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By 2027, the market for CNG, RNG, and hydrogen tanks will be worth $3.8 billion.

Published: January 13, 2023

Author: TEXTILE VALUE CHAIN

According to a new market research report, the “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
49 Figures
235 Pages and in-depth TOC on “CNG, RNG, and Hydrogen Tanks Market – Global Forecast to 2027″

This report also provides a comprehensive analysis of the companies listed below:

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)

These players have taken different organic and inorganic developmental strategies over the past five years. The companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems are focusing on developing cost-effective technologies for developing type3 and type 4 tanks.

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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.