Chicago, June 14, 2023 (GLOBE NEWSWIRE) -- The report "Hydrogen Tank Material Market ” Market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7%, during the forecast period, as per the recent study by MarketsandMarkets. These tanks are primarily used in stationary, on-board fuel tanks along with bulk transportation applications. Different types of Departments of Transportation (DOT)-certified cylinders/tanks are used in these vehicles to store hydrogen fuel. These tanks are spherical or circular, that provides equal stress distribution in the inner area of tanks, thereby providing premier safety to the vessel.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=61709332
Browse in-depth TOC on " Hydrogen Tank Material Market”.
70 - Market Data Tables
40 - Figures
190 - Pages
List of Key Players in Hydrogen Tank Material Market:
- Worthington Industries, Inc., (US)
- Luxfer Group (England)
- Hexagon Composites ASA (Norway)
- Quantum Fuel Systems LLC (US)
- Faber Industrie SPA (Italy)
- Everest Kanto Cylinders Ltd. (India)
- Avanco Group (Germany)
- Praxair Technologies, Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Hydrogen Tank Material Market:
- Drivers: Rising environmental awareness to increase hydrogen tank materials demand
- Restraints: High cost of composite material-based tanks and regulatory approvals
- Opportunities: Emergence of lightweight composite material-based hydrogen tanks
- Challenges: Impact of fluctuating oil prices
Key Findings of the Study:
- Carbon Fiber to account for the largest market share in terms of both value and volume by 2030
- Tank 4 type to be the fastest growing tank type of hydrogen tank material market.
- Asia Pacific held the largest market share and is expected to witness the highest CAGR in the hydrogen tank material market.
Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=61709332
One of the key factors driving the hydrogen tanks and thereby hydrogen tank material market is the rising demand for renewable energy. Since it emits no greenhouse gases when used to create electricity or fuel automobiles, hydrogen is regarded as a clean energy source. There is a greater need for hydrogen storage options and solutions due to the rise in the popularity of hydrogen fuel cells and many other hydrogen-based technologies. One such solution is the use of hydrogen storage tanks. These tanks offer a secure and effective method of storing and moving hydrogen gas. Cryogenic liquid tanks, compressed gas cylinders, and metal hydride tanks are some examples of available tanks.
The hydrogen tanks has variety of uses, including refuelling hydrogen-powered cars and storing the gas for usage in power plants and other industrial activities. As governments across the world are focusing on the reduction of greenhouse gas emissions and encouraging the use of renewable energy, the market for hydrogen tanks is anticipated to expand significantly in the upcoming years. The need for hydrogen tanks is also being fueled by improvements in hydrogen storage technologies, which make storing and transporting hydrogen more efficient and affordable. These factors are driving the market for hydrogen storage tank materials across the globe.
Get 10% Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=61709332
Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, hydrogen, oxygen, and other industrial gases. It operates through four major business segments: steel processing, consumer products, building products, and sustainable energy solutions. The sustainable energy solutions segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment for various end-use applications, such as consumer products, alternative fuels, industrial products, and energy.
Browse Adjacent Markets Fibers and Composites Market Research Reports & Consulting
Related Reports:
- Thermoplastic Vulcanizates Market
- Recycled Plastics Market
- Hydrochloric Acid Market
- Plastic Additives Market
