Farmington, May 10, 2023 (GLOBE NEWSWIRE) -- The Global CNG Cylinder Market Was Valued At USD 1.5 billion In 2022 And Is Expected To Expand USD 2.37 billion By 2030 at a CAGR Of 5.9% From 2022 To 2030. Key factors driving the growth of this market include the rising sales of LNG vehicles as an alternative to diesel-based vehicles, need for regular maintenance, rising the carbon emission, volatile oil prices.
As part of CNG fuel system maintenance, CNG storage tanks must be routinely inspected for safety. Debris on the road can damage CNG tanks and reduce their safety. Carbon dioxide emissions from fossil fuels and industry reached a record-breaking 36 billion metric tonnes in 2021, a 4% increase from the previous year (GtCO2).
Request Sample Copy of Report “CNG Cylinder Market Size, Share & Trends Estimation Report By Tank Type Outlook (Cryogenic Tank, Tube Tailored Tank, Stationary Tank, Others) By Composite Type (Carbon Fibre, Steel or Aluminium Alloy, Metal Component, Glass Fibre, Others) By Vehicle Type (Commercial Vehicle, Passenger Vehicle, Others) By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Tank Type Outlook:
Based on the type of tank, the market is segmented into cryogenic tanks, tube-tailored tanks, stationary tanks, and others. The customized tank is anticipated to have the largest share of the most significant CNG tank market because it has numerous applications in the automotive industry and is less expensive to purchase. Aside from that, the life cycle of a vehicle is significantly improved because it is lighter, which has a direct impact on the market for CNG tanks.
Composite Type:
The market is divided into carbon fiber, steel or aluminum alloy, metal component, glass fiber, and other composite types. The composite made of carbon fiber has the lightest CNG volume. This implies that the vehicle's range, fuel economy, and payload have all been enhanced. Due to these factors, the carbon fiber composite is anticipated to grow in the coming years.
Vehicle Type:
There are passenger vehicles, commercial vehicles, and other vehicles on the market. Original equipment manufacturers manufacture commercial gas vehicles, resulting in the greatest market growth for CNG tanks. Other uses for commercial vehicles include delivery trucks, heavy goods vehicles, buses, and many others. The market for CNG tanks is anticipated to expand because CNG has a wide variety of applications and is lighter than other fuels. CNG tanks are therefore less expensive to transport and work with.
Regional Analysis:
CNG tank market research has been conducted in North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Asia-Pacific is anticipated to be the largest market due to the growing demand for natural gas in countries such as China, Japan, South Korea, and India. China invests the most in CNG tanks because it desires to use cleaner energy for transportation in the business and industrial sectors. This is anticipated to stimulate the market in the remaining regions. After Asia-Pacific, North America and Europe have enacted strict emission reduction laws and are focusing more on renewable energy projects and energy-efficient industries. The increase in commercial and industrial transportation throughout the region has led to the expansion of CNG tanks, which is beneficial for the CNG tank market.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.9% from 2023 to 2030. |
| Revenue Forecast by 2030 | $2.37 billion |
| By Tank Type |
|
| By Composite |
|
| By Vehicle |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
• Fuel Unavailability
The fact that fuel is unavailable during blackouts slows the growth of the global CNG tank market, despite the high cost of CNG tank installation. This is one of the market's major issues.
• Insufficiency of CNG Stations
The lack of CNG stations is the biggest issue with CNG vehicles, which has discouraged many car owners from making the switch. In some states, only a handful of CNG pumps are available. Even in cities where CNG fuel is available, it may be difficult for CNG customers to access or locate CNG-friendly fueling stations. CNG stations can be difficult to locate, especially for frequent travelers. Consequently, it is believed that this will retard the growth of the market.
• The Initial Cost to Manufacture These Tanks Are High
• Boot Space in Automobiles Declines
Opportunity Analysis:
• Automobile Manufacturing and Bulk Transport
The global market for CNG tanks has a promising future, with opportunities in industries such as automotive and bulk transportation. In 2020, the global economic recession brought on by COVID-19 will reduce demand for CNG tanks. The market is expanding because more natural gas vehicles (NGVs) are on the road and natural gas is less expensive than gasoline and diesel.
Key Segments Covered:
Top Market Players:
- Hexagon Agility
- Worthington Industries
- 3M
- Luxfer Group
- Cobham Limited
- Quantum Fuel Systems Technologies
- CNG United
- REL Inc
- Time Technoplast Ltd
- Steelhead Composites
By Tank Type:
- Cryogenic Tank
- Tube Tailored Tank
- Stationary Tank
- Others
By Composite Type:
- Carbon Fibre
- Steel or Aluminium Alloy
- Metal Component
- Glass Fibre
- Others
By Vehicle Type:
- Commercial Vehicle
- Passenger Vehicle
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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