Pre-order Enquiry
Request Free Sample
Healthcare
Aerospace & Defence
Agriculture
Automations
Chemicals & Advanced Materials
Food & Beverages
Information & Communication Technology
Oil & Gas
Power & Energy
According to the latest research, the global Compressed Natural Gas (Cng) Tanks market size was valued at USD 963.49 million in 2022 and is expected to expand at a CAGR of 7.27% during the forecast period, reaching USD 1467.98 million by 2028.
The epidemic puts the raw material supply chain market at risk
During COVID-19, in view of strict shutdowns and import and export restrictions, sourcing raw materials for compressed natural gas (Cng) tanks has become a key challenge. Limit the import of compressed natural gas (Cng) tanks, which will affect downstream consumption. The main brands of compressed natural gas (Cng) tanks have been working hard to meet the demand, which has created new players in the market, so the competitiveness will become stronger. In addition, fluctuations in raw material prices are expected to inhibit the demand for compressed natural gas (Cng) tanks products to a certain extent.
Impacts from the long-term
When the epidemic is under control, downstream industries will usher in a strong rebound, and sales in the compressed natural gas (Cng) tanks market will also increase. The compressed natural gas (Cng) tanks industry can take this opportunity to eliminate some excess capacity, release some talents that are usually unavailable, and leave some opportunities for fine management from the beginning to establish a production department with sufficient risk tolerance.
Social Factors
The growing demand for low-maintenance and clean fuels is driving the growth of compressed natural gas in the automotive industry. Due to the continuous increase in the number of global CNG vehicles, compressed natural gas (Cng) tanks are expected to achieve higher growth during the forecast period.
Compressed natural gas (Cng) tanks are widely used by various automakers around the world for light-duty vehicles because they are economical in the long run and emit greenhouse gases compared to gasoline or diesel. In addition, the compressed natural gas infrastructure for refueling vehicles has been well developed in many countries. These factors, combined with the government's initiatives to adopt clean fuels, have also promoted the compressed natural gas (Cng) tanks market.
Technological Factors
Various metals (Metal, Glass Fiber, and Carbon Fiber) are used in manufacturing of CNG tanks. The metal used in CNG tanks increases the weight of the CNG cylinders but at the same time it provides adequate protection to the cylinders. For metal and metal -lined cylinders, the life cycle of these depends on the rate of fatigue crack growth.
Type 1 CNG tanks are entirely made from metal made either from steel or aluminum and are designed in the shape of cylinders. These cylinders are seamless steel cylinders are used for the storage of CNG on vehicles. The production cost for Type 1 CNG cylinders tank is Comparatively lower which makes these cylinders affordable and cost-effective. On the other hand, the rise of lightweight composite CNG cylinders and the continuous development of low-weight transport tanks will further contribute by generating a large number of opportunities, which will lead to the CNG tank market in Increase within the above-mentioned expected time.
Region Overview:
In 2021, the share of the Compressed Natural Gas (Cng) Tanks market in United States stood at 27.55%.
Company Overview:
Faber Industrie is one of the major players operating in the Compressed Natural Gas (Cng) Tanks market, holding a share of 10.82% in 2022.
Faber Industrie
Faber Industrie S.p.A. manufactures steel and composite cylinders and accumulator shells for the storage of high-pressure gases. The Company provides its services to fire-fighting, beverage, drafting, CNG refilling, natural gas vehicles, and hydrogen storage and transportation applications. Faber Industrie markets its products internationally.
Hexagon Composites ASA
Hexagon Composites ASA is a Norway-based company engaged in the development and production of lightweight composite cylinders for storage and transport of gases under pressure. In addition, the Company provides multiaxial knitted fiber reinforcements, which are applied to wind turbines and ships.
Segmentation Overview:
As for product types, the Metal CNG Tanks segment held the largest market share in 2021.
