New York (US), Sept. 18, 2023 (GLOBE NEWSWIRE) -- CNG Tank Cylinders Market Overview
The study documents by MRFR state that the “CNG Tank Cylinders Market Research Report Information by Tank Type, Vehicle Type, Composite Type, and Region - Forecast Till 2032”, the CNG Tank Cylinders market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 10.20%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 4.31 Billion by the end of 2032. As per the reports, the market was priced at almost USD 1.8 Billion in 2022.
Market Scope
The CNG Tank Cylinders market has recently advanced. The main feature causing a rise in market performance is the rising carbon pollution. Furthermore, the increasing sales of LNG cars as alternatives to diesel-powered vehicles is also considered one of the vital parameters enhancing the performance of the global market.
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Competitive Analysis
The list of the top leaders across the global market for CNG Tank Cylinders includes players such as:
- Quantum Fuel System Technologies
- Faber Technologies
- Everest Kanto Cylinder
- Hexagon Composites ASA
- Fiba Technologies
- Luxfer Gas Cylinder
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 4.31 Billion |
| Compound Annual Growth Rate (CAGR) | 10.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Tank Type, Composite Type, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising carbon pollution and increasing sales of LNG cars as alternatives to diesel-powered vehicles |
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Market USP Covered
Market Drivers
The CNG Tank Cylinders market has recently advanced. The main feature causing a rise in market performance is the rising carbon pollution. Furthermore, the increasing sales of LNG cars as alternatives to diesel-powered vehicles is also considered one of the vital parameters enhancing the performance of the global market.
Market Restraints
On the contrary, various aspects may harm expanding the global market for CNG Tank Cylinders. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for CNG Tank Cylinders is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
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Segment Analysis
Among all the tank types, the tube-tailored tank segment ensured the leading position across the global market for CNG tank cylinders in 2022, with the largest contribution of around 35%. Because it is cheap to acquire and has various utilizes in the automobile sector. Besides, lighter vehicles have a much longer lifespan, directly affecting the need for CNG tanks.
Among all the Tank Composite Types, the carbon fiber segment ensured the leading position across the global market for CNG tank cylinders in 2022. Compared with metal cylinders built of a single material, such as steel and aluminum, carbon fiber woven composite cylinders perform better. Carbon fiber-made cylinders offer the market's finest mix of safety, durability, and effectiveness.
Among all the vehicle types, the commercial vehicle category ensured the leading position across the global market for CNG tank cylinders in 2022. The original equipment manufacturers provide commercial petrol vehicles, contributing to CNG tanks' most considerable market growth. Other than that, commercial vehicles include delivery trucks, heavy-duty trucks, and buses.
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Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the CNG Tank Cylinders market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional CNG Tank cylinder market is increased commercial and industrial transportation. The region has deployed stringent laws to reduce emissions. It focuses more on renewable energy projects and energy-efficient sectors, which in turn are also likely to positively impact the regional market's development over the coming years.
The European Region is estimated to hold the second position across the CNG Tank Cylinders market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional CNG Tank cylinder market is the rise in commercial and industrial transportation in the area.
The Asia-Pacific region will grow at the maximum CAGR across the CNG Tank cylinder market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional CNG Tank Cylinders market is the utilization of enormous amounts of gases in China to move to zero-emission cars, which aims to enhance air quality, promote energy independence, and decrease CO2 emissions. Various businesses have already seen a rise in the sales of LNG automobiles.
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