Dublin, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The "CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon, Glass), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation) and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global CNG, RNG, and hydrogen tanks market size is projected to grow from USD 1.8 billion in 2020 to USD 2.7 billion by 2025, at a compound annual growth rate (CAGR) of 8.1% between 2020 and 2025.
CNG, RNG, and hydrogen tanks are durable, cheaper, and most importantly eco-friendly. It is used in various applications in the fuel tank, and transportation tank. CNG, RNG, and hydrogen tanks can be majorly classified into tank types, depending on the material used during manufacturing. However, the negative impact of the COVID-19 pandemic on the automotive industry has affected the CNG, RNG, and hydrogen tanks market adversely.
"RNG gas is the fastest-growing segment in the CNG, RNG, and hydrogen tanks market in terms of both value and volume."
RNG gas is projected to register the highest CAGR in terms of value between 2020 and 2025. RNG can be used as a transportation fuel in the form of compressed natural gas (CNG) or liquefied natural gas (LNG). RNG is qualified advanced biofuel under the Renewable Fuel Standard. RNG is widely used in transportation and fuel applications. Europe has the presence of various upgraded operating biogas plants, 195 in Germany, 92 in UK, 70 in Sweden, 44 in France, and 34 in Netherlands.
"Metal is the largest material type of CNG, RNG, and hydrogen tanks in terms of value and volume."
Various metals (steel, aluminum, and metal alloys) are used in manufacturing of CNG, RNG, and hydrogen tanks. Steel is used in Type 1, Type 2 & Type 3 cylinders. The metal used in CNG, RNG, and hydrogen tanks increases the weight of the CNG, RNG, and hydrogen cylinders but at the same time it provides adequate protection to the cylinders. For metal and metal-lined cylinders, the life cycle of these depends on the rate of fatigue crack growth
"Type 1 tank is the largest used tank type of CNG, RNG, and hydrogen tanks in terms of both value and volume."
Type 1 CNG, RNG, and hydrogen tanks are entirely made from metal made either from steel or aluminum and are designed in the shape of cylinders. These cylinders are seamless steel cylinders are used for the storage of CNG, RNG, and hydrogen on vehicles. The production cost for Type 1 CNG, RNG, and hydrogen cylinders tank is comparatively lower which makes these cylinders affordable and cost-effective.
"Fuel tank is the largest application of CNG, RNG, and hydrogen tanks in terms of both value and volume."
CNG, RNG, and hydrogen are widely used in fuel tank application. The fuel tank is an alternative fuel for the automobiles running on petrol and diesel. The various advantages of CNG, RNG, and hydrogen fuel tank being extremely durable, cheaper, emission of lesser CO2 has increased the demand for these fuel tanks in automotive industry. The natural gas fuel tank driven vehicles are cheaper compared to the diesel-driven cars. The fuel tanks These tanks are widely used in Light-duty vehicles, Medium-duty vehicles, and Heavy-duty vehicles.
"APAC is the leading CNG, RNG, and hydrogen tanks market in terms of both value and volume."
APAC is the largest CNG, RNG, and hydrogen tanks market in terms of both value and volume. The growth of the CNG, RNG, and hydrogen tanks market in APAC is driven by its increasing consumption in various applications, such as transportation tanks, and fuel tanks. This is because of the high industrial growth in countries, such as China, India, Pakistan, and Thailand.
China has become the largest consumer of CNG, RNG, and hydrogen tanks in the automobile sector and is expected to strengthen its position further. The high focus of Indian and Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the CNG, RNG, and hydrogen tanks market in these countries.
APAC governments are focusing on increasing the use of alternative fuels and reducing emissions in cities, which is expected to help in the growth CNG, RNG, and hydrogen tanks market in the region. The key reason for this growth includes the demand for.(MEA)-10%,
Market Dynamics
Drivers
- Increasing Use of Natural Gas in Automotive Industry
- Increasing Tax Incentives for CNG Vehicles and Infrastructure
- Increased Demand for CNG, Hydrogen, and RNG Tanks in North America and Europe
- Growing Demand for CNG, RNG, and Hydrogen Tanks from APAC Region
- Rising Environmental Awareness to Increase Natural Gas Demand
Restraints
- Limited Availability of Hydrogen and CNG Refueling Infrastructure in Developed Economies
- High Cost of Composite Material Tanks and Regulatory Approvals
- Decrease in Demand for CNG, RNG, and Hydrogen Tanks Due to COVID-19 Pandemic
Opportunities
- Emergence of Lightweight Composite Material CNG Cylinders
- Development of Low-Weight Transportation Tanks
Challenges
- Impact of Fluctuating Oil Prices on CNG, RNG, and Hydrogen Tanks Market
- Already Well-Established Infrastructure for Electric Cars
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 CNG, RNG, and Hydrogen Tanks Market, by Gas Type
7 CNG, RNG, and Hydrogen Tanks Market, by Material
8 CNG, RNG, and Hydrogen Tanks Market, by Tank Type
9 CNG, RNG, and Hydrogen Tanks Market, by Application
10 CNG, RNG, and Hydrogen Tanks Market, by Region
11 Competitive Landscape
12 Company Profiles
- Worthington Industries, Inc.
- Luxfer Group
- Hexagon Composites Asa
- Quantum Fuel Systems LLC.
- Everest Kanto Cylinders Ltd.
- Praxair Technologies Inc.
- Avanco Group
- Beijing Tianhai Industry Co. Ltd.
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Faber Industrie Spa
Other Companies
- Ullit Sa
- Agility Fuel Solutions
- Rama Cylinders Private Limited
- JPM Group
- Sahuwala Cylinders Ltd
- Euro India Cylinders Ltd
- Cevotec Gmbh
- Nproxx
- Steelhead Composites, Inc.
- Jiangsu Qiulin Special Energy Equipment Joint Stock Limited Company
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