Italy), CIMC Enric (China), Luxi New Energy Equipment Group (China), Sinocleansky (China), Timetechnoplast ltd (India), Rama Cylinders (India)
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