CNG Tanks Market Growth Analysis

Market Highlights

The CNG Tanks Market is likely to grow at a promising CAGR of 5.8% over the next five years and to reach US$ 3.5 Billion in 2026.

Get the full scope of the report, Register Here

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.

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.

Segment Analysis

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 during the forecast period, 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.

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 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 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 during the forecast period. 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.

Want to know which region offers the best growth opportunities? Register Here

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

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.

Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market? 
• What are the key strategies adopted by the major vendors to lead in the global market?
• What is the market share of the top vendors?

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?

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.

Report Customization

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 the 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.