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CNG Tank Industry Trends and Opportunities 2021-2026 - Increase in Green Fleet and Development of Type V Tanks

·5-min read

Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Growth Opportunities in the Global CNG Tank Market" report has been added to ResearchAndMarkets.com's offering.

The global CNG tank market is declined in 2020 due to the global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $1.6 billion by 2025 with a CAGR of 7.8% from 2021 to 2026.

The future of the global CNG tank market is attractive with opportunities in various end use industries, including automotive and bulk transportation.

The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel. Emerging trends, which have a direct impact on the dynamics of the industry, include the increase in green fleet and development of type V tanks.

Companies Profiled

  • Hexagon Composites

  • Luxfer

  • Worthington Cylinders

  • Faber Industrie

  • Beijing Tianhai Industry Co. Ltd.

  • Everest Kanto Cylinder Ltd.

  • Quantum Fuel System

  • CIMC Enric

The study includes trends and forecasts for the global CNG tank market by application, tank type, material consumption, and region.

In this market, type I, type II, type III, and type IV are the major CNG tank types used in different end use industries. The analyst forecasts that tank I will remain the largest segment by value and volume over the forecast period due to its lower cost and higher demand from countries in the APAC and ROW regions which have large NGV fleet.

Within the global CNG tank market, automotive will remain the largest end use industry and it is also expected to witness the highest growth over the forecast period. Expected growth in the fleet of alternative fuel powered vehicles is the major driving factor that is likely to spur growth for this segment over the forecast period.

This report answers the following 11 key questions

Q.1 What are some of the most promising potential, high-growth opportunities for the global CNG tank market by tank type (type I, type II, type III, and type IV), end use industry (automotive and bulk transportation), material consumption (glass fiber composites, carbon fiber composites, metal material), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the CNG tank market?
Q.5 What are the business risks and threats to the CNG tank market?
Q.6 What are the emerging trends in this CNG tank market and the reasons behind them?
Q.7 What are some changing demands of customers in the CNG tank market?
Q.8 What are the new developments in the CNG tank market? Which companies are leading these developments?
Q.9 Who are the major players in the CNG tank market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in the CNG tank market, and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M&A activities did take place in the last five years in the CNG tank market?

Key Topics Covered

1. Executive Summary

2. Market Background and Classifications
2.1: Introduction, Background, and Classifications
2.2: Markets Served
2.2.1: Automotive
Light-Duty Vehicles
Heavy-Duty Vehicles
2.2.2: Bulk Transportation Tanks
2.3: Supply Chain
2.4: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2015 to 2026
3.1: Macroeconomic Trends and Forecast
3.2: Global CNG Tank Market Trends and Forecast
3.3: Global CNG Tank Market by Application
3.3.1: Automotive CNG Tank Market
3.3.1.1: By Tank Type
3.3.1.2: By Vehicle Type
3.3.2: Bulk Transportation CNG Tank Market
3.3.2.1: By Tank Type
3.4: Global CNG Tank Market by Tank Type
3.4.1: Type I Tanks
3.4.2: Type II Tanks
3.4.3: Type III Tanks
3.4.4: Type IV Tanks
3.5: Global CNG Tank Type by Material Consumption
3.5.1: Glass Fiber Composites
3.5.2: Carbon Fiber Composite
3.5.3: Metal Material

4. Market Trends and Forecast Analysis by Region
4.1: Global CNG Tank Market by Region
4.2: North American CNG Tank Market
4.3: European CNG Tank Market
4.4: APAC CNG Tank Market
4.5ROW CNG Tank Market

5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Operational Integration
5.4: Geographical Reach
5.5: Porter's Five Forces Analysis

6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.2: Emerging Trends in the Global CNG Tank Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global CNG Tank Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global CNG Tank Market
6.3.4: Certification

7. Company Profiles of Leading Players

For more information about this report visit https://www.researchandmarkets.com/r/kq3sbc

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