CHICAGO, Aug. 1, 2023 /PRNewswire/ --The 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 Forecasts to 2030", is estimated at USD 2.5 billion in 2022 and is projected to reach USD 5.6 billion by 2030, at a CAGR of 10.7% from 2023 to 2030. The market is expected to be driven by government initiatives emphasizing clean fuel adoption and an increase in the number of natural and fuel-cell electric vehicles.
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CNG tanks is expected to account for the largest market share in 2030, in terms of both value and volume.
CNG tanks are widely used in light-duty vehicles by various automotive manufacturers around the world because they are more cost-effective in the long run and emit fewer greenhouse gases than gasoline or diesel. In addition, many countries have well-developed CNG infrastructure for refueling vehicles. These factors, together with government initiatives to encourage the use of alternative fuels, are propelling the CNG tanks market.
Metal-based tanks accounted for the largest market share in the global CNG, RNG, and hydrogen tanks market in 2022, in terms of value and volume.
Metal-based tanks have been in use for a long time due to their ease of manufacture and low cost. CNG tanks made of metal are widely used in Asia Pacific, the Middle East, and Latin America. They are in high demand in China, India, Pakistan, Thailand, Brazil, Argentina, Iran, Colombia, and Uzbekistan.Type 1 tanks are constructed entirely from metals. Generally high-strength steel is used in manufacturing of type 1 CNG tanks. Although, CNG tanks industry is evolving and shifting to composite tanks as they provide weight reduction, better safety and corrosion resistance. Hence, The market for carbon fiber is growing with the maximum CAGR in the forecasted period.
Type 1 dominates the global CNG, RNG, and hydrogen tanks market in 2022, in terms of value and volume
The most popular and frequently used tank type worldwide is Type 1 metal-based tanks. These tanks are often used in light-duty vehicles. They are the most expensive option, but they are also the heaviest tank type due to their complete metal design. Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (U.S.), Faber Industries S.P.A. (Italy), and Worthington Industries (U.S.) are important market participants.
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Fuel tank application dominates the CNG, RNG, and hydrogen tanks market between 2023 to 2030, in terms of value and volume.
The fuel tank application dominated the overall market of CNG, RNG, and hydrogen tanks. The automotive industry's growth in these tanks is fuelled by the rising demand for low maintenance and environmentally friendly fuel options. During the forecast period, the fuel tank application is expected to experience significant growth, primarily due to the increasing global adoption of CNG, RNG, and hydrogen-powered vehicles.
Asia Pacific account for the largest market share in the CNG, RNG, and hydrogen tanks market.
Due to their well-established CNG infrastructure and the rising popularity of CNG cars, nations like China, India, Pakistan, and Thailand are seeing an increase in demand for CNG tanks. On the other hand, developing a market for hydrogen-powered vehicles is a top priority for nations like Japan and South Korea. The adoption of a roadmap by these countries to position themselves as hydrogen economies is anticipated to increase the market's demand for hydrogen storage tanks.
Prominent companies in the CNG, RNG, and hydrogen tanks market include Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), and Faber Industrie SpA (Italy). These players have taken different organic and inorganic developmental strategies over the past five years.
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