New York, US, Sept. 12, 2023 (GLOBE NEWSWIRE) -- As per an Extensive Research Report by Market Research Future (MRFR), “CNG Tanks Market Information By Raw Material, Propulsion, Vehicle Type, Type, and Region - Forecast till 2032”, The CNG tanks market is all set to surge from USD 1.8 Billion in 2023 to USD 3.9 Billion by 2032, at 9.80% rate from 2023 to 2032.
CNG Tanks Market Overview
CNG tanks, also known as compressed natural gas tanks, are high-pressure cylinders used to store CNG gas. In high-pressure cylinders, compressed natural gas is typically compressed to a pressure of about 250 bar. In automobiles, these tanks are used to hold CNG gas, which is subsequently utilized to power the vehicle. Natural gas now makes up a significantly larger portion of the world's energy mix than it did a few years ago. Because it is inexpensive and environmentally friendly, compressed natural gas (CNG) is commonly employed in transportation vehicles.
Market Competitive Landscape:
The top vendors in the market for CNG tanks include
- Maruti Koatsu Cylinders Ltd
- Anhui Clean Energy Co. Ltd.
- Hexagon Composites ASA
- Plastic Omnium
- Praxair Technologies Inc
- Worthington Industries
- Everest Kanto Cylinders Ltd.
- NGV Technologies Inc
- Ullit SA
- Luxfer Group
- Faber Industrie S.P.A
- Indoruss Synergy Pvt. Ltd.
- Quantum Fuel Systems Technologies Worldwide Inc
- Fiba technologies
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Beijing Tianhai Industry Co. Ltd.
- Avanco Group
- Among others.
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CNG Tanks Market USP Covered:
Market Restraints:
The installation of the CNG tank entails a significant upfront expense. In addition, the availability of fuel during blackouts restrains the expansion of the worldwide CNG tank market.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 3.9 billion |
| CAGR during 2023-2032 | 9.80% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material, Propulsion, Vehicle Type, Type, and Region |
| Key Market Opportunities | Consumer Awareness and Preference |
| Key Market Dynamics | Alternative Fuel infrastructure Investment |
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Market Drivers:
Natural gas is kept in tanks and cylinders for storage in CNG cars, where it is kept under pressure in a gaseous state. Due to natural gas's lower energy density, its driving range is shorter than that of equivalent diesel or petrol cars; however, adding more storage tanks or cylinders can extend the range. Thus, natural gas is increasingly being used in the automotive industry due to its many advantages, which is good for business.
Ozone, particle matter, and other smog-forming pollutants are primarily produced by automobiles. There are severe risks to one's health from air pollution. Asthma and bronchitis are made worse by poor air quality, which also increases the risk of other serious diseases like cancer and places a significant financial burden on the healthcare system. Up to 30,000 premature deaths are brought on by particle pollution each year.
Examples of off-road sources include automobiles, engines, and machinery used in construction, agriculture, recreation, and a wide range of other purposes. Governments all around the world have enacted stringent environmental regulations to lessen the environmental impact of the automotive industry. For instance, the District of Columbia, numerous sizable American cities, and a group of 21 state solicitors general urged the federal government to enact harsh auto pollution regulations starting in September 2021.
Urbanisation and increased industrial activity will cause the demand for automobiles in emerging nations to soar. Due to the region's growing demand for autos, manufacturers are rapidly constructing manufacturing facilities there. Due to supportive government policies, rising GDP, and rising consumer expenditure, developing countries have seen a surge in the manufacture of automobiles.
In many expanding industries throughout emerging nations, such as e-commerce, the food industry, and others, emerging enterprises and market leaders have increased demand for delivery and transportation solutions, which has in turn increased the manufacturing of heavy commercial vehicles.
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COVID 19 Analysis
Due to the COVID-19 outbreak, import-export of certain raw materials was prohibited for the majority of 2020 and for a short period of 2021. Strict lockdowns were also implemented by governments around the world. As a result, the supply of crucial raw materials for automotive components suddenly decreased. COVID-19 greatly hindered aircraft sales and production, which had an adverse effect on the market for CNG tanks. As a result, supply chains and production schedules were disrupted.
CNG Tanks Market Segmentation
By Raw Material
Among the raw material-based segments of the CNG tanks market are glass fiber composite raw materials, carbon fiber composite raw materials, and others.
By Propulsion
Petrol and diesel are included in the CNG Tanks Market segmentation, with respect to propulsion.
By Vehicle Type
Passenger cars, light commercial vehicles, and heavy commercial vehicles are included in the CNG Tanks Market split by type of vehicle.
By Tank Type
The CNG Tanks Market is segmented into four groups based on the kind of tank: type 1, type 2, type 3, and type 4.
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Regional Insights
In 2022, the worldwide cng tanks market was headed by North America (45.80%). North America has an abundance of natural gas, which makes CNG a popular and reasonably priced alternative fuel. The availability of domestic natural gas sources promotes the use of CNG-powered vehicles, increasing the demand for CNG tanks.
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