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Automotive Fuel Tank Market

Analysis by Material Type (Ferroalloys, Aluminum Alloys, and Plastics); by Capacity (Less Than 45 Liters, Between 45-70 Liters, Above 70 Liters); and by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 528 | Published On: Feb 13, 2023
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Global Automotive Fuel Tank Market 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.

Automotive-Fuel-Tank-Market-Analysis

The global automotive fuel tank market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


Automotive-Fuel-Tank-Market-Scope
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Global Automotive Fuel Tank Market: Growth Drivers and Challenges

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 Carsfor 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

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.


Market Segmentation

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


Automotive-Fuel-Tank-Market-Analysis
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Top Featured Companies Dominating the Global Automotive Fuel Tank Market

    • 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

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the automotive fuel tank market?

Ans: 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.

2) What would be the CAGR of automotive fuel tank market over the forecast period?

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

3) What are the challenges affecting the automotive fuel tank market growth?

Ans: 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.

4) Which region will provide more business opportunities for growth of automotive fuel tank market in future?

Ans: 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.

5) Who are the major players dominating the automotive fuel tank market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the automotive fuel tank market?

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

8) Which segment captures the largest market size in material type segment in the automotive fuel tank market?

Ans: The plastic segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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