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    Composite CNG Tanks Market Report

    Composite CNG Tanks Market Report
    Report code - SR1545 Published On : Dec,2021 No. of Pages: 135
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    Composite CNG Tanks Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth See more...

    Market Highlights

    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 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.

    Due to the outbreak of the pandemic, the market for composite CNG tanks witnessed a massive drop of around -16.0% in 2020. Mobility restrictions, supply chain uncertainty, understaffing, and the global economic downturn posed a number of obstacles before composite CNG tank manufacturers. In addition, the initial expense of constructing a CNG tank is prohibitively expensive, which further restricted the buyers to opt the composite tanks.

    However, the industry is gradually rebounding from 2021 with the ramp-up in consumer confidence. Furthermore, there has been a shift from type-I vessels to composite tanks in several industries including transportation. Overall, the composite CNG tanks market is likely to recover at an optimistic CAGR of 6.1% in the long run to reach US$ 1.0 Billion in 2026.

    Market Segments' Analysis

    Based on the application type, the composite CNG tanks market is segmented as transportation and gas carrier & storage. Transportation is expected to remain the larger as well as the faster-growing application type in the market during the forecast period, owing to the increasing demand for CNG-powered commercial vehicles across regions. The use of CNG has been growing in a variety of commercial vehicles, including buses and delivery trucks. Composite tanks are lighter in weight helping commercial vehicle owners in improving fuel economy paired with lowering maintenance costs. The penetration of composite tanks varies from region to region. For instance, the use of composite tanks, especially type-III and type-IV, is highest in North America than that of Europe and Asia. All the leading players offering composite pressure vessels are present in the CNG category.

    Based on the vessel type, the market is segmented as type-II vessels, type-III vessels, and type-IV vessels. Type IV is expected to remain the dominant as well as the fastest-growing pressure vessel type in the market during the forecast period. Type-IV composite CNG tanks are lightweight and offer long vehicle service life. They can withstand high temperatures and are corrosion resistant. The high pressure required to contain an increasingly larger volume of gas is predicted to drive a significant rise in the demand for type-IV tanks for CNG applications in the years to come.

    In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for composite CNG tanks during the forecast period. Countries like China, Japan, India, and Korea are the powerhouses of CNG vehicles with very high penetration of type-I vessels; however, over the years, there has been a shift from type-I to composite vessels, especially in China, Japan, and Korea. India is still full of type-I vessels. All the leading composite vessel manufacturers are eyeing these high-growth markets. Also, there has been an emergence of local players with a balanced portfolio of type-I as well as composite vessels.

    Key Players

    The competitive landscape of composite pressure vessels for CNG vehicles is different than the metal vessels for the same. Composite vessels are a unique category that requires extraordinary technological capabilities along with huge capital investments, a major reason because many metal pressure vessel manufacturers are not into the composite pressure vessel category. The following are the key players in the composite CNG tanks market.

    • Hexagon Composites ASA
    • Worthington Industries, Inc.
    • Iljin composites
    • Luxfer Holdings PLC
    • Beijing Tianhai Industry Co., Ltd.
    • Sinoma Science & Technology Co., Ltd.
    • NPROXX B.V.
    • Quantum Fuel Systems LLC
    • FIBA Technologies, Inc.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s composite 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 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. 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, Product 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 composite CNG tanks market is segmented into the following categories. 

    Composite CNG Tanks Market, by Application Type

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

    Composite CNG Tanks Market, by Pressure Vessels Type

    • Type-II Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type-III Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type-IV Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Composite 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, The UAE, Saudi Arabia, and Others)

    Report 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 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

    Frequently Asked Questions (FAQs)

    The composite CNG tanks market is estimated to grow at a CAGR of 6.1% over the next five years to reach US$ 1.0 Billion in 2026.

    Hexagon Composites ASA, Worthington Industries, Inc., Iljin composites, Luxfer Holdings PLC, Beijing Tianhai Industry Co., Ltd., Sinoma Science & Technology Co., Ltd., NPROXX B.V., Quantum Fuel Systems LLC, and FIBA Technologies, Inc. are the leading players in the composite CNG tanks market.

    Asia-Pacific is estimated to remain dominant in the composite CNG tanks market in the foreseen future, driven by the large base of alternative fuel-based vehicles. China, Korea, and Japan are the preferred destinations for composite CNG tanks in the region.