CNG Tanks Market Analysis | 2024-2031

Market Highlights

“The CNG tanks market size was US$ 4.0 billion in 2024 and is likely to grow at a decent CAGR of 3.9% in the long run to reach US$ 5.2 billion in 2031.”

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Market Dynamics

Introduction

The CNG tanks market is growing as more industries and consumers turn to compressed natural gas (CNG) as it is a cleaner and cost-effective fuel alternative. With rising concerns over emissions and fluctuating fuel prices, CNG-powered vehicles are becoming a popular choice, particularly in public transportation and commercial fleets. Governments across the world are enforcing stricter emission standards and offering incentives to encourage CNG adoption, further driving demand for reliable and high-capacity storage tanks. To improve efficiency and vehicle performance, manufacturers are shifting towards lightweight materials like carbon fiber-reinforced composites, which enhance durability while reducing weight. The Asia-Pacific region leads the market, driven by the increasing adoption of CNG buses, trucks, and passenger vehicles, alongside growing investments in refueling infrastructure. Meanwhile, Europe and North America are also expanding their CNG networks to support alternative fuel initiatives. However, challenges such as high conversion costs, limited refueling stations, and concerns over high-pressure storage safety continue to slow widespread adoption. Despite these obstacles, advancements in tank technology and safety standards are making CNG a more practical and attractive fuel option for the future.

Segment Analysis

By Application Type

“Transportation is anticipated to drive demand for the CNG tanks, and gas carrier & storage is expected to experience faster growth in the coming years.”

The market is segmented into transportation and gas carrier & storage. Transportation is set to drive the CNG tanks market, due to the shift toward cleaner fuels, government incentives, and cost savings. As more buses, trucks, and passenger vehicles adopt CNG-powered engines, the demand for high-pressure storage vessels is rising. Advancements in lightweight composite vessels and expanding CNG refueling infrastructure further accelerate this trend. With lower emissions, fuel cost savings, and regulatory support, transportation will remain the key demand generator for the CNG tanks market.

By Pressure Vessels Type

“Type I is anticipated to remain dominant in the CNG tanks market, whereas Type IV is expected to experience the fastest growth in the coming years.”

The market is segmented into type-I vessel, type-II vessel, type-III vessel, and type-IV vessel. Type I vessels are expected to remain dominant in the CNG tanks market due to their proven technology, lower cost, high capacity, and existing infrastructure support. However, Type IV vessels are expected to grow at the fastest pace due to their lightweight design, fuel efficiency, corrosion resistance, and sustainability advantages. As the industry moves towards eco-friendly and advanced solutions, type IV vessels will see rapid adoption, whereas type I remains the dominant choice for bulk transport.

Regional Analysis

“The Asia-Pacific region is expected to remain dominant throughout the forecast period, whereas North America is likely to experience the fastest growth over the next six years.”

Asia-Pacific to remain the dominant market for the CNG tanks due to high energy demand, strong maritime infrastructure, and government investments.  North America is set to grow the fastest, driven by rising natural gas production, clean energy policies, technological advancements, and the increasing adoption of CNG in marine transport.

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Key Players

The following are the key players in the CNG tanks market.

Here is the list of the Top Players (Based on Dominance)

• Hexagon Composites ASA
• Beijing Tianhai Industry Co., Ltd.
• Cylinders Holding Group
• CIMC Enric Holdings Limited
• Worthington Industries, Inc.
• Everest Kanto Cylinder Ltd.
• Luxfer Holdings PLC
• Sinoma Science & Technology Co., Ltd.
• ILJIN Composites Co., Ltd.
• Forvia SE

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com.

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.
• 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 market participants and investors in identifying the low-hanging fruit available in the market and formulating 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The CNG tanks market is segmented into the following categories. 

CNG Tanks Market, by Application Type

• Transportation
  • (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
  • (Vehicle Type Analysis: Cars, Light-duty Vehicles, Buses, and Trucks)
• Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

CNG Tanks Market, by Pressure Vessel Type

• Type-I Vessel (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type-II Vessel (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type-III Vessel (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type-IV Vessel (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

CNG Tanks Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected 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: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across industries. 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.