CNG, RNG, and hydrogen tanks Market 2021 | Detailed Report

CNG, RNG, and hydrogen tanks Market Forecasts report provided to identify significant trends, drivers, influence factors in global and regions, agreements, new product launches and acquisitions, Analysis, market drivers, opportunities and challenges, risks in the market, cost and forecasts to 2026.

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The global CNG, RNG, and hydrogen tanks market size is projected to grow from USD 2.1 billion in 2021 to USD 3.4 billion by 2026, at a compound annual growth rate (CAGR) of 9.8% between 2021 and 2026.

“Hydrogen gas is the fastest-growing segment in the CNG, RNG, and hydrogen tanks market in terms of both value and volume.”
Hydrogen gas is projected to register the highest CAGR in terms of value between 2021 and 2026. Hydrogen is the lightest and most abundant element in the universe. It has the highest density per kilogram when compared with other combustible fuels, mainly, natural gas. It has a high mass-energy density and is very light, which makes hydrogen storage and transportation difficult. Hydrogen can be stored in two forms, chemical and physical.

“Metal is the largest material type of CNG, RNG, and hydrogen tanks in terms of value and volume.”
Various metals (steel, aluminum, and metal alloys) are used in manufacturing of CNG, RNG, and hydrogen tanks. Steel is used in Type 1, Type 2 & Type 3 cylinders. The metal used in CNG, RNG, and hydrogen tanks increases the weight of the CNG, RNG, and hydrogen cylinders but at the same time it provides adequate protection to the cylinders.

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“Type 1 tank is the largest used tank type of CNG, RNG, and hydrogen tanks in terms of both value and volume.”
Type 1 CNG, RNG, and hydrogen 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, RNG, and hydrogen on vehicles. The production cost for Type 1 CNG, RNG, and hydrogen cylinders tank is comparatively lower which makes these cylinders affordable and cost-effective.

“Fuel tank is the largest application of CNG, RNG, and hydrogen tanks in terms of both value and volume.”
CNG, RNG, and hydrogen are widely used in fuel tank application. The fuel tank is an alternative fuel for the automobiles running on petrol and diesel. The various advantages of CNG, RNG, and hydrogen fuel tank being extremely durable, cheaper, emission of lesser CO2 has increased the demand for these fuel tanks in automotive industry. The natural gas fuel tank driven vehicles are cheaper compared to the diesel driven cars.

#Key Players-
Worthington Industries, Inc. (US),
Luxfer Group (UK),
Hexagon Composites ASA (Norway),
Quantum Fuel Systems LLC. (US),
Everest Kanto Cylinders Ltd. (India),
Praxair Technologies Inc. (US),
Avanco Group (Germany),
Xinyi Beijing Tianhai Industry Co. Ltd. (China),
Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China)
Faber Industrie SpA (Italy)

Research Coverage:
This report covers the global CNG, RNG, and hydrogen tanks market and forecasts the market size until 2026. It includes the following market segmentation – gas type(CNG, RNG, hydrogen), material (metal, carbon fiber, glass fiber), tank type (type 1, type 2, type 3, type 4), application (fuel tank, transportation tank) and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global CNG, RNG, and hydrogen tanks market.

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