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    CNG Tanks Market Analysis | 2021-2026

    CNG Tanks Market Analysis | 2021-2026
    Report code - SR1544 Published On : Dec,2021 No. of Pages: 135
    CNG Tanks Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth Opportuni See more...

    Market Highlights

    The CNG Tanks Market was estimated at USD 2.2 billion in 2020 and is likely to grow at a CAGR of 5.8% during 2021-2026 to reach USD 3.5 Billion by 2026.

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    What is cng tank?

    Compressed natural gas is becoming a viable choice for the automotive industry due to rising gasoline and diesel fuel prices and rising environmental concerns. Both tanks, metal as well as composite, are used in CNG vehicles with a huge dominance of metal ones, especially in Asia-Pacific and Europe, the two major markets for CNG tanks.

    Composite tanks are lighter than their conventional equivalents (metal CNG tanks), resulting in weight savings, increased fuel storage capability, and improved vehicle fuel economy. The demand for natural gas-powered vehicles is burgeoning worldwide.

    CNG Tanks Market Report Overview

    Market Size in 2026

    USD 3.5 billion

    Market Growth (2021-2026)

    5.8% CAGR

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Market Dynamics

    The availability of low-cost natural gas compared to gasoline and diesel is accelerating this push. As a result of that, many vehicle operators and owners are transitioning to CNG-powered vehicles to cut their running costs; driving the demand for composite CNG tanks. Furthermore, the growing environmental awareness and government attention on decreasing carbon emissions are giving additional impetus to the demand for composite CNG tanks.

    COVID-19 Impact

    The CNG tanks market recorded a huge plunge of -14.4% in the year 2020 mainly factored by the COVID-19 Pandemic. However, it is anticipated that the market will start recovering from 2021 onwards with the recovery in the production of automobiles paired with the incessant transition from ICE to CNG-powered vehicles, particularly in the Asian and European markets.

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Application -Type

    Transportation {Cars, Light-duty Vehicles, Buses, and Truck} and Gas Carrier & Storage

    Transportation is expected to remain the largest as well as the fastest-growing application type in the market during the forecast period.

    Vessel -Type

    Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel

    Type I is expected to remain the dominant pressure vessel type during the forecast period.  On contrary to this, type IV is expected to be the fastest-growing pressure vessel type in the market during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and the Rest of the World)

    Asia-Pacific is expected to remain the largest as well as the fastest-growing market for CNG tanks during the forecast period.

     

    Application Trends

    The market is segmented as transportation and gas carrier & storage. Transportation is further segmented into cars, light-duty vehicles, buses, and trucks Transportation is expected to remain the largest as well as the fastest-growing application type in the market and it held a revenue share of more than 90% in 2020, owing to the increasing demand for CNG-fueled vehicles across regions. CNG vehicles offer lower transportation costs than ICE vehicles. Type-I remains the most dominant vessel type in the transportation segment, propelled by its well-proven track record paired with its lowest cost.

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    Vessel Trends

    The market is segmented as type I, type II, type III, and type IV. Due to its low cost and high demand from major countries of the Asia-Pacific region, type I is expected to remain the dominant pressure vessel type and it held a revenue share of more than 70% in 2020. On contrary to this, type IV is expected to be the fastest-growing pressure vessel type in the market during the forecast period due to its lightweight, increased fuel efficiency, and low maintenance cost. There is a relatively high dominance of type-IV vessels in North America and Europe.

    Regional Analysis

    Asia-Pacific is expected to remain the largest as well as the fastest-growing market for CNG tanks and it held a revenue share of more than 75% in 2020. Major Asian countries, China, India, Korea, and Japan are the manufacturing powerhouses of automobiles. These countries are also the major producers as well as procurers of CNG-powered vehicles. Currently, type-I vessels unanimously dominate the Asian market; however, there has been a transition from type-I to composite, especially type-III and type-IV vessels in China, Japan, and Korea. Indian remains one of the biggest markets for type-I vessels in the years to come.

     

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    Key Players

    The following are the key players in the CNG Tanks Market-

    • Hexagon Composites ASA
    • Beijing Tianhai Industry Co., Ltd.
    • Worthington Industries, Inc.
    • Faber Industrie SPA
    • Cylinders Holding a.s.
    • Everest Kanto Cylinder Ltd.
    • Luxfer Holdings PLC
    • Sinoma Science & Technology Co., Ltd.
    • CIMC ENRIC (CIMC ENRIC Holdings Limited)
    • Grupo Mat
    • Quantum Fuel Systems LLC

    Target Audience

    Here is the list of the group of customers that the CNG tanks market hopes to have the greatest opportunity to convert-

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

    What deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the CNG Tanks Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s CNG tanks market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Compressed natural gas is becoming a viable choice for the automotive industry due to rising gasoline and diesel fuel prices and rising environmental concerns. Both tanks, metal as well as composite, are used in CNG vehicles with a huge dominance of metal ones, especially in Asia-Pacific and Europe, the two major markets for CNG tanks. Composite tanks are lighter than their conventional equivalents (metal CNG tanks), resulting in weight savings, increased fuel storage capability, and improved vehicle fuel economy. The demand for natural gas-powered vehicles is burgeoning worldwide.

    The CNG Tanks Market is likely to grow at a promising CAGR of 5.8% over the next five years.

    Hexagon Composites ASA, Beijing Tianhai Industry Co., Ltd., Worthington Industries, Inc., Faber Industrie SPA, Cylinders Holding a.s., Everest Kanto Cylinder Ltd., Luxfer Holdings PLC, Sinoma Science & Technology Co., Ltd., CIMC ENRIC (CIMC ENRIC Holdings Limited), Grupo Mat, Quantum Fuel Systems LLC.

    The CNG tanks market was estimated to grow by US$ 3.5 billion in 2026.

    Asia-Pacific is expected to remain the largest as well as the fastest-growing market during the forecast period.

    The availability of low-cost natural gas compared to gasoline and diesel is accelerating this push. As a result of that, many vehicle operators and owners are transitioning to CNG-powered vehicles to cut their running costs; driving the demand for composite CNG tanks. Furthermore, the growing environmental awareness and government attention on decreasing carbon emissions are giving additional impetus to the demand for composite CNG tanks.

    Transportation is projected to remain the dominant application type in the market.

    By Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Truck} and Gas Carrier & Storage), Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel), and Region (North America, Europe, Asia-Pacific, and Rest of the World).

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