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Global Automotive Fuel Tank Market Analysis, Size, Share, Growth and Demand Forecast to 2022
Browse Report at: www.psmarketresearch.com/market-analysis/automotive-fuel-tank-market
The implementation of stringent environmental regulations across the globe is propelling the demand for use of lightweight materials in vehicles. According to Germany based SuperLight-Car, about one-third of total fuel consumption by passenger car depends on weight. For instance, weight reduction up to 100 kg is expected to save 0.3 liters to 0.5 liters of fuel for every 100 km drive. Also, with reduced weight of vehicle, CO2 emissions can be minimized, if not completely removed. The overall weight of vehicles can be reduced by using advanced multi-materials, which is a combination of steel, aluminum, magnesium, plastics and composites.
By 2022, Asia-Pacific is expected to be the largest automotive fuel tank market, followed by North America and Europe. Asia-Pacific is also expected to be the fastest growing market for automotive fuel tank during the forecast period, owing to the expected increase in the sales and production of vehicles, increasing demand for lightweight vehicles, and strict government regulation. In 2015, China, South Korea, India, and Japan were the major consumers of automotive fuel tank in the region. According to LMC Automotive, 36.0 million lightweight vehicles were sold in Asia-Pacific in 2013, representing 43.0% of global lightweight vehicle sales. This number is expected to reach 56.1 million by 2020, representing 48.0% of the global sales. This is expected to boost the automotive lightweight material industry, which will drive the demand of automotive fuel tank market in Asia-Pacific during the forecast period.
Browse Related Research: www.psmarketresearch.com/industry-report/automotive-and-transportation
Some of the major competitors in the global automotive fuel tank market include Benteler AG, TI Automotive Inc., Yachiyo Industry Co. Ltd., Magna International Inc., Kautex Textron Gmbh & Co. KG., FTS Co., Ltd., The Plastic Omnium Group, Martinrea International Inc., Unipres Corporation, YAPP Automotive Parts Co., Ltd., and SMA Serbatoi S.P.A.
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