Application Overview:
By application, the Light Duty Vehicles (LDVs) segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Compressed Natural Gas (Cng) Tanks industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Compressed Natural Gas (Cng) Tanks. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Compressed Natural Gas (Cng) Tanks Market Report Include:
Market Size Estimates: Compressed Natural Gas (Cng) Tanks market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Compressed Natural Gas (Cng) Tanks market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Compressed Natural Gas (Cng) Tanks market
Segment Market Analysis: Compressed Natural Gas (Cng) Tanks market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Compressed Natural Gas (Cng) Tanks market situations and prospects in major and top regions and countries
Compressed Natural Gas (Cng) Tanks Market
Compressed Natural Gas (Cng) Tanks Industry Chain: Compressed Natural Gas (Cng) Tanks market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Compressed Natural Gas (Cng) Tanks Industry News, Policies by regions
Compressed Natural Gas (Cng) Tanks Industry Porters Five Forces Analysis
Key players in the global Compressed Natural Gas (Cng) Tanks market are covered in Chapter 2:
Quantum Fuel Systems LLC
Sinomatech
Worthington Industries
Luxfer Gas Cylinders
CNGUnited
CIMC ENRIC
Everest Kanto Cylinders
Faber Industrie
Beijing Tianhai Industry
Hexagon Composites ASA
Rama Cylinders
In Chapter 6 and Chapter 9, on the basis of types, the Compressed Natural Gas (Cng) Tanks market from 2018 to 2028 is primarily split into:
Metal CNG Tanks
Glass Fiber CNG Tanks
Carbon Fiber CNG Tanks
In Chapter 7 and Chapter 10, on the basis of applications, the Compressed Natural Gas (Cng) Tanks market from 2018 to 2028 covers:
Light Duty Vehicles (LDVs)
Medium Duty Vehicles (MDVs)
Heavy Duty Vehicles (HDVs)
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Compressed Natural Gas (Cng) Tanks market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Compressed Natural Gas (Cng) Tanks industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Compressed Natural Gas (Cng) Tanks market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Compressed Natural Gas (Cng) Tanks industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Compressed Natural Gas (Cng) Tanks market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Compressed Natural Gas (Cng) Tanks market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Compressed Natural Gas (Cng) Tanks market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
The epidemic puts the raw material supply chain market at risk
During COVID-19, in view of strict shutdowns and import and export restrictions, sourcing raw materials for compressed natural gas (Cng) tanks has become a key challenge. Limit the import of compressed natural gas (Cng) tanks, which will affect downstream consumption. The main brands of compressed natural gas (Cng) tanks have been working hard to meet the demand, which has created new players in the market, so the competitiveness will become stronger. In addition, fluctuations in raw material prices are expected to inhibit the demand for compressed natural gas (Cng) tanks products to a certain extent.
Impacts from the long-term
When the epidemic is under control, downstream industries will usher in a strong rebound, and sales in the compressed natural gas (Cng) tanks market will also increase. The compressed natural gas (Cng) tanks industry can take this opportunity to eliminate some excess capacity, release some talents that are usually unavailable, and leave some opportunities for fine management from the beginning to establish a production department with sufficient risk tolerance.
Social Factors
The growing demand for low-maintenance and clean fuels is driving the growth of compressed natural gas in the automotive industry. Due to the continuous increase in the number of global CNG vehicles, compressed natural gas (Cng) tanks are expected to achieve higher growth during the forecast period.
Compressed natural gas (Cng) tanks are widely used by various automakers around the world for light-duty vehicles because they are economical in the long run and emit greenhouse gases compared to gasoline or diesel. In addition, the compressed natural gas infrastructure for refueling vehicles has been well developed in many countries. These factors, combined with the government's initiatives to adopt clean fuels, have also promoted the compressed natural gas (Cng) tanks market.
Technological Factors
Various metals (Metal, Glass Fiber, and Carbon Fiber) are used in manufacturing of CNG tanks. The metal used in CNG tanks increases the weight of the CNG cylinders but at the same time it provides adequate protection to the cylinders. For metal and metal -lined cylinders, the life cycle of these depends on the rate of fatigue crack growth.
Type 1 CNG tanks are entirely made from metal made either from steel or aluminum and are designed in the shape of cylinders. These cylinders are seamless steel cylinders are used for the storage of CNG on vehicles. The production cost for Type 1 CNG cylinders tank is Comparatively lower which makes these cylinders affordable and cost-effective. On the other hand, the rise of lightweight composite CNG cylinders and the continuous development of low-weight transport tanks will further contribute by generating a large number of opportunities, which will lead to the CNG tank market in Increase within the above-mentioned expected time.
Region Overview:
In 2021, the share of the Compressed Natural Gas (Cng) Tanks market in United States stood at 27.55%.
Company Overview:
Faber Industrie is one of the major players operating in the Compressed Natural Gas (Cng) Tanks market, holding a share of 10.82% in 2022.
Faber Industrie
Faber Industrie S.p.A. manufactures steel and composite cylinders and accumulator shells for the storage of high-pressure gases. The Company provides its services to fire-fighting, beverage, drafting, CNG refilling, natural gas vehicles, and hydrogen storage and transportation applications. Faber Industrie markets its products internationally.
Hexagon Composites ASA
Hexagon Composites ASA is a Norway-based company engaged in the development and production of lightweight composite cylinders for storage and transport of gases under pressure. In addition, the Company provides multiaxial knitted fiber reinforcements, which are applied to wind turbines and ships.
Segmentation Overview:
As for product types, the Metal CNG Tanks segment held the largest market share in 2021.
Application Overview:
By application, the Light Duty Vehicles (LDVs) segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Compressed Natural Gas (Cng) Tanks industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Compressed Natural Gas (Cng) Tanks. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Compressed Natural Gas (Cng) Tanks Market Report Include:
Market Size Estimates: Compressed Natural Gas (Cng) Tanks market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Compressed Natural Gas (Cng) Tanks market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Compressed Natural Gas (Cng) Tanks market
Segment Market Analysis: Compressed Natural Gas (Cng) Tanks market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Compressed Natural Gas (Cng) Tanks market situations and prospects in major and top regions and countries
Compressed Natural Gas (Cng) Tanks Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Compressed Natural Gas (Cng) Tanks Industry Chain: Compressed Natural Gas (Cng) Tanks market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Compressed Natural Gas (Cng) Tanks Industry News, Policies by regions
Compressed Natural Gas (Cng) Tanks Industry Porters Five Forces Analysis
Key players in the global Compressed Natural Gas (Cng) Tanks market are covered in Chapter 2:
Quantum Fuel Systems LLC
Sinomatech
Worthington Industries
Luxfer Gas Cylinders
CNGUnited
CIMC ENRIC
Everest Kanto Cylinders
Faber Industrie
Beijing Tianhai Industry
Hexagon Composites ASA
Rama Cylinders
In Chapter 6 and Chapter 9, on the basis of types, the Compressed Natural Gas (Cng) Tanks market from 2018 to 2028 is primarily split into:
Metal CNG Tanks
Glass Fiber CNG Tanks
Carbon Fiber CNG Tanks
In Chapter 7 and Chapter 10, on the basis of applications, the Compressed Natural Gas (Cng) Tanks market from 2018 to 2028 covers:
Light Duty Vehicles (LDVs)
Medium Duty Vehicles (MDVs)
Heavy Duty Vehicles (HDVs)
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Compressed Natural Gas (Cng) Tanks market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Compressed Natural Gas (Cng) Tanks industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Compressed Natural Gas (Cng) Tanks market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Compressed Natural Gas (Cng) Tanks industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Compressed Natural Gas (Cng) Tanks market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Compressed Natural Gas (Cng) Tanks market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Compressed Natural Gas (Cng) Tanks market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
