Opportunities for the global CNG tank market to reach $1.3 billion by 2022

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.
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.
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.
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.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global CNG tank market and has compiled a comprehensive research report entitled “Growth Opportunities in the Global CNG Tank Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategies by providing comprehensive data and an analysis on trends, key drivers, and directions. 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, etc.)
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. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include advanced materials reports, composite materials market report, strategic growth consulting, market research due diligence and business strategy consulting.

This report addresses the following 11 questions:
Q. 1. What are some of the most promising, high-growth opportunities for global CNG tank market 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 (ROW)?
Q. 2. Which products segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting the market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market, and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M&A activity has occurred in the last 5 years?

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

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This release was published on openPR.