Press release
The global automotive fuel tank market is expected to grow significantly due to the growing automotive industry, increasing demand, and growing investments to develop lightweight vehicles.
The growing automotive industry, increasing automobile production, rising demand and growing investments for the development of lightweight vehicles, enhanced driving range, expanding fuel capacity, and increasing adoption of lightweight fuel tanks in the automotive sector are the general factors driving the growth of the global automotive fuel tank market during the forecast period. Furthermore, rising disposable income, growing living standards, and wide availability of affordable vehicles will also provide lucrative opportunities in the growth of the global automotive fuel tank market in emerging economies. The stringent government regulations and high spending of manufacturers in developing self-sealing automotive fuel tanks that can self-seal during damage, avoiding leakage of flammable liquids, will also accelerate the market's major growth during the forecast period.Request free sample report of this research report: www.shingetsuresearch.com/sample-enquiry-form/
Material Type Overview in the Global Automotive Fuel Tank Market
The global automotive fuel tank market is segmented into plastic, aluminum, and steel based on Material Type. The steel segment is accounted for the largest share in the global automotive fuel tank market in 2020. Steel is an ideal option for manufacturing automotive fuel tanks due to its compatibility with all types of fuels. Furthermore, the key manufacturers' steel prices fluctuate highly, adopting plastic materials in automotive fuel tanks. Plastic fuel tanks are comparatively less in weight and provide good protection against corrosion.
Tank Capacity Overview in the Global Automotive Fuel Tank Market
Based on the Tank capacity, the global automotive fuel tank market is segregated into < 45 Liter, 45 - 70 Liter, and above 70 Liter. The 45 -70 Liter segment is the largest share in the global automotive fuel tank market in 2020 and is expected to have a significant market share during the forecast period. Most of the passengers' cars are equipped with 45-liter fuel tanks, while most sedans have a fuel tank capacity between 45-70 liters. Furthermore, automobile manufacturers' new vehicle models have a minimum tank capacity of 45 liters to provide good fuel efficiency and enhanced driving range.
Regional Overview in the Global Automotive Fuel Tank Market
The global automotive fuel tank market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region is likely to have the largest share in the global Automotive Fuel Tank market in the coming years. The growth of the automotive sector in both developed and emerging countries is witnessing an expansion due to the addiction to passenger cars and commercial vehicles. China and India have been the prime contributors to vehicle sales in Asia-Pacific due to growing population, urbanization, and industrialization.
Global Automotive Fuel Tank Market: Competitive Landscape
Companies include Lyondell Basell Industries NV, Continental AG, Unipres Corporation, KAUTEX TEXTRON, Magna International, Martinrea International Inc., The Plastic Omnium, TI Fluid Systems, Baosteel Group Corporation, YAPP Automotive Parts Co. Ltd., SMA Serbatoi S.P.A., and other prominent players are the key players in the Automotive Fuel Tank market.
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