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 is expected to grow at a CAGR of 6% during the forecast period. The fast-food market is expected to reach US$ 4.49 Bn. in 2030 from US$ 2.98 Bn. in 2023.

  • Format : PDF | Report ID : SMR_522

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.


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.


CNG Tanks Market


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)


Historic Data


Base Year


Forecast Period


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)

Frequently Asked Questions

Compressed natural gas for vehicles, a benefit for many industries. CNG is a good fuel for the entire road transport sector. Due to its lower price, lower environmental impact, and ease of use are ideal for use in many industry sectors.


  1. Scope of the Report
  2. Research Methodology
    1. Research Process
    2. Global CNG Tanks Market: Target Audience
    3. Global CNG Tanks Market: Primary Research (As per Client Requirement)
    4. Global CNG Tanks Market: Secondary Research
  3. Executive Summary
  4. Competitive Landscape
    1. Market Share Analysis by Region in 2023(%)
      1. North America
      2. Europe
      3. Asia Pacific
      4. The Middle East and Africa
    2. South America
      Stellar Competition matrix
      1. Global Stellar Competition Matrix
      2. North America Stellar Competition Matrix
      3. Europe Stellar Competition Matrix
      4. Asia Pacific Stellar Competition Matrix
      5. South America Stellar Competition Matrix
      6. The Middle East and Africa Stellar Competition Matrix
    3. Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
    4. Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
    5. Market Dynamics
      1. Market Drivers
      2. Market Restraints
      3. Market Opportunities
      4. Market Challenges
      5. PESTLE Analysis
      6. PORTERS Five Force Analysis
      7. Value Chain Analysis
  5. Global CNG Tanks Market Segmentation
    1. Global CNG Tanks Market, by Tank Type (20230)
      1. Cryogenic Tank
      2. Tube Tank
      3. Tailored Tank
      4. Others
    2. Global CNG Tanks Market, by Composite Type (20230)
      1. Carbon Fiber
      2. Steel
      3. Aluminium Alloy
      4. Metal Component
      5. Glass Fiber
    3. Global CNG Tanks Market, by Vehicle Type (20230)
      1. Commercial Vehicles
      2. Passenger Vehicles
    4. Global CNG Tanks Market, by Region (20230)
      1. North America
      2. Europe
      3. Asia-Pacific
      4. Middle East & Africa
      5. South America
  6. North America CNG Tanks Market Segmentation
    1. North America CNG Tanks Market, by Tank Type (20230)
    2. North America CNG Tanks Market, by Composite Type (20230)
    3. North America CNG Tanks Market by Vehicle Type (20230)
    4. North America CNG Tanks Market by Country (20230)
  7. Europe CNG Tanks Market Segmentation
    1. Europe CNG Tanks Market, by Tank Type (20230)
    2. Europe CNG Tanks Market, by Composite Type (20230)
    3. Europe CNG Tanks Market by Vehicle Type (20230)
    4. Europe CNG Tanks Market by Country (20230)
  8. Asia Pacific CNG Tanks Market Segmentation
    1. Asia Pacific CNG Tanks Market, by Tank Type (20230)
    2. Asia Pacific CNG Tanks Market, by Composite Type (20230)
    3. Asia Pacific CNG Tanks Market by Vehicle Type (20230)
    4. Asia Pacific CNG Tanks Market by Country (20230)
  9. Middle East and Africa CNG Tanks Market Segmentation
    1. Middle East and Africa CNG Tanks Market, by Tank Type (20230)
    2. Middle East and Africa CNG Tanks Market, by Composite Type (20230)
    3. Middle East and Africa CNG Tanks Market by Vehicle Type (20230)
    4. Middle East and Africa CNG Tanks Market by Country (20230)
  10. South America CNG Tanks Market Segmentation
    1. South America CNG Tanks Market, by Tank Type (20230)
    2. South America CNG Tanks Market, by Composite Type (20230)
    3. South America CNG Tanks Market by Vehicle Type (20230)
    4. South America CNG Tanks Market by Region (20230)
  11. Company Profiles
    1. Key Players
      1. Beijing Tianhai Industry (China)
        1. Company Overview
        2. Product Portfolio
        3. Financial Overview
        4. Business Strategy
        5. Key Developments
      2. Faber Technologies (British Columbia, Canada)
      3. Hexagon Composites ASA (Alesund, Norway)
      4. Luxfer Gas Cylinder (California)
      5. Quantam Fuel system technologies (California, United States)
      6. Everest Kanto Cylinder (India)
      7. Fiba technologies (Massachusetts)
      8. Sinomatech (California, United States)
      9. Worthington Industries (Ohio, United States)
      10. Rama cylinders (Mumbai, India)
      11. CIMC ENRIC (China)
      12. Avanco Group (Herford, Germany)
  12. Key Findings
  13. Recommendations

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