Hydrogen Tank Material Market worth $3,988 million by 2030 | Key players Worthington Industries, Inc., Luxfer Group., Hexagon Composites ASA, Quantum Fuel Systems LLC, Praxair Technologies, Inc.

According to recent market research the "Hydrogen Tank Material Market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Tank 1, Tank 2, Tank 3, Tank 4), End-use Industry (Automotive & Transportation, Industrial, Chemicals, Medical & Pharmaceuticals), Region - Global Forecast to 2030", MarketsandMarkets: The hydrogen tank material market size is projected to reach USD 3,988 million by 2030, registering a CAGR of 22.7% from 2023 to 2030. The global hydrogen tank material market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7% during the forecast period. Hydrogen tanks are getting widely used for storage and transportation of hydrogen gas having applications in multiple end-use industries such as automotive & transportation, industrial, chemicals, medical & pharmaceuticals, and many others.

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The hydrogen tank material market has been segmented based on the material type into metal, carbon fiber, and glass fiber. In 2022, metal segment dominated the market. During forecasted years, carbon fiber segment is expected to show significant growth and expected to dominate the market by 2030. Carbon fiber tanks are categorized into Type 3 or Type 4 tanks. In high-value applications and for higher performance, carbon fiber composite materials are used to produce hydrogen tanks.

The hydrogen tank material market is segmented based on tank types as Type 1, Type 2, Type 3, and Type 4. Type 1 tanks are dominantly used in light-duty vehicles, whereas the Type 2, Type 3, and Type 4 are mainly employed in the medium-duty vehicles and heavy-duty vehicles. Type 4 segment is projected to be the fastest-growing segment, owing to the growth of the natural gas-powered vehicles in the automotive industry.

Various end-use industries such as automotive & transportation, industrial, chemicals, medical & pharmaceuticals, and others. In terms of value, industrial segment dominated the market in 2022. Hydrogen tanks are used diversely in various industrial applications, due to their properties, such as durability, and fuel efficiency. This dominance is due to high demand of hydrogen tanks in various applications such as metal processing, petroleum refining, and many more.

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Asia Pacific is the largest as well as the fastest growing market for hydrogen tank material. The significant growth of hydrogen tank material market is due to growing demand from automotive & transportation, chemicals, industrial, and other end-use industries. The presence of a large number of NGVs in the region is also fueling the market for hydrogen tank material in the region.

The key players in the market include Worthington Industries, Inc., (US), Luxfer Group (England), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC (US), Faber Industrie SPA (Italy), Everest Kanto Cylinders Ltd. (India), Avanco Group (Germany), Praxair Technologies, Inc. (US), and others. These manufacturers have been adapting different organic and inorganic developmental strategies over the past five years for their market growth.

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Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, hydrogen, oxygen, and other industrial gases. It operates through four major business segments: steel processing, consumer products, building products, and sustainable energy solutions. The sustainable energy solutions segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment for various end-use applications, such as consumer products, alternative fuels, industrial products, and energy.

Luxfer Group is one of the key players in materials technology dealing with the manufacturing, design, and supply of high-performance materials, gas cylinders, and components. It is an operating unit of Luxfer Holdings PLC. The company's area of expertise covers the metallurgical and chemical properties of magnesium, zirconium, carbon, and rare earths. It has 19 manufacturing plants operating in seven countries across the world. The gas cylinder division manufactures products made from composites and aluminum using technically advanced processes.

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