Composite CNG Tanks Market to Reach US$ 1 Billion in 2026, Growing at 6.1% During 2021-2026
Composite CNG Tanks Market is expected to grow at a CAGR of 6.1% during 2021-2026 and reach a value of US$ 1.0 Billion in 2026, reports Stratview Research.
RAIPUR, India, Feb. 16, 2022 /PRNewswire/ -- Stratview Research, a leading market research firm, has launched a report on the Composite CNG Tanks Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Composite CNG Tanks Market is driven by a host of factors, some of which are noted below:
- The increasing demand for CNG-powered commercial vehicles across regions.
- The growing environmental awareness and government attention on decreasing carbon emissions are giving additional impetus to the demand for composite CNG tanks.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Composite CNG Tanks Market Segmentation:
Stratview Research has segmented the market in the following 3 ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Trucks} and Gas Carrier & Storage),
- Vessel Type (Type II, Type III, and Type IV), and
- Region (North America, Europe, Asia-Pacific, and Rest of the World).
View the Report Scope and Table of Contents:
https://www.stratviewresearch.com/toc/2397/composite-CNG-tanks-market.html
Composite CNG Tanks Market Insights
Market Trends by Application Type
Based on the application type, the composite CNG tanks market is segmented as transportation and gas carrier & storage.
Transportation is expected to remain the larger as well as the faster-growing application type in the market during the forecast period, owing to the increasing demand for CNG-powered commercial vehicles across regions.
The use of CNG has been growing in a variety of commercial vehicles, including buses and delivery trucks. Composite tanks are lighter in weight helping commercial vehicle owners in improving fuel economy paired with lowering maintenance costs.
The penetration of composite tanks varies from region to region. For instance, the use of composite tanks, especially type-III and type-IV, is highest in North America than that of Europe and Asia. All the leading players offering composite pressure vessels are present in the CNG category.
Market Trends by Vessel Type
Based on the vessel type, the market is segmented as type-II vessels, type-III vessels, and type-IV vessels.
Type IV is expected to remain the dominant as well as the fastest-growing pressure vessel type in the market during the forecast period. Type-IV composite CNG tanks are lightweight and offer long vehicle service life. They can withstand high temperatures and are corrosion resistant. The high pressure required to contain an increasingly larger volume of gas is predicted to drive a significant rise in the demand for type-IV tanks for CNG applications in the years to come.
Which region offers the best opportunity and growth?
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for composite CNG tanks during the forecast period. Countries like China, Japan, India, and Korea are the powerhouses of CNG vehicles with very high penetration of type-I vessels; however, over the years, there has been a shift from type-I to composite vessels, especially in China, Japan, and Korea. India is still full of type-I vessels.
All the leading composite vessel manufacturers are eyeing these high-growth markets. Also, there has been an emergence of local players with a balanced portfolio of type-I as well as composite vessels.
COVID-19 Impact on the Composite CNG Tanks Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/2397/composite-CNG-tanks-market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed few key players and discussed company profiles of below-given players -
- Hexagon Composites ASA
- Worthington Industries, Inc.
- Iljin composites
- Luxfer Holdings PLC
- Beijing Tianhai Industry Co., Ltd.
- Sinoma Science & Technology Co., Ltd.
- NPROXX B.V.
- Quantum Fuel Systems LLC
- FIBA Technologies, Inc.
What deliverables will you get in this report?
- In-depth analysis of the Composite CNG Tanks Market.
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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