Automotive Fuel Tank Market Size & Share, by Material Type (Ferroalloys, Aluminum Alloys, Plastics); Capacity (Less Than 45 Liters, Between 45-70 Liters, Above 70 Liters); Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 528
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Automotive Fuel Tank Market size is poised to cross USD 29 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive fuel tank was over USD 17 Billion. The growth of the market can primarily be attributed to the growing demand for vehicles along with the rising demand for automotive fuel tanks amongst vehicle manufacturers worldwide. For instance, the global sales of vehicles in 2021 reached more than 82 million.

An automotive fuel tank is an important component of the fuel system in an internal combustion engine. A tank is used to store motor fuel such as petrol, diesel, and gas. The present-day fuel tanks can be made of different advanced materials. With the recent transition in plastic fuel tanks as well as temperature tolerance, the demand for the plastic fuel tank is on the rise amongst automobile users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive fuel tank market during the forecast period. For instance, the present-day plastic fuel tanks operate in a temperature range from approximately – 60 °C to nearly 80 °C with local and short-duration heating up to 110 °Ð¡.


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Automotive Fuel Tank Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

5%

Base Year Market Size (2022)

 USD 17 Billion

Forecast Year Market Size (2033)

USD 29 Billion

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Automotive Fuel Tank Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing Demand for Plastic Tanks – as many automotive fuel tanks are made of laminated plastic with a barrier layer plastic that has become the main material used by manufacturers of fuel tanks. For instance, as per 2019 statistics, in Europe, and United States, ~90% and ~75% of all fuel tanks are made of plastic. The rising demand for plastic fuel tanks is expected to boost the automotive fuel tank market in the projected time period.
  • Increasing Penetration of Cars – for instance, globally car sales grew to over 65 million automobiles in 2021.
  • Rising Sales of Commercial Vehicles – which were found to be more than 26 million in 2021.
  • Domination of Gasoline Powered Vehicles – for instance, in the United States, the gasoline station sector recorded a gross output of about USD 101 billion in 2020.

Challenges

  • Possibility of the Fuel Tank is Deformation Owing to its Viscosity
  • Concern about Exposure of Steel and Aluminum Fuel Tanks to Temperature and Corrosion
  • Concern about Developing Efficient & Affordable Tanks


Automotive Fuel Tank Segmentation

Material Type (Ferroalloys, Aluminum Alloys, Plastics)

The global automotive fuel tank market is segmented and analyzed for demand and supply by material type segment into ferroalloys, aluminum alloys, and plastics. Amongst these segments, the plastics segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing penetration of plastic fuel tanks in the truck market owing to a variety of forms and configurations and easy installation along with the surge in the sales of trucks worldwide. For instance, in 2020, more than 2.5 million trucks were sold in United States.

Our in-depth analysis of the global automotive fuel tank market includes the following segments:

        By Material Type

  • Ferroalloys
  • Aluminum Alloys
  • Plastics

         By Capacity

  • Less Than 45 Liters
  • Between 45-70 Liters
  • Above 70 Liters

         By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

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Automotive Fuel Tank Industry - Regional Synopsis

Regionally, the global automotive fuel tank market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong automobile network in the region, increasing sale of vehicles as well as the growing production of vehicles along with a surge in the demand for automotive fuel tanks amongst the vehicle producers. China produced and sold more than 2.6 million vehicles and around 2.6 million vehicles, respectively in September 2022.

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Companies Dominating the Automotive Fuel Tank Landscape

top-features-companies
    • Toyoda Gosei Co., Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • TI Fluid Systems plc
    • Compagnie Plastic Omnium SE
    • Yachiyo Industry Co., Ltd.
    • Benteler International AG
    • Unipres Corporation
    • Kautex Textron GmbH & Co. KG
    • Magna International Inc.
    • Visteon Corporation
    • Yapp Automotive Systems Co., Ltd.

In-the-news

In The News

  • Toyoda Gosei Co., Ltd. - contributed to lighter vehicle weight by developing a cutoff valve with a novel structure. The cutoff valve was used on the new Land Cruiser from Toyota Motor Corporation.
  • TI Fluid Systems plc - announced that it will supply the thermal coolant fluid carrying systems for the new 2021 Jeep Wrangler 4xe plug-in hybrid.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 528
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing sales of motor vehicles including cars and commercial vehicles along with rising demand for plastic fuel tanks are some of the major factors anticipated to drive the growth of the market.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2033.

The possibility of the fuel tank’s deformation owing to its viscosity as well as corrosion, and scratches, of steel and aluminum fuel tanks, are some of the factors estimated to hamper the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Toyoda Gosei Co., Ltd., TI Fluid Systems plc, Compagnie Plastic Omnium SE, Yachiyo Industry Co., Ltd., Benteler International AG, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by material type, capacity, vehicle type, and by region.

The plastic segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Automotive Fuel Tank Market Report Scope
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