Carbon Composite Hydrogen Tanks Market - Industry Overview and Forecast (2024-2030)
Carbon Composite Hydrogen Tanks Market is expected to grow at a CAGR of 9.8 % during the forecast period. Carbon Composite Hydrogen Tanks Market is expected to reach US$ 5.34 Bn. in 2030 from US$ 2.77 Bn. in 2023.
Format : PDF | Report ID : SMR_553
Carbon Composite Hydrogen Tanks Market Overview:
Hydrogen can be physically stored as a gas or as a liquid. In gaseous form, hydrogen is stored in high-pressure tanks with 350-700 bar working pressure. Type III and Type IV carbon composite hydrogen tanks are built of carbon fibre.
The Type III tank features a metal liner (aluminum or steel) with a full composite overwrap, whereas the Type IV tank is entirely built of carbon fibre with an inner liner made of polyamide or polyethylene plastic.
The transportation industry's demand for alternative fuel vehicles, such as CNG, RNG, and hydrogen fuels, is predicted to rise due to strict environmental legislation, government incentives for alternative fuels, and advancements in fueling infrastructure. However, due to COVID-19, sales of natural and energy cell vehicles have decreased, resulting in a decrease in demand for CNG, RNG, and hydrogen tanks.
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Carbon Composite Hydrogen Tanks Market Dynamics:
The Carbon Composite Hydrogen Tanks Market is majorly influenced by governmental policies and support emphasizing the importance of clean fuel in the public transportation sector. A reduction in the price of carbon fibres is expected to boost the demand for type 3 and type 4 tanks.
A key driver of the Carbon Composite Hydrogen Tanks Market is the increasing tax incentive for CNG vehicles and infrastructure. Tax breaks have been extended or enhanced in several regions, including APAC and North America.
For example, in May 2019, the Government of the United States, state of Oklahoma reviewed and enacted legislation relating to tax credits for compressed natural gas (CNG) vehicles and refueling. The tax was extended from January 1, 2020, until December 31, 2027. This will ensure that Oklahoma will continue to lead the country in promoting natural gas as the most superb fuel option for vehicles. This will stimulate demand for the company's product while also helping to keep the environment clean by focusing on the highest mileage and dirtiest automobiles while also providing economic benefit to the state and its people.
However, one of the most significant restraints in the Carbon Composite Hydrogen Tanks Market is that Carbon fibre and glass fibre are highly capital demanding, and the high cost of entry discourages many potential companies from entering the market. The price of carbon fibre and glass fibre, two primary raw materials used in Type 3 and Type 4 CNG composite tanks, is relatively high, adding to the overall cost of Type 3 and Type 4 CNG composite tanks. Identifying and defining low-cost solutions for commercial manufacturing of low-cost carbon and glass fibre composites is one of the essential concerns for manufacturers worldwide.
Impact of COVID-19 on the Carbon Composite Hydrogen Tanks Market:
COVID-19 has had a detrimental effect on global demand for CNG, RNG, and hydrogen tanks due to a decline in natural gas and fuel cell electric cars. In addition, due to extensive lockdowns and travel bans throughout the world, the bulk transportation of CNG, RNG, and hydrogen tanks has declined drastically.
However, the influence of COVID-19 is estimated to be short-lived, and the natural fuel demand is expected to rise in the coming years, causing a surge in demand for CNG, RNG, and hydrogen in the Carbon Composite Hydrogen Tanks Market.
Carbon Composite Hydrogen Tanks Market Segment Analysis:
The Carbon Composite Hydrogen Tanks Market is segmented into Gas Type, Application Type, and Tank Type.
Based on Gas Type, Carbon Composite Hydrogen Tanks Market is segmented into CNG, RNG, and Hydrogen. In terms of value and volume of the CNG gas segment dominated the Carbon Composite Hydrogen Tanks market. This is due to increased awareness of CNG gas in comparison to other gases, as well as the fact that using CNG in fuel tanks and transportation tanks is less harmful than using hydrogen gas. Globally, more importance is given to the environment, and climate activists worldwide are now promoting the use of environment-friendly fuels.
The global impact of COVID-19 is expected to reduce the market size of the gas type segment in terms of value and volume in 2020. The revelation of COVID-19 has resulted in complete or partial lockdown in several major economies, including the United States, China, Germany, Japan, the United Kingdom, India, and France. However, it is expected that after 2022, the hydrogen gas market will increase at the fastest rate in terms of volume.
Based on Application Type, Carbon Composite Hydrogen Tanks market is segmented into transportation, gas storage and distribution, and others. The transportation industry is expected to maintain unquestionable market dominance during the study period, owing to the high demand for FCEVs. Toyota Mirai, Hyundai Nexo, and Honda Clarity are the primary fuel cell automobiles on the road, constantly adding impetus to the market.
