Press release
Global Compressed Natural Gas (CNG) Cylinders Industry is projected to reach 1210 Million US$ by 2025
In terms of production side, this report researches the Compressed Natural Gas (CNG) Cylinders capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and product type.
In terms of consumption side, this report focuses on the consumption of Compressed Natural Gas (CNG) Cylinders by regions and application. The key regions like North America, Europe, Asia-Pacific, Central & South America, Middle East and Africa etc.
Compressed Natural Gas (CNG) Cylinders is made using the cylinder shape with a semi-spherical shape covering each end. The cylinder and semi-spherical shapes provide the strongest structural shape because the circular and spherical shapes provide for equal distribution of stresses throughout the inner area of the tank producing the highest safety available for high-pressure vessels.
Compressed Natural Gas (CNG) Cylinders is made using the cylinder shape with a semi-spherical shape covering each end. The cylinder and semi-spherical shapes provide the strongest structural shape because the circular and spherical shapes provide for equal distribution of stresses throughout the inner area of the tank producing the highest safety available for high-pressure vessels.
The Compressed Natural Gas (CNG) Cylinders industry is not highly concentrated, there are more than one hundred manufacturers in the world, and high-end products mainly come from North America and Western Europe. Limited refueling infrastructures, and higher prices of composite cylinders, are some of the factors that hinder the growth of the CNG tanks/cylinders. Rising price of raw materials such as metals, glass fiber, carbon fiber, and other components used in manufacturing of CNG tanks/cylinders are the few challenges inhibiting the growth of the CNG tanks/cylinders market.
The growth in CNG cylinder market for storage and transportation of CNG would be dependent on government plans and initiatives to switch over to alternative fuel. However, with natural gas being progressively made available in most parts of the country and the rising cost of fuels (except for the fall in prices witnessed since the second half of the year), it is expected that the Government policies would be progressive favoring CNG as a fuel. The recent judicial activism at the highest level resulting which the Government has been mandated to have uniform natural gas prices across worldwide is a beneficial development, which will improve the availability of CNG at reasonable cost across India, which will induce consumers to switch over to CNG vehicles. This would lead to an accelerated growth in the CNG cylinder industry. Policy decision by the government to de-regulate diesel prices will turn some of the demand to CNG. The expected increase in supply of domestic gas due to the gas price hike will add impetus to the demand in the long run.
The Compressed Natural Gas (CNG) Cylinders market was valued at 730 Million US$ in 2017 and is projected to reach 1210 Million US$ by 2025, at a CAGR of 6.5% during the forecast period. In this study, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Compressed Natural Gas (CNG) Cylinders.
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This report includes the following manufacturers; we can also add the other companies as you want.
Sinomatech
Everest Kanto Cylinders
Worthington Industries
Luxfer Group
Hexagon Composites
Beijing Tianhai Industry
Rama Cylinders
Quantum Technologies
Faber Industrie
CIMC ENRIC
Avanco Group
Market Segment by Product Type
Type 1
Type 2
Type 3
Type 4
Others
Market Segment by Application
Passenger Vehicles
Commercial Vehicles
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