CHICAGO, Oct. 15, 2021 /PRNewswire/ — CNG, RNG and Hydrogen Tanks by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), according to a new market research report Market, Tank Type (Type 1, 2, 3, 4), Application (Fuel, Transportation) and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the market is expected to grow from $2.1 billion in 2021 To reach USD 3.4 billion by 2026, growing at a CAGR of 9.8% during the forecast period. Government initiatives to emphasize the adoption of clean fuels and growing number of natural and fuel cell electric vehicles are expected to drive the market.
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CNG storage tanks are widely used in light-duty vehicles by several automakers around the world because CNG storage tanks are more economical in the long run and emit greenhouse gases compared to gasoline or diesel.In addition, CNG infrastructure for fueling vehicles is well developed in many countries.These factors coupled with government initiatives to adopt cleaner fuels are also driving the CNG tank market.
However, due to the COVID-19 pandemic, sales of CNG vehicles, hybrid CNG, modified CNG vehicles have declined, resulting in lower demand for CNG storage tanks.This demand will surge as the automotive industry recovers and sales of all types of CNG vehicles increase.
Metal tanks hold the largest market share in the global CNG, RNG and hydrogen tanks market in terms of value and volume.
Metal-based tanks have been around for a long time now due to their ease of manufacture and low cost.Metal based CNG storage tanks are widely used in Asia Pacific, MEA and Latin America.They are in high demand in countries such as China, India, Pakistan, Thailand, Brazil, Argentina, Iran, Colombia and Uzbekistan.However, due to COVID-19, the demand for new Yuanji tanks has decreased.However, in Europe and North America, carbon fiber-based CNG, RNG and hydrogen tanks are gaining popularity due to their reduced weight and greater carrier gas capacity.
Type 1 tanks are metal based and are the most popular type of tanks worldwide.Type 1 tanks are widely used in light light vehicles.It is the heaviest of all tanks because it is made entirely of metal, but it is also the most economical tank.Some active market players are Everest Kanto Cylinders Ltd. (India).Praxair Ttechnologies Inc. (US), Faber Industries SPA (Italy) and Worthington Industries (US).
Fuel tank applications dominate the global CNG, RNG and hydrogen tanks market in value and volume during the forecast period.
Fuel tank applications for CNG, RNG and hydrogen tanks dominate the market.Growing demand for low maintenance and clean fuels is driving the growth of CNG, RNG and hydrogen tanks in the automotive industry.Fuel tank applications are also expected to witness higher growth over the forecast period owing to the increasing number of CNG, RNG and hydrogen powered vehicles globally.
Asia Pacific is expected to hold the largest market share of the CNG, RNG and hydrogen tanks market during the forecast period.
Countries such as China, India, Pakistan and Thailand are in high demand for CNG storage tanks due to the well-developed CNG infrastructure and increased adoption of CNG vehicles.Countries such as Japan and South Korea are more focused on developing the hydrogen-powered vehicle market.The governments of these countries have adopted roadmaps to build themselves into the hydrogen economy, which is expected to boost the hydrogen tank market.
Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC.(United States), Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc. (United States), Avanco Group (Germany), Xinyi Beijing Tianhai Industrial Co., Ltd. (China), Lianyungang Zhongfu Lianzhong Composite Materials Group Co., Ltd. (China), Faber IndustrieSpA (Italy) are some of the major players in the CNG, RNG and hydrogen tanks market.These players have adopted different organic and inorganic development strategies over the past five years.
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Carbon Fiber Market By Raw Material (PAN, Asphalt), Fiber Type (Virgin, Recycled), Product Type, Modulus, Application (Composite, Non-Composite), End-Use Industry (A&D, Automotive, Wind Energy) and Region – Global forecast to 2031 https://www.marketsandmarkets.com/Market-Reports/carbon-fiber-396.html
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Post time: Feb-08-2022