CNG, RNG, and Hydrogen Tanks Market worth $ 5.6 billion by 2030 | Key players Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US).

According to recent market research the "CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region - Global Forecasts to 2030", is estimated at USD 2.5 billion in 2022 and is projected to reach USD 5.6 billion by 2030, at a CAGR of 10.7% from 2023 to 2030. The market is expected to be driven by government initiatives emphasizing clean fuel adoption and an increase in the number of natural and fuel-cell electric vehicles.

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CNG tanks are widely used in light-duty vehicles by various automotive manufacturers around the world because they are more cost-effective in the long run and emit fewer greenhouse gases than gasoline or diesel. In addition, many countries have well-developed CNG infrastructure for refueling vehicles. These factors, together with government initiatives to encourage the use of alternative fuels, are propelling the CNG tanks market.

Metal-based tanks have been in use for a long time due to their ease of manufacture and low cost. CNG tanks made of metal are widely used in Asia Pacific, the Middle East, and Latin America. They are in high demand in China, India, Pakistan, Thailand, Brazil, Argentina, Iran, Colombia, and Uzbekistan. Type 1 tanks are constructed entirely from metals. Generally high-strength steel is used in manufacturing of type 1 CNG tanks. Although, CNG tanks industry is evolving and shifting to composite tanks as they provide weight reduction, better safety, and corrosion resistance