Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Automotive Fuel Tank Market by Capacity (<45L, 45L-70L, >70L), Material (Aluminum, Plastic, Steel), CNG Tank Type (1, 2, 3 & 4), Propulsion (Hybrid, Hydrogen, ICE, NGV), 2-Wheeler (Motorcycle, Moped), SCR Technology and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The automotive fuel tank market is estimated to be USD 16.6 billion in 2021 and is projected to reach USD 21.3 billion by 2026, at a CAGR of 5.1%.
The market is driven by the increasing production of passenger and commercial vehicles, rising demand for lightweight vehicles for the longer driving range, government support for alternate fuel vehicles, stringent emission norms that require minimum greenhouse gas emissions, and government initiatives pertaining to hydrogen infrastructure. Several governments have increased investments to promote the use of lightweight vehicles. Also, governments are increasingly investing in the development of fuel-efficient vehicles and alternate fuel vehicles.
On the other hand, the growing demand for electric vehicles that do not require fuel tanks and the high cost of lightweight composite fuel tanks can restrain the growth of the market. Also, the rising stringency of evaporative emission standards that require fuel tank manufacturers to reduce the permeability of fuel tanks can hamper the growth of the automotive fuel tank market.
The Type 4 CNG tank is projected to be the fastest-growing segment of the automotive fuel tank market, by CNG Tank Type, during the forecast period.
CNG vehicles are similar to gasoline or diesel vehicles in terms of power, acceleration, and cruising speed. CNG has stored onboard a vehicle in a compressed gaseous state within cylinders at a pressure of 3,000-3,600 pounds per square inch. The tanks are basically of four types including Type 1, Type 2, Type 3, and Type 4 and come in different sizes depending on the specific requirements of the vehicle.
According to NGV Journal, almost 85 countries across the globe use CNG-powered vehicles with more than 22.4 million vehicles and 25,000 fueling stations spread across 2,900 cities worldwide. CNG-powered vehicles are primarily used for public transport applications. Type 1 Tanks are more economical than other tank types and thus have the largest market. Type 4 tanks are lightweight and have the fastest growing market. These tanks are used in HDVs. Owing to the lightweight of the fuel tank, vehicles equipped with Type 4 tanks have a better fuel efficiency.
Asia Pacific to be the largest market for Selective Catalytic Reduction (SCR) Tank segment of the automotive fuel tank market.
Due to the increasing production of LCVs in countries such as India, Japan, and Thailand to meet the growing requirement of freight and goods transport, Asia Pacific is estimated to be the largest market for automotive SCR tank. Stringent regulations have compelled OEMs to provide factory-fitted SCR systems in light and heavy commercial vehicles.
The SCR system controls the production of NOx from diesel engines while enabling engine manufacturers to minimize PM emissions and optimize fuel consumption. Adhering to the Euro VI regulations that dictate the limits for PM and NOx emissions from passenger cars and commercial vehicles is a pressing challenge for engine and vehicle manufacturers. According to the Diesel Technology Forum, SCR is one of the most cost-effective and fuel-efficient technologies available for emission reduction. It can reduce NOx emissions by up to 90%, hydrocarbon and CO emissions by 50-90%, and PM emissions by 30-50%.
The Asia Pacific is projected to have the highest share in the global automotive fuel tank market.
The Asia Pacific is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the largest manufacturer of vehicles in the world. India's commercial vehicle market has been growing rapidly and contributes a significant share of the national GDP. As of 2020, the adoption of plastic fuel tanks in the Indian and Chinese automotive markets is estimated to be low. However, it is projected to increase rapidly in the future. In recent years, the automotive industry in the Asia Pacific has witnessed a significant increase in vehicle production and sales. The total number of commercial vehicles produced increased by 6.3%. Increased vehicle production is expected to boost the automotive fuel tank market in the Asia Pacific region during the forecast period.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Automotive Fuel Tank Market
4.2 Automotive Fuel Tank Market, by Region
4.3 Asia-Pacific Automotive Fuel Tank Market, by Capacity & Country
4.4 Automotive Fuel Tank Market, by Vehicle Type
4.5 Scr Tank Market, by Region
4.6 Cng Fuel Tank Market, by Type
4.7 Automotive Fuel Tank Market, by Propulsion
4.8 Two-Wheeler Fuel Tank Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Vehicle Production Volume
5.2.1.2 Reduction in Vehicle Weight Leading to Advancements of Materials
5.2.2 Restraints
5.2.2.1 Impact of Electric Vehicle Production
5.2.2.2 Stringent Evaporative Emission Standards
5.2.3 Opportunities
5.2.3.1 Efforts to Build Economical Fuel Tanks Using Lightweight Materials
5.2.4 Challenges
5.2.4.1 High Cost of Composite Tanks and Regulatory Approvals
5.2.4.2 Regulations Pertaining to Recycling of Shredded Fuel Tank Plastics
5.2.5 Impact of COVID-19 on Fuel Tank Market
5.3 Patent Analysis
5.4 Ecosystem/Market Map
5.5 Average Selling Price Analysis
5.6 Porter's Five Forces Analysis
5.6.1 Threat of New Entrants
5.6.2 Threat of Substitutes
5.6.3 Bargaining Power of Suppliers
5.6.4 Bargaining Power of Buyers
5.6.5 Rivalry Among Existing Competitors
5.7 Value Chain Analysis
5.8 Automotive Fuel Tank Market, Scenarios (2018-2026)
5.8.1 Automotive Fuel Tank Market, Most Likely Scenario
5.8.2 Automotive Fuel Tank Market, Low-Impact Scenario
5.8.3 Automotive Fuel Tank Market, High-Impact Scenario
6 Automotive Fuel Tank Market, by Material
6.1 Introduction
6.2 Research Methodology
6.3 Key Industry Insights
6.4 Plastic
6.4.1 Plastic Tanks to Lead Market due to Light Weight Advantages Over Metal Tanks
6.5 Steel
6.5.1 Market for Steel Expected to Decline due to Use of Lightweight Material
6.6 Aluminum
6.6.1 Aluminum to be Most Widely Used Material in Commercial Vehicles
7 Automotive Fuel Tank Market, by Vehicle Type
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions/Limitations
7.1.3 Industry Insights
7.2 Passenger Cars
7.2.1 Increasing Popularity of Sedans and SUVs Will Boost Passenger Cars Segment
7.3 Light Commercial Vehicles (Lcv)
7.3.1 Growing Popularity of Pick-Up Trucks and Light Vehicles to Drive Lcv Segment
7.4 Trucks
7.4.1 Stringent Emission Standards to Boost Gasoline Fuel Tanks in Trucks
7.5 Buses
7.5.1 Increasing Production Volume to Boost Buses Segment
8 Automotive Fuel Tank Market, by Capacity
8.1 Introduction
8.2 Research Methodology
8.3 Key Industry Insights
8.4 <45 Liters
8.4.1 Increasing Production of Mini Passenger Cars in India and Japan to Drive <45L Segment in Asia-Pacific
8.5 45-70 Liters
8.5.1 Increasing Suv Adoption in US and Canada to Drive 45-70L Segment in North America
8.6 >70 Liters
8.6.1 High Truck, Bus, and Lcv Production in Asia-Pacific to Fuel >70L Segment
9 Automotive Selective Catalytic Reduction (SCR) Tank Market, by Region and Vehicle Type
9.1 Introduction
9.2 Research Methodology
9.3 Key Industry Insights
9.4 Asia-Pacific
9.4.1 High Production of Diesel-Powered Vehicles in Region Expected to Drive Market
9.5 Europe
9.5.1 Decreasing Adoption of Diesel Passenger Cars Will Have Significant Impact on Market
9.6 North America
9.6.1 Increasing Adoption of Diesel-Powered SUVs and Pickups to Boost Market
9.7 Rest of the World (Row)
9.7.1 Increasing Passenger Car Production is Expected to Drive the Market
10 Automotive Cng Tank Market, by Type
10.1 Introduction
10.2 Research Methodology
10.3 Key Industry Insights
10.4 Type 1
10.4.1 High Demand for Cng Vehicles in Countries Like India to Drive Type 1 Segment
10.5 Type 2
10.5.1 Balance Between Cost and Weight Drives Type 2 Market
10.6 Type 3
10.6.1 Growth in Production of Commercial Vehicles to Drive Type 3 Segment
10.7 Type 4
10.7.1 Increased Demand for Lightweight and Fuel-Efficient Vehicles to Drive Type 4 Segment
11 Automotive Fuel Tank Market, by Propulsion
11.1 Introduction
11.2 Research Methodology
11.3 Key Industry Insights
11.4 Ice
11.4.1 Large Production Capacities in China and India Expected to Drive Ice Market
11.5 Natural Gas Vehicle (Ngv)
11.5.1 Growing Demand for Cng/Lng Vehicles in India to Boost Ngv Market
11.6 Hydrogen
11.6.1 Increasing Emission Norms Across Countries to Drive Market
11.7 Hybrid
11.7.1 Tax Rebates and Incentives on Purchase of Hybrid Cars to Boost Market
12 Automotive Fuel Tank Market, by Region
13 Two-Wheeler Fuel Tank Market, by Region
14 Analyst's Recommendations
15 Competitive Landscape
15.1 Overview
15.2 Revenue Analysis of Top Five Players, 2018-2020
15.3 Market Share Analysis
15.4 Competitive Leadership Mapping
15.4.1 Terminology
15.4.2 Visionary Leaders
15.4.3 Innovators
15.4.4 Dynamic Differentiators
15.4.5 Emerging Companies
15.5 Strength of Product Portfolio
15.6 Business Strategy Excellence
15.7 Competitive Scenario
15.7.1 New Product Developments/Launch
15.7.2 Expansions
15.7.3 Acquisitions
15.7.4 Partnerships/Contracts
15.8 Right to Win
16 Company Profiles
16.1 The Plastic Omnium Group
16.1.2 The Plastic Omnium Group: Products Offered
16.1.3 The Plastic Omnium Group: Major Customers
16.2 Textron (Kautex)
16.2.2 Kautex: Products Offered
16.2.3 Kautex: Major Customers
16.3 Yapp
16.3.2 Yapp: Products Offered
16.3.3 Yapp: Major Customers
16.4 Ti Fluid Systems
16.4.2 Ti Fluid Systems: Products Offered
16.4.3 Ti Fluid Systems: Major Customers
16.5 Yachiyo
16.5.2 Yachiyo: Products Offered
16.5.3 Yachiyo: Major Customers
16.6 Unipres Corporation
16.6.2 Unipres Corporation: Products Offered
16.6.3 Unipres Corporation: Major Customers
16.7 Magna International
16.7.2 Magna International: Products Offered
16.7.3 Magna International: Major Customers
16.8 FTS
16.9 Sma Serbatoi S.P.A.
16.10 SRD Holdings Ltd.
16.11 Asia-Pacific
16.11.1 Metal Tech Co., Ltd.
16.11.2 Hwashin Co., Ltd.
16.11.3 Dali & Samir Engineering Pvt. Ltd
16.11.4 Bellsonic Corporation
16.11.5 Crefact Corporation
16.12 Europe
16.12.1 Donghee
16.12.2 Kongsberg Automotive
16.13 North America
16.13.1 Westport Fuel Systems
16.13.2 Boyd Welding
17 Appendix
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