Pune, July 10, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global Material & Chemical market research firm has published a competitive intelligence and market research report on the “Hydrogen Tank Material Market”. The Hydrogen Tank Material market size was valued at USD 830 Mn in 2022. The total Hydrogen Tank Material Market revenue is expected to grow at a CAGR of 22.1 percent from 2023 to 2029, reaching USD 3358 Mn during the forecast period.
| Market Size in 2022 | USD 830 Mn |
| Market Size in 2029 | USD 3358 Mn |
| CAGR | 22.1 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 279 |
| No. of Tables | 119 |
| No. of Charts and Figures | 115 |
| Segment Covered | By Material Type, Tank Type and End Use Industry |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Hydrogen Tank Material Market Scope and Research Methodology
The report provides an in-depth analysis of the current framework of the report and provides an in-depth analysis of the current framework of the Hydrogen Tank Material Market including its major characteristics. The Hydrogen Tank Material Market growth drivers, growth opportunities, restraints, and challenges are provided in the report with the forecast period of 2022-2029. All the necessary and essential market figures are provided in the report to help the new entrant analyze the Hydrogen Tank Material Market easily.
Bottom Up approach was used to estimate the Hydrogen Tank Material Market size of various segments and sub-segments. Secondary research was used to indent and collect information for the extensive, market-oriented, and commercial analysis of the Hydrogen Tank Material Market. The sources used to obtain key information about major Hydrogen Tank Material Market players, market development, and technology perspectives were investors’ presentations, press releases, expert interviews, SEC filings, and annual reports. Primary research was conducted to verify the quantitative and qualitative information collected through secondary research from the Hydrogen Tank Material Market. The report is equipped with a competitive analysis of the Hydrogen Tank Material Market players. The Hydrogen Tank Material Market was analyzed by region, revenue, financial status, portfolio, technological advancement adopted, social, social media presence, and mergers and acquisitions.
Increased demand for hydrogen fuel to boost the Hydrogen Tank Material Market growth
Demand for hydrogen fuel is growing rapidly day by day. With high energy and no carbon emissions hydrogen fuel is becoming popular. The tanks are used to store hydrogen safely and efficiently. Advances in material with science and engineering technology along with development of new material is expected to boost the market growth. Increase in the automotive industry has a positive impact in the market growth. Use of high technology vehicles, which uses hydrogen fuel instead of diesel is significantly contributing for the Hydrogen tank material market growth. As the renewable energy sector expands, the demand for hydrogen as an energy carrier is also increasing. This drives the need for efficient hydrogen storage solutions, leading to advancements in hydrogen tank materials.
High cost for developing and manufacturing advanced materials for hydrogen tanks is expected to restrain market growth. The infrastructure for hydrogen production, storage, and distribution is still relatively underdeveloped compared to other energy sources. The lack of a robust and widespread hydrogen infrastructure is expected to limit the market growth.
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Asia Pacific to boost the regional Hydrogen Tank Material market growth
Asia Pacific region dominated the market in 2022 and is expected to continue the dominance over the forecast period. The Asia Pacific region is witnessing advancements in material technologies and manufacturing processes for hydrogen tanks. Increased focus on renewable energy strengthens the demand for hydrogen tanks and, consequently, hydrogen tank materials. The Asia Pacific region has witnessed collaborations between countries, industry players, and research institutions to accelerate the development and deployment of hydrogen technologies, which is expected to boost market growth. China, Japan, and South Korea significantly contribute to the market growth. China is on the way to increasing its hydrogen sector with huge investments in fuel cell vehicles and in its infrastructure.
Hydrogen Tank Material market segmentation
By Material Type:
- Metal
- Carbon Fiber
- Glass Fiber
By Tank Type:
- Tank 1,2,3,4
- Other
Based on Tank Type, the market is segmented into Tank 1,2,3,4, and Other. Tank 4 segment dominated the market in 2022 and is expected to continue the market over the forecast period. These tanks are manufactured with gas-tight thick rubber membrane and metal. The tanks are lightweight and have high hydrogen capacity compared to other tanks. These tanks are lightweight and have the ability to store more volume of gas and this property of the tank is expected to boost the segment growth in the market.
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By End Use Industry:
- Automotive
- Transportation
- Industrial
- Chemical
- Pharmaceutical
- Others
Based on End use industry the market is segmented into Automotive, Transportation, Industrial, Chemical, Pharmaceutical, and Others. Industrial segment dominated the market in 2022 and is expected to hold the largest Hydrogen Tank Material market share over the forecast period. Petroleum refining, metal production, and chemical manufacturing industries depend on hydrogen for various processes. These factors are expected to boost the segment growth in the market.
Hydrogen Tank Material market key players include:
- Worthington Industries Inc.
- Luxfer Gas Cylinders
- Hexagon Composites ASA
- Quantum Fuel Systems LLC.
- Faber Italy
- Toyota Motor Corporation
- Mitsubishi Chemical Corporation
- Everest Kanto Cylinders Ltd.
- Avanco Group
- Praxair Technology, Inc.
- NPROXX
- Tenaris
- Pragma Industries
- Plastic Omnium
- Umoe Advanced Composites
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Key questions answered in the Hydrogen Tank Material Market are:
- What is Hydrogen Tank Material?
- What was the Hydrogen Tank Material market size in 2022?
- What is the forecast period of the Hydrogen Tank Material market?
- What will be the Hydrogen Tank Material market size by 2029?
- What is the growth rate of the Hydrogen Tank Material Market?
- Which factors are expected to influence the Hydrogen Tank Material Market growth?
- What factors are expected to hamper the Hydrogen Tank Material Market growth?
- Which segment dominated the Hydrogen Tank Material Market growth?
- What is the demand pattern for the Hydrogen Tank Material market?
- Which region held the largest share in the Hydrogen Tank Material market?
- Who are the key players in the Hydrogen Tank Material market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Material Type, Tank Type and End Use Industry
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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