Northbrook, IL 60062 -- (SBWIRE) -- 05/01/2023 -- 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 Forecast to 2027", is anticipated to grow from USD 2.4 billion in 2022 to USD 3.8 billion by 2027, registering the CAGR of 9.8% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in natural and fuel cell electric vehicles are expected to drive the market.

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264 market data Tables
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235 Pages

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CNG tanks holds a major share in terms of value and volume.
CNG tanks are widely adopted in light-duty vehicles by a number of automotive manufacturers globally as they are economical in the long run and emit a lot less greenhouse gases as compared to petrol or diesel. Also, government's emphasis on popularizing CNG as a clean fuel, covering new cities under the CNG network, expansion of fueling stations in existing cities, lower gas prices, and multiple CNG vehicle launches by automobile manufacturers is also driving the CNG tanks market.

Carbon-based tanks expected to grow with the highest CAGR
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. Although, Carbon-based tanks are expected to grow with the highest CAGR during the forecasted year due to the increase in the usage of Type 3 and Type 4 CNG tanks to reduce their weight and improve fuel economy of the vehicle. In Europe and North America, carbon fiber-based CNG, RNG, and hydrogen tanks are getting more popularity due to well developed structure and due to strict restrictions imposed.

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. High demand of Type 1 tanks is coming from the countries such as China, India, Pakistan, Brazil, Iran, and others. 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.).

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. Although, The transportation tank application is expected to register the higher growth during the forecast period due to the increasing number of CNG, RNG, and hydrogen-powered vehicles and their refueling stations globally, need for transportation of CNG, RNG and Hydrogen is expected to grow and hence will directly impact the transportation tanks market.

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. If compared with hydrogen and RNG, the CNG tank manufacturing technology and CNG infrastructure is well developed in the Asia Pacific countries. Although 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.

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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 Zhongfu Lianzhong Composites Group Co. Ltd. (China), Faber Industrie SpA (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.