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Compressed Natural Gas (CNG) Tank Market Segmentation by Material Type (Glass Fiber, Carbon Fiber, and Metal); by Vehicle (Light, Medium, and Heavy Duty Vehicle); by Tank Type (Type 1, Type 2, Type 3, and Type 4) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Compressed Natural Gas (CNG) Tank Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

· March 2021: Luxfer Holdings announced that it has acquired the “Structural Composites Industries” business of Worthington Industries in a deal worth USD 20 million. The aim of this acquisition is to broaden the product portfolio in aerospace and alternative fuels.

Compressed Natural Gas (CNG) Tank Market Highlights 2022 – 2030

The compressed natural gas (CNG) tank market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to increasing prices of diesel and gasoline fuels, growing usage of CNG across the world, and rising demand for clean fuel on a global level. According to the U.S. Energy Information Administration, the prices of gasoline have increased by 0.876 million dollars per gallon from November 2020 to May 2021. Currently, the value is calculated to be 3.076 dollars per gallon. In addition, low cost of natural gas is expected to fuel the demand for CNG tanks in the upcoming years. Furthermore, strict government policies regarding the adoption of environment-friendly fuels in the transportation sector is also projected to offer lucrative opportunities for the market growth in the near future.

compressed natural gas (CNG) tank market Graph

The market is segmented by tank type into type 1, type 2, type 3, and type 4, out of which, the type 1 segment is anticipated to hold the largest share in the compressed natural gas (CNG) tank market on account of the increasing demand for these tanks from developing countries such as India, Brazil, Iran and China. In 2019, more than 307 million cubic meters of CNG was consumed in China. Approximately 6.4 exajoules of the fuel was produced in the country that year. Along with this, type 1 tanks are cheaper than their other counterparts, which is another factor evaluated to drive growth of this market segment in the near future. Additionally, on the basis of material type, the segment for metal is assessed to occupy a significant market share during the forecast period owing to its excellent properties such as high stiffness, superior durability and fatigue resistance.CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Compressed Natural Gas (CNG) Tank Market Regional Synopsis

On the basis of geographical analysis, the compressed natural gas (CNG) tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of high consciousness of the government for the adoption of cleaner fuels in the region. Apart from these, presence of several big market players is also projected to boost market growth in the region. Moreover, the market in Asia Pacific is anticipated to grab the largest market share over the forecast period, which can be credited to the growing number of CNG tank manufacturing units and high usage of CNG vehicles in countries such as India, China, and Pakistan. In 2019, approximately 20.5 million natural gas vehicles were in use in the Asia Pacific region. In addition, growing environmental awareness and rising dependency on imported fuel is also expected to expand market in the APAC.

CNG Tank Market Share Graph

The compressed natural gas (CNG) tank market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • 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 & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the compressed natural gas (CNG) tank market includes the following segments:

By Material Type

  • Glass Fiber
  • Carbon Fiber
  • Metal

By Vehicle

  • Light Duty Vehicle (LDV)
  • Medium Duty Vehicle (MDV)
  • Heavy Duty Vehicle (HDV)

By Tank Type

  • Type 1
  • Type 2
  • Type 3
  • Type 4

Growth Drivers

  • Rising Prices of Diesel and Gasoline
  • Stringent Government Regulations Regarding Use of Eco-Friendly Fuels

Challenges

  • Instability in the Prices of Compressed Natural Gas

Top Featured Companies Dominating the Market

  • Luxfer Holdings PLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Worthington Industries, Inc.
  • Quantum Fuel Systems LLC
  • Hexagon Composites ASA
  • Xinyi Beijing Tianhai Industry Co. Ltd.
  • Praxair Technologies Inc.
  • Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
  • Avanco Group
  • Everest Kanto Cylinders Ltd.
  • Faber Industrie SpA

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