CNG Tanks Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Tank type, Composite Type, Vehicle Type, and Region

CNG Tanks Market Overview:

 

CNG is a short form for compressed natural gas. Compressed natural gas is a petroleum-based fuel gas mainly consisting of methane that has been shortened to less than 1% of its original volume at normal atmospheric pressure. CNG tanks are storage devices for compressed natural gases (CNG), utilized as a transportation fleet alternative to gasoline.

 

CNG Tanks Market report examines the market's growth drivers as well as its segments (Tank type, Composite Type, Vehicle Type, and Region). Data has been provided by market participants, and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2017-2020), statistics, and presentations are used. The report examines the CNG Tanks markets, Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the CNG Tanks market.

 

 

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CNG Tanks Market Dynamics:

 

Natural gas exploration and production are on the rise around the world. Although the growth rate has slowed in recent years, increasing shale gas development in the United States is reshaping the natural gas business. Due to rising gasoline and diesel fuel prices, dropping natural gas costs, increased environmental concerns, and growing demand in Asia-Pacific, compressed natural gas (CNG) is becoming a feasible option for the automobile sector.

 

Alternative fuels like CNG and LPG are more cost-effective, especially frequent drivers. This is due to the fact that, depending on how much the user drives their vehicle, the initial cost of CNG or LPG is easily offset by the money saved after a few years. Petroleum prices have skyrocketed in recent years, but CNG and LPG prices have risen faster.

 

Due to the global economic slowdown caused by COVID-19, the global CNG tank market is expected to drop in 2022. The global CNG tank market has a bright future, with applications in various automotive and bulk transportation industries.

 

The rising number of natural gas vehicles (NGVs) and natural gas's lower cost than gasoline and diesel are the primary drivers of industry expansion. The growth of the green fleet and the development of type V tanks are two emerging trends that directly impact the industry's dynamics.

 

Though the initial cost of installing a CNG tank is costly, the worldwide CNG tank market's growth is hampered by the unavailability of fuel during blackouts. This is one of the significant market limitations.

 

The CNG tanks ' primary hurdles are the limited availability of refueling infrastructure, rising raw material prices, and the high cost of composite tanks. Companies must conduct frequent product research and development to maintain their competitive position.

 

CNG Tanks Market Segmentation:

 

CNG tanks market is ever-growing and segmented into three types. Tank type, Composite Type, Vehicle Type, and region.

 

Based on Tank type, the CNG tanks market is segmented into Cryogenic Tank, Tube Tailored tanks, Stationery Tank, and others. The Tailored tank is expected to dominate the most significant CNG tanks market due to its widespread and extensive use in the automotive industry and its reduced acquisition cost.

 

Based on the Composite Type, CNG Tanks Market is segmented into Carbon Fiber, Steel, Aluminum Alloy, Metal Component, and Glass Fiber. The Carbon Fiber composite has the lightest weight of any CNG volume, which improves the vehicle's range, fuel efficiency, and payload. According to the study, throughout the projection period of 2022-2027, the demand for Carbon Fiber Composites is expected to grow.

 

 

Based on Vehicle Type, the CNG tanks market is segmented into Commercial Vehicles, Passenger Vehicles. Large vehicles such as delivery trucks, heavy freight vehicles, buses, and other commercial gas vehicles are included in this category. The availability of commercial gas vehicles from original equipment manufacturers has resulted in tremendous market expansion for the CNG ranks industry.

 

CNG Tanks Market Region Outlook:

 

Due to increased demand for natural gas in India, Japan, and China, the Asia-Pacific region is expected to dominate the most significant market. As the world's most populous and developing countries, China and India have a huge vehicle demand. A greater understanding of the detrimental impacts of gasoline and diesel and a shift to safer, cleaner energy for industrial and commercial transportation would help the CNG industry grow even more.

 

The development in commercial and industrial transportation has led to the additional expansion of the CNG tank market in those regions.

 

Regions like North America and Europe have adopted the strictest legislation related to emission reduction and are now more focused on renewable resources and energy modes. Compressed natural gas (CNG) is gaining traction in developing countries such as South Africa. This is due to the low cost of CNG, which contrasts with the rising costs of other transportation fuels. Furthermore, CNG-powered vehicles are seen as a greener alternative to petroleum-powered vehicles to address climate change concerns.

 

The report's goal is to provide stakeholders in the CNG Tanks industry with a detailed market outline. The research discusses the most critical trends in the CNG Tanks sector and how these trends will impact future business investments and marketing strategies throughout the forecast period. By studying market leaders, market followers, and regional players, the report also aids in the understanding of the CNG Tanks Market dynamics, economic fundamentals, and competitive structure.

 

The qualitative and quantitative data in the CNG Tanks market research will help determine which market segments, regions, and influencing factors are expected to grow at faster rates, as well as major opportunity areas that will drive the industry and market growth during the projected period.

 

The competitive landscape of essential players in the industry and their recent advances in the CNG Tanks Market are also included in the report. The study examines company size, market share, market growth, revenue, production volume, and profitability of the CNG Tanks industry's major players.

 

The goal of this report is to provide a detailed analysis of the CNG Tanks market and highlight the significant trends and growth opportunities. The report provides Porter's Five Force Model for analysis of the CNG Tanks industry, which helps design the business strategies in the market. The study aids in determining the number of rivals, who they are, and the performance of the products in the industry. The analysis also examines whether the CNG Tanks business is open to new entrants, whether they enter and exit the market regularly, and whether a few players dominate it.

 

The report also includes PESTEL Analysis, which aids in developing company strategies. Numerous elements affect growth and profitability. A PESTEL study can assist in determining the significance and strength of these elements. It helps firms decide which of these characteristics are beneficial and which are not. PESTEL is a word that stands for Political, Economic, Socio-cultural, Technological, Environmental, and Legal. These variables take on added significance for organizations functioning in a global setting.

 

CNG Tanks Market Scope:

 

CNG Tanks Market
Market Size in 2023	USD 2.98 Bn.
Market Size in 2030	USD 4.49 Bn.
CAGR (2024-2030)	6%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Type   Tailored Tank Tube Tank Tailored Tank Others
	By Composite Type   Carbon Fiber Steel Aluminum Alloy Metal Component Glass Fiber
	By Vehicle Type Commercial Vehicles Passenger Vehicles
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CNG Tanks Market: Key players and their Insights:

The CNG tanks industry has become competitive, with various players in the industry have adopted product launches and business expansion as their developmental strategies to expand their market share, increase profitability, and remain stable in the market.

 

Some of the most prominent and loved players in the CNG Tanks industry from all over the world are:

• Faber Technologies (British Columbia, Canada)
• Hexagon Composites ASA (Alesund, Norway)
• Luxfer Gas Cylinder (California)
• Quantam Fuel system technologies (California, United States)
• Everest Kanto Cylinder (India)
• Fiba technologies (Massachusetts)
• Sinomatech (California, United States)
• Worthington Industries (Ohio, United States)
• Rama cylinders (Mumbai, India)
• CIMC ENRIC (China)
• Avanco Group (Herford, Germany)
• Beijing Tianhai Industry (China)