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 tankâ€™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.