CNG, RNG, and Hydrogen Tanks Market worth $3.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 15, 2021 /PRNewswire/ -- According to the new market research report "CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is expected to grow from USD 2.1 billion in 2021 to USD 3.4 billion by 2026, at a CAGR of 9.8% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market.
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CNG tanks comprise a major share in terms of value and volume.
CNG tanks are widely adopted in light-duty vehicles by various automotive manufacturers globally as they are economical in the long run and emit lease greenhouse gases as compared to petrol or diesel. Also, the CNG infrastructure for refueling vehicles is well developed in many countries. These factors coupled with government initiatives for adopting clean fuel is also driving the CNG tanks market.
However, due to pandemic COVID-19, the sales of CNG vehicles, hybrid CNGs, retrofitted CNG vehicles decreased leading to reduced demand for CNG tanks. This demand would surge with recovery in the automotive sector and increase in sales of all type of CNG vehicles.
Metal-based tanks account for the largest market share in the global CNG, RNG, and hydrogen tanks market in terms of value and volume.
Metal-based tanks are in operation for a long period now due to ease of manufacturing and low cost. Metal-based CNG tanks are widely used in APAC, MEA, and Latin America. They have high demand from countries such as China, India, Pakistan, Thailand, Brazil, Argentina, Iran, Colombia, and Uzbekistan. However, because of COVID-19, the demand for new meta-based tanks is reduced. However, in the Europe and North America, carbon fiber-based CNG, RNG, and hydrogen tanks are getting more popularity due to reduced weight and more gas carrying capacity.
Type 1 dominates the global CNG, RNG, and hydrogen tanks market in terms of value and volume
Type 1 tanks are metal-based and the most preferred type of tank, globally. Type 1 tanks are widely employed in the light light-duty vehicles. It is the heaviest tank by weight among all the tanks, as it is made entirely from metal, but at the same time, it is also the most economical tank. Some of the active market players are Everest Kanto Cylinders Ltd. (India). Praxair Ttechnologies Inc. (U.S.), Faber Industries S.P.A (Italy), and Worthington Industries (U.S.).
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Fuel tank application dominates the market in the global CNG, RNG, and hydrogen tanks market during the forecast period in terms of value and volume.
The fuel tank applications of CNG, RNG, and hydrogen tanks dominate the overall market. The increasing demand for low maintenance and clean fuel is driving the growth of CNG, RNG, and hydrogen tanks in the automotive industry. The fuel tank application is also expected to register the higher growth during the forecast period due to the increasing number of CNG, RNG, and hydrogen-powered vehicles, globally.
APAC is expected to account for the largest market share in the CNG, RNG, and hydrogen tanks market during the forecast period.
There is a high demand for CNG tanks in countries such as China, India, Pakistan, and Thailand due to well developed CNG infrastructure and increased adoption of CNG vehicles. Whereas countries such as Japan and South Korea are more focused on developing market for hydrogen powered vehicles. The government of these countries have adopted a road map to build themselves as hydrogen economy, which are expected to drive the hydrogen tank market.
Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang ZhongfuLianzhong Composites Group Co. Ltd. (China), Faber IndustrieSpA (Italy), are some of the key players in the CNG, RNG, and hydrogen tanks market. These players have taken different organic and inorganic developmental strategies over the past five years.
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