Based on Tank Type, The Carbon Composite Hydrogen Tanks market has been segmented into Type I, Type II, Type III, Type IV, and Type V. Type I Tanks are metal Tanks with a maximum temperature of Steel 200 bar. Type II Type II tanks are metal tanks made of aluminium, with filament windings like glass/fibre. The approximate maximum pressure is glass 263 bars. Type III are tanks made from composite material, fiberglass/aramid or carbon fiber with a metal liner (aluminium or steel). Having an approximate maximum pressure, aluminium/glass 305 bars. Whereas Type IV tanks are made up of Composite tanks such as carbon fiber with a polymer liner. These types have a maximum approximate maximum pressure of 700 bars. Type V is all-composite, linerless tank. The approximate maximum pressure is 1000 bars.
Due to low cost and increasing demand from countries such as China, India, Pakistan, Brazil, Iran, and others, the Type 1 cylinder segment will lead the CNG, RNG, and hydrogen tanks market in 2020. However, type 4 CNG tanks are expected to be the fastest-growing market with the highest CAGR because of their light weight.
The growing environmental consciousness, rising pollution concerns, fatigue resistance, high storage density, and a low total cost of ownership and demand for lighter-weight tanks are expected to propel the Type 4 tank market globally. However, type III tanks are expected to grow at a higher and faster rate during the next five years. Japan and South Korea are the key markets for type IV, while China maintains the leading market for type III.
Carbon Composite Hydrogen Tanks Market Regional Analysis
Europe is expected to witness the highest growth during the projected period. Toyota Mirai (Japan), Hyundai Nexo (South Korea), and Honda Clarity (Japan) are the region's three primary FC passenger vehicles. Continuous investments and the development of many regulations aimed at promoting sustainable energy are underway throughout Europe, helping to cushion the region's strong growth in the coming years.
Asia-Pacific, including countries like China and India, the world's largest truck manufacturers, has also heavily invested in developing fuel cell MHCVs. Hydrogen-powered cars are more prevalent in countries such as South Korea and Japan, where their respective governments have offered subsidies for these vehicles and have also provided finance for building the necessary infrastructure.
Furthermore, in the United States, California offers incentives for the usage of fuel-cell-powered automobiles. These incentives may ensure that the country continues to promote natural gas as the greatest fuel option for vehicles, thereby fuelling the Carbon Composite Hydrogen Tanks Market.
This will stimulate demand for the company's product while also helping to keep the environment clean by focusing on the highest mileage and dirtiest automobiles while also providing economic benefit to the state and its people. Therefore, the market in regions like North America has been anticipated to witness a steady rise during the forecast period.
The report aims to provide stakeholders in the Carbon Composite Hydrogen Tanks market with a detailed market outline. The research discusses the most critical Carbon Composite Hydrogen Tanks sector trends and how these trends have been estimated to 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 Carbon Composite Hydrogen Tanks Market dynamics, economic fundamentals, and competitive structure.
The qualitative and quantitative data in the Carbon Composite Hydrogen Tanks Market research has been forecasted to help determine which market segments, regions, and influencing factors are expected to grow at faster rates and significant opportunity areas that are expected to drive the market and market growth during the projected period.
The competitive landscape of essential players in the market and their recent advances in the Carbon Composite Hydrogen Tanks Market is also included in the report. The study examines company size, market share, market growth, revenue, production volume, and profitability of the Carbon Composite Hydrogen Tanks Market's major players.
Carbon Composite Hydrogen Tanks Market Scope:
Carbon Composite Hydrogen Tanks Market |
|
Market Size in 2023 |
USD 2.53 Bn. |
Market Size in 2030 |
USD 4.87 Bn. |
CAGR (2024-2030) |
9.8% |
Historic Data |
2018-2022 |
Base Year |
2023 |
Forecast Period |
2024-2030 |
Segment Scope |
by Gas Type
|
by Application
|
|
by Tank Type
|
|
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 |
Carbon Composite Hydrogen Tanks Market Players:
The Carbon Composite Hydrogen Tanks Market has become competitive, with various players in the market have adopted product launches and business expansion as their developmental strategies to expand their market share, increase profitability, and remain stable in the market.
To grow their product range and acquire a competitive edge in the market, key players in the market are employing various business tactics such as business expansion. To strengthen their market position, significant organizations in the industry are pursuing various business strategies such as mergers and acquisitions.
