The According to a market research report, the “Hydrogen Tank Material Market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Tank 1, Tank 2, Tank 3, Tank 4), End-use Industry (Automotive & Transportation, Industrial, Chemicals, Medical & Pharmaceuticals), Region – Global Forecast to 2030″, MarketsandMarkets: The hydrogen tank material market size is projected to reach USD 3,988 million by 2030, registering a CAGR of 22.7% from 2023 to 2030. The global hydrogen tank material market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7% during the forecast period. Hydrogen tanks are getting widely used for storage and transportation of hydrogen gas having applications in multiple end-use industries such as automotive & transportation, industrial, chemicals, medical & pharmaceuticals, and many others.
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- 163 Market data Tables
- 52 Figures
- 212 Pages and in-depth TOC on “Hydrogen Tank Material Market – Global Forecast to 2030”
Study Coverage
This report covers the hydrogen tank material market and forecasts market size till 2030. The report includes market segmentation by material type, tank type, end-use industry, and region. It also provides company profiles and competitive strategies adopted by the major market players in the hydrogen tank material market.
Research Coverage
This report covers the global hydrogen tank material market and forecasts the market size until 2030. It includes the following market segmentation – Material type (Metal, Glass Fiber, Carbon Fiber), Tank type (Type 1, Type 2. Type 3, Type 4), End-use Industry (Automotive & Transportation, Industrial, Chemicals, Medical & Pharmaceuticals, and others), and Region (Europe, North America, Asia Pacific, Latin America and Middle East & Africa). Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global hydrogen tank material market.
This report also provides a comprehensive analysis of the companies listed below:
The key players in the market include Worthington Industries, Inc., (US), Luxfer Group (England), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC (US), Faber Industrie SPA (Italy), Everest Kanto Cylinders Ltd. (India), Avanco Group (Germany), Praxair Technologies, Inc. (US), and others. These manufacturers have been adapting different organic and inorganic developmental strategies over the past five years for their market growth.
Recent Developments in Hydrogen Tank Material Market
- In October 2022, Worthington Industries entered into a Partnership with Innovair Group to bring the best quality cylinders to Canada.
- In October 2022, Hexagon Purus and Lhyfe companies has got into a collaboration project for production of green and renewable hydrogen for transportation and industrial applications.
- In July 2022, Rev1 Ventures Partners with Worthington Industries to accelerate advancements in sustainability technology, smart manufacturing. Worthington to provide individual investments, up to $10 million, to propel emerging technologies that align with Worthington’s vision and enable the company to better serve current and future markets.
- In July 2021, Luxfer Gas Cylinders partnered with Octopus Hydrogen to make heavy goods transportation and the aviation industries cleaner and greener by delivering green hydrogen to the sectors which cannot be decarbonized by batteries alone, mainly aviation and heavy-duty road vehicles.
- In March 2021, The Worthington Industries subsidiary SCI was acquired by Luxfer Group in full. The goal of this transaction is to strengthen Luxfer Group’s capacity for expanding hydrogen and CNG gas potential.
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Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, hydrogen, oxygen, and other industrial gases. It operates through four major business segments: steel processing, consumer products, building products, and sustainable energy solutions. The sustainable energy solutions segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment for various end-use applications, such as consumer products, alternative fuels, industrial products, and energy.
Luxfer Group is one of the key players in materials technology dealing with the manufacturing, design, and supply of high-performance materials, gas cylinders, and components. It is an operating unit of Luxfer Holdings PLC. The company’s area of expertise covers the metallurgical and chemical properties of magnesium, zirconium, carbon, and rare earths. It has 19 manufacturing plants operating in seven countries across the world. The gas cylinder division manufactures products made from composites and aluminum using technically advanced processes.
Asia Pacific is expected to be the largest market for hydrogen tank material market during the forecast period
Asia Pacific is the largest as well as the fastest growing market for hydrogen tank material. The significant growth of hydrogen tank material market is due to growing demand from automotive & transportation, chemicals, industrial, and other end-use industries. The presence of a large number of NGVs in the region is also fueling the market for hydrogen tank material in the region.
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