Materials & Chemicals Market Research News

Learn details of the global CNG tank market is expected to reach $1.3 billion by 2022

Materials & Chemicals Research

Trends, opportunities and forecast in this market to 2022 by application (automotive and bulk transportation), tank type (Type I, Type II, Type III, Type IV), material consumption (metal, glass fiber composites, and carbon fiber composites) and region (North America, Europe, Asia Pacific, and the Rest of the World)

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Growth Opportunities in the Global CNG Tank Market

According to a new market report published by Lucintel, the future of the global CNG tank market looks attractive with opportunities in automotive and bulk transportation applications. The global CNG tank market is expected to reach an estimated $1.3 billion by 2022 and grow at a CAGR of 5.1% from 2017 to 2022.

The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.

This report has 95 figures/charts and 68 tables spread through 136 pages.

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For more detail on this report please click link www.lucintel.com/cng-tank-market-2017-2022.aspx

In this market, automotive and bulk transportation are the major applications. On the basis of comprehensive research, Lucintel forecasts that the bulk transportation segment will show above average growth during the forecast period.

Within the global CNG tank market, the automotive segment is expected to remain the largest market by value and volume. Expected growth in the fleet of alternative fuel powered vehicles is the major driving factor that is likely to spur growth for this segment over the forecast period.

There are 4 types of tank, type I is all metal, type II metal-lined hoop-wrapped, type III metal-lined fully wrapped, and type IV plastic-lined fully wrapped. By type of tank, type I CNG tank is expected to be the largest segment due to its lower cost and higher demand from countries in the APAC and ROW regions which have large NGV fleet.

Download Free PDF Report Brochure here www.lucintel.com/rb/cng-tank-market-2017-2022.aspx

To make CNG tank metals, plastics, and composites are used. Metal is most widely used material in the global CNG tank market and is expected to remain the largest material type by value as well as by volume over the forecast period.

Cost effectiveness and stringent regulations of composites cylinders in many countries are likely to drive the demand for metal over the forecast period.

Access reports www.lucintel.com/fc/cng-tank-market-2017-2022.aspx

APAC is expected to remain the largest region over the forecast period. This region is expected to witness the highest growth for CNG tanks due to the growing fleet of alternative fuel powered vehicles, as well as increasing number of CNG refueling stations.

Emerging trends, which have a direct impact on the dynamics of the industry, include the increase in green fleet and development of type V tanks. Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Faber Industries S.p.A., and Everest Kanto Cylinder Ltd.

are among the major suppliers of CNG tanks.

Download free sample here www.lucintel.com/ds/cng-tank-market-2017-2022.aspx

The study includes the forecast for the global CNG tank market by application, tank type, material consumption, and region as follows:

By Application [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:

  • Automotive
  • Bulk Transportation

By Tank Type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:

  • Type I
  • Type II
  • Type III
  • Type IV

By Material Market [Volume (Million lbs) and Value ($ Million) from 2011 to 2022]:

  • Metal
  • Glass Fiber Composite
  • Carbon Fiber Composite
  • Metal

By Region [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Automotive CNG Tank Market by Tank Type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:

  • Type I
  • Type II
  • Type III
  • Type IV

Automotive CNG Tank Market by Vehicle Type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:

  • Light Duty Vehicle
  • Heavy Duty Vehicle (bus, trucks,.)

Bulk Transportation CNG Tank Market by Tank Type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:

  • Type I
  • Type II
  • Type III
  • Type IV

This 136-page research report will enable you to make confident business decisions in this globally competitive marketplace.

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Lucintel – Global Management Consulting & Market Research FirmLucintel – Global Management...
Category: Market Research Publishers and RetailersCompany about: Lucintel, the premier global market research and management consulting firm creates your equation for growth - whether you need to understand market dynamics, identify new opportunities or increase your profitability. Lucintel team of trusted industry experts for materials and manufacturing industries have executed over hundreds of consulting projects for clients, ranging from small, emerging organizations up to multinational companies such as 3M, Audi, BASF, Cytec, DSM, Eastman, GE, H ...
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