Some of the most prominent and loved players in the Carbon Composite Hydrogen Tanks Market from all over the world are:
- Iljin Composites (Wanju-gun, South Korea)
- Toyota Motor Corporation (Aichi, Japan)
- Hexagon Composites (Alesund, Norway)
- Luxfer Holdings (United Kingdom)
- Worthington Industries (Ohio, United States)
- Quantum Fuel Systems (California, United States)
- NPROXX (Limburg, Netherlands)
- Faber Industries (Fabriano, Italy)
- Steelhead Composites (Colorado, United States)
- Faurecia (Nanterre, France)
Frequently Asked Questions
The primary drivers of the Carbon Composite Hydrogen Tanks Market are the growing number of environmentally friendly fuels, natural gas vehicles, and the government's increasing support in encouraging the adoption of clean fuel.
The key players are Steelhead Composites, and Faurecia.
Volatility in the prices of natural gas and lack of hydrogen and RNG infrastructure coupled with global economic slowdown are restraining factors in the growth of the Carbon Composite Hydrogen Tanks Market.
The fastest-growing country-level market in the Carbon Composite Hydrogen Tanks market is China, owing to its large population, environmental awareness, and subsidies from the government for the adoption of clean fuels.
1. Research Methodology
1.1 Research Data
1.1.1. Primary Data
1.1.2. Secondary Data
1.2. Market Size Estimation
1.2.1. Bottom-Up Approach
1.2.2. Top-Up Approach
1.3. Market Breakdown and Data Triangulation
1.4. Research Assumption
2. Carbon Composite Hydrogen Tanks Market Executive Summary
2.1. Market Overview
2.2. Market Size (2023) and Forecast (2024 – 2030) and Y-O-Y%
2.3. Market Size (USD) and Market Share (%) – By Segments and Regions
3. Global Carbon Composite Hydrogen Tanks Market: Competitive Landscape
3.1. SMR Competition Matrix
3.2. Key Players Benchmarking
3.2.1. Company Name
3.2.2. Headquarter
3.2.3. Product Segment
3.2.4. End-user Segment
3.2.5. Y-O-Y%
3.2.6. Revenue (2023)
3.2.7. Market Share
3.2.8. Company Locations
3.3. Market Structure
3.3.1. Market Leaders
3.3.2. Market Followers
3.3.3. Emerging Players
3.4. Consolidation of the Market
3.4.1. Strategic Initiatives and Developments
3.4.2. Mergers and Acquisitions
3.4.3. Collaborations and Partnerships
3.4.4. Product Launches and Innovations
4. Carbon Composite Hydrogen Tanks Market: Dynamics
4.1. Carbon Composite Hydrogen Tanks Market Trends by Region
4.1.1. North America
4.1.2. Europe
4.1.3. Asia Pacific
4.1.4. Middle East and Africa
4.1.5. South America
4.2. Carbon Composite Hydrogen Tanks Market Drivers
4.3. Carbon Composite Hydrogen Tanks Market Restraints
4.4. Carbon Composite Hydrogen Tanks Market Opportunities
4.5. Carbon Composite Hydrogen Tanks Market Challenges
4.6. PORTER’s Five Forces Analysis
4.6.1. Intensity of the Rivalry
4.6.2. Threat of New Entrants
4.6.3. Bargaining Power of Suppliers
4.6.4. Bargaining Power of Buyers
4.6.5. Threat of Substitutes
4.7. PESTLE Analysis
4.7.1. Political Factors
4.7.2. Economic Factors
4.7.3. Social Factors
4.7.4. Technological Factors
4.7.5. Legal Factors
4.7.6. Environmental Factors
4.8. Technological Roadmap
4.9. Value Chain Analysis
4.10. Regulatory Landscape
4.10.1. Market Regulation by Region
4.10.1.1. North America
4.10.1.2. Europe
4.10.1.3. Asia Pacific
4.10.1.4. Middle East and Africa
4.10.1.5. South America
4.10.2. Government Schemes and Initiatives
5. Carbon Composite Hydrogen Tanks Market: Global Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
5.1. Carbon Composite Hydrogen Tanks Market Size and Forecast, by Gas Type (2023-2030)
5.1.1. CNG
5.1.2. RNG
5.1.3. Hydrogen
5.2. Carbon Composite Hydrogen Tanks Market Size and Forecast, by Application (2023-2030)
5.2.1. Transportation
5.2.2. Gas
5.2.3. Distribution
5.2.4. Storage
5.2.5. Others
5.3. Carbon Composite Hydrogen Tanks Market Size and Forecast, by Tank Type (2023-2030)
5.3.1. Type I
5.3.2. Type II
5.3.3. Type III
5.3.4. Type IV
5.3.5. Type V
5.4. Carbon Composite Hydrogen Tanks Market Size and Forecast, by Region (2023-2030)
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Middle East and Africa
5.4.5. South America
6. North America Carbon Composite Hydrogen Tanks Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
6.1. North America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Gas Type (2023-2030)
6.1.1. CNG
6.1.2. RNG
6.1.3. Hydrogen
6.2. North America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Application (2023-2030)
6.2.1. Transportation
6.2.2. Gas
6.2.3. Distribution
6.2.4. Storage
6.2.5. Others
6.3. North America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Tank Type (2023-2030)
6.3.1. Type I
6.3.2. Type II
6.3.3. Type III
6.3.4. Type IV
6.3.5. Type V
6.4. North America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Country (2023-2030)
6.4.1. United States
6.4.2. Canada
6.4.3. Mexico
7. Europe Carbon Composite Hydrogen Tanks Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
7.1. Europe Carbon Composite Hydrogen Tanks Market Size and Forecast, by Gas Type (2023-2030)
7.2. Europe Carbon Composite Hydrogen Tanks Market Size and Forecast, by Application (2023-2030)
7.3. Europe Carbon Composite Hydrogen Tanks Market Size and Forecast, by Tank Type (2023-2030)
7.4. Europe Carbon Composite Hydrogen Tanks Market Size and Forecast, by Country (2023-2030)
7.4.1. United Kingdom
7.4.2. France
7.4.3. Germany
7.4.4. Italy
7.4.5. Spain
7.4.6. Sweden
7.4.7. Austria
7.4.8. Rest of Europe
8. Asia Pacific Carbon Composite Hydrogen Tanks Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
8.1. Asia Pacific Carbon Composite Hydrogen Tanks Market Size and Forecast, by Gas Type (2023-2030)
8.2. Asia Pacific Carbon Composite Hydrogen Tanks Market Size and Forecast, by Application (2023-2030)
8.3. Asia Pacific Carbon Composite Hydrogen Tanks Market Size and Forecast, by Tank Type (2023-2030)
8.4. Asia Pacific Carbon Composite Hydrogen Tanks Market Size and Forecast, by Country (2023-2030)
8.4.1. China
8.4.2. S Korea
8.4.3. Japan
8.4.4. India
8.4.5. Australia
8.4.6. Indonesia
8.4.7. Malaysia
8.4.8. Vietnam
8.4.9. Taiwan
8.4.10. Rest of Asia Pacific
9. Middle East and Africa Carbon Composite Hydrogen Tanks Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
9.1. Middle East and Africa Carbon Composite Hydrogen Tanks Market Size and Forecast, by Gas Type (2023-2030)
9.2. Middle East and Africa Carbon Composite Hydrogen Tanks Market Size and Forecast, by Application (2023-2030)
9.3. Middle East and Africa Carbon Composite Hydrogen Tanks Market Size and Forecast, by Tank Type (2023-2030)
9.4. Middle East and Africa Carbon Composite Hydrogen Tanks Market Size and Forecast, by Country (2023-2030)
9.4.1. South Africa
9.4.2. GCC
9.4.3. Nigeria
9.4.4. Rest of ME&A
10. South America Carbon Composite Hydrogen Tanks Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
10.1. South America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Gas Type (2023-2030)
10.2. South America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Application (2023-2030)
10.3. South America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Tank Type (2023-2030)
10.4. South America Carbon Composite Hydrogen Tanks Market Size and Forecast, by Country (2023-2030)
10.4.1. Brazil
10.4.2. Argentina
10.4.3. Rest Of South America
11. Company Profile: Key Players
11.1. Iljin Composites (Wanju-gun, South Korea)
11.1.1. Company Overview
11.1.2. Business Portfolio
11.1.2.1. Product Name
11.1.2.2. Product Details (Price, Features, etc)
11.1.3. Financial Overview
11.1.3.1. Total Revenue
11.1.3.2. Segment Revenue
11.1.3.3. Regional Revenue
11.1.4. SWOT Analysis
11.1.5. Strategic Analysis
11.1.6. Recent Developments
11.2. Toyota Motor Corporation (Aichi, Japan)
11.3. Hexagon Composites (Alesund, Norway)
11.4. Luxfer Holdings (United Kingdom)
11.5. Worthington Industries (Ohio, United States)
11.6. Quantum Fuel Systems (California, United States)
11.7. NPROXX (Limburg, Netherlands)
11.8. Faber Industries (Fabriano, Italy)
11.9. Steelhead Composites (Colorado, United States)
11.10. Faurecia (Nanterre, France)
12. Key Findings
13. Analyst Recommendations
13.1. Strategic Recommendations
13.2. Future Outlook