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- 280 Market Data Tables
- 55 Figures
- 256 Pages and in-depth TOC on “CNG, RNG, and Hydrogen Tanks Market – Global Forecast to 2030”
Major manufacturers in this market are based in North America and Europe. 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
Recent Developments in CNG, RNG, and Hydrogen Tanks Market Industry
- In May 2023, Luxfer Group manufactured a new type 4 cylinder. The G-Stor Go H2 features a proven boss-to-liner interface that results in minimal permeation and is a certified, cost-effective hydrogen storage solution ideal for fuel cell transit buses, heavy-duty trucks, vans, bulk gas transport, boats, and trains.
- In January 2023, Hexagon Purus opens a new hydrogen cylinder manufacturing facility in Westminster, Maryland, USA, with the annual production of up to 10,000 cylinders for heavy-duty vehicle applications and will employ up to 150 skilled workers. The new facility expands cylinder production capabilities and capacity and allows for further expansion by adding additional production equipment as demand for hydrogen storage cylinders continues to grow.
- In February 2021, Worthington Industries manufactured Thermaguard
hydrogen cylinders. ThermaGuard™ hydrogen cylinders are optimized to meet the unique needs of hydrogen fuel. Meticulously developed using Worthington’s aerospace-grade standards, ThermaGuard hydrogen cylinders are proven more efficient means of transporting and storing high-pressure hydrogen gas. - In March 2021, Luxfer Group completed the acquisition of SCI (Structural Composites Industries, which is a business u of Worthington Industries). This acquisition is aimed to enhance the capabilities of the hydrogen and CNG gas businesses of Luxfer Group.
- In January 2021, Worthington Industries, Inc. announced the acquisition of PTEC Pressure Technology GmbH. This acquisition is expected to develop the system capabilities of Worthington Industries, Inc.
CNG tanks are 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 the 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 the manufacturing of type 1 CNG tanks. However, the 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.
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 accounts 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.
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