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.
About
Lucintel
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.
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?
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