COVID-19 Accelerates Growth of Automotive Fuel Tank Market | Research Report, Global Analysis, Opportunities and Forecast till 2023

Market Synopsis:

The Automotive Fuel Tank Market Size has been growing exponentially in the past couple of years, backed by the mounting demand and sale of commercial vehicles, which is the result of the expansion of the e-commerce sector. This factor has given a significant boost to the growth of the logistics industry and the construction sector. Significant stakeholders in the automotive fuel tanks market are making considerable investments in research and development (R&D), in a bid to trigger the development of innovative technologies. This is bound to stimulate the demand for advanced plastic as well as metal fuels among consumers, thereby inducing the growth of the automotive fuel tanks market in the process.
R&D activities help manufacturers in developing automotive fuel tanks that can bear extreme climatic conditions and also exhibit durability with no variation. Advanced automotive fuel tanks are known to have appealing features, including corrosion resistance, self-sealing, and recyclability that boost their demand among consumers in the market.

Another factor that has benefitted the market to a great extent is the surge in technological advancements like the production of self-sealing fuel tanks automatically seals when there is a damage or a leak. Other than this, manufacturers are now focusing more on making use of plastic instead of generally used steel and other metals, as the former makes fuel tanks lightweight. Some other important factors that promote market growth include surging disposable incomes combined with the improving living standards across the globe.

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Market Segmentation

The worldwide market for automotive fuel tank has been studied in detail in the report, by segmenting it with respect to material, capacity, and vehicle type.

Given the material segment, the market has been considered for plastic, steel & aluminum. Between these, aluminum has the potential to achieve the highest position in the market in the years ahead, on account of the lightweight property of the material. Aluminum is used to bring down the overall weight of the vehicle, thus increasing fuel efficiency. In developing countries, people generally opt for vehicles that facilitate fuel efficiency. The rising use of aluminum in fuel tanks is expected to lead to better efficiency and result in the significant market growth in the near future.

Capacity-wise, the market caters to 70L. The 45L-70L capacity segment is poised to dominate the market in the following years, owing to the surge in the number of installation of 45L-70L capacity fuel tanks within passenger cars.

Regional Analysis

Every aspect and facet of the Automotive Fuel Tank Market Size has been analyzed, with respect to the primary regions of North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
APAC stands as the most profitable market for automotive fuel tank and can continue its supremacy well into the future. One of the chief reasons is the rising focus of OEMs on the production of lightweight components in vehicles. A number of manufacturers in the region are making use of aluminum for producing fuel tank with the primary aim of reducing the overall weight of the vehicle. Soaring demand for lightweight fuel tank, especially in developing countries in the region is expected to lead the market to greater heights in the coming years. In addition to the rising sale of lightweight vehicles, the regional market also benefits from rigid government regulations.

North America, with the second largest share in the market, is backed by factors like rising concern for safety among customers. People are now increasingly opting for vehicles with advanced safety features, given the high disposable income and presence of highly developed countries in the region. Soaring demand for advanced safety technology is estimated to have a lucrative effect on the regional market in the following years.
Among all the regions, Europe has managed to seize the third biggest share in the global Automotive Fuel Tank Market Size. The market growth is the response to the high production of commercial vehicles as well as passenger cars. Germany has proved to be the highest Size generating market for automotive fuel tank in the region. The mounting sales and production of vehicles, soaring demand for lightweight vehicles, and stringent government regulations also add to the market strength in the region.

Leading Players

The Automotive Fuel Tank Market Size is shaped by a number of prominent players, some of which are Baosteel group corporation (China), Posco co. Ltd (South Korea), TI Automotive Inc. (U.K.), Plastic Omnium Group (France), Unipres Corporation (Japan), Continental (Germany), Lyondell Basell (Netherlands), Yachiyo (Japan), Magna International (Canada), YAPP Automotive Parts Co. Ltd. (China), Dali and Samir Engineering (India), Kautex Textron GmbH & Co. KG. (Germany), Allgaier Automotive (Germany), Boyd Welding (Florida), Martinrea International (Canada), among others.

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