Dublin, July 08, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/3pl584/cng_tankcylinder) has announced the addition of the "CNG Tank/Cylinder Market By Type (Type-1, Type-2, Type-3, Type-4), By Materials (Metal, Glass Fiber, Carbon Fiber), By End Use (Light Duty, Medium Duty, Heavy Duty), & Region - Trends And Forecast To 2020" report to their offering.
The CNG tanks market is witnessing significant growth on account of the growing demand from its end-user industries and the increased awareness of CNG as an environmentally-friendly fuel. This market is projected to register a CAGR of about 8.70%, by units, between 2015 and 2020, to reach 8,026,408 units by 2020. On the other hand, the CNG tanks market was estimated at $1,084.10 million in 2014, projected to reach $1,563.23 million by 2020, at a CAGR of about 9.65% between 2015 and 2020.
Asia-Pacific is the largest region in the CNG tanks market that accounted for a share of about 65.46% of the total market, by units in 2014. The main factors that contributed to the growth of the Asia-Pacific market were increasing demand from the emerging economies, huge dependency on import of gasoline or diesel fuel, and need for cleaner and greener fuel.
The Asia-Pacific CNG tanks market is projected to register a CAGR of 9.51% by value between 2015 and 2020, accounting for a market size in terms of value of $852.85 million by 2020. The key reason for the growth of the CNG tanks market is the characteristics of CNGfor instance, it is a cleaner and a greener fuel as compared to gasoline or diesel fuel and also has a costeffective advantage over gasoline and diesel. Due its various advantageous properties, CNG tanks are employed in automotive industry in the light-duty, medium-duty, and heavy duty vehicles.
The key players in the CNG tanks market are Hexagon Composites ASA (Norway), Luxfer Group (U.K.), Worthington Industries (U.S.), Quantum Fuel Systems Technologies Worldwide Inc. (U.S.), Beijing Tianhai Industry Co. Ltd. (China), Faber Industries S.P.A (Italy), and so on.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 CNG Tanks Market, By Raw Material
8 CNG Tanks Market, By Type
10 CNG Tanks Market, By Region
11 Competitive Landscape
12 Company Profiles
- Avanco Group
- Beijing Tianhai Industry Co. Ltd.
- Everest Kanto Cylinders Ltd.
- Faber Industrie S.P.A
- Hexagon Composites ASA
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Luxfer Group
- Praxair Technologies Inc.
- Quantum Fuel Systems Technologies Worldwide Inc.
- Ullit SA
- Worthington Industries
For more information visit http://www.researchandmarkets.com/research/3pl584/cng_tankcylinder