CNG Tanks Market to Grow at a Robust Pace During 2021-2026
The CNG Tanks Market is segmented by Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Truck} and Gas Carrier & Storage), Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
What is cng tank?
Compressed natural gas is becoming a viable choice for the automotive industry due to rising gasoline and diesel fuel prices and rising environmental concerns. Both tanks, metal as well as composite, are used in CNG vehicles with a huge dominance of metal ones, especially in Asia-Pacific and Europe, the two major markets for CNG tanks.
Composite tanks are lighter than their conventional equivalents (metal CNG tanks), resulting in weight savings, increased fuel storage capability, and improved vehicle fuel economy. The demand for natural gas-powered vehicles is burgeoning worldwide.
Regional Analysis
Asia-Pacific is expected to remain the largest as well as the fastest-growing market for CNG tanks during the forecast period. Major Asian countries, China, India, Korea, and Japan are the manufacturing powerhouses of automobiles. These countries are also the major producers as well as procurers of CNG-powered vehicles. Currently, type-I vessels unanimously dominate the Asian market; however, there has been a transition from type-I to composite, especially type-III and type-IV vessels in China, Japan, and Korea. Indian remains one of the biggest markets for type-I vessels in the years to come.
Key Players
The following are the key players in the CNG tanks market.
- Hexagon Composites ASA
- Beijing Tianhai Industry Co., Ltd.
- Worthington Industries, Inc.
- Faber Industrie SPA
- Cylinders Holding a.s.
- Everest Kanto Cylinder Ltd.
- Luxfer Holdings PLC
- Sinoma Science & Technology Co., Ltd.
- CIMC ENRIC (CIMC ENRIC Holdings Limited)
- Grupo Mat
- Quantum Fuel Systems LLC
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