Research Nester published a report titled “Compressed Natural Gas (CNG) Tank Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global compressed natural gas (CNG) tank market in terms of market segmentation by material type, vehicle, tank type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global compressed natural gas (CNG) tank market is expected to garner a large revenue by growing at a remarkable CAGR throughout the forecast period, i.e., 2022 – 2030, owing to the rising prices of gasoline and diesel fuels, high usage of CNG globally, and low cost of natural gas. Furthermore, stringent government regulations for adoption of clean fuels are also estimated to fuel the expansion of market in the coming years.
The market is segmented by material type, vehicle and tank type. On the basis of tank type, the type 1 segment is anticipated to grab the largest share during the forecast period accounting to the cost effectiveness and rising demand for type 1 tanks from India, China, Iran and Brazil. Additionally, the metal section in the material type segment is also expected to occupy a notable market share in the near future on the back of high durability, stiffness and fatigue resistance of metals.
Regionally, the compressed natural gas (CNG) tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America is projected to witness noteworthy market growth during the forecast period, which can be attributed to the government’s consciousness to adopt cleaner fuels in the region. Moreover, Asia Pacific is expected to occupy the largest market share on the back of increasing production and consumption of CNG in the region.
High Price of Gasoline and Diesel to Drive Market Growth
Surge in international oil rates is the key reason behind the increasing rates of diesel and petrol. In addition, several countries have extended the tax incentives on compressed natural gas vehicles and their refueling. This is estimated to generate an increased product demand in the forthcoming years, which in turn is projected to boost market growth in the future.
However, the volatility in the costs of natural gas is expected to operate as key restraint to the growth of the compressed natural gas (CNG) tank market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global compressed natural gas (CNG) tank market which includes company profiling of Luxfer Holdings PLC, Worthington Industries, Inc., Quantum Fuel Systems LLC, Hexagon Composites ASA, Xinyi Beijing Tianhai Industry Co. Ltd., Praxair Technologies Inc., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Avanco Group, Everest Kanto Cylinders Ltd., Faber Industrie SpA, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the compressed natural gas (CNG) tank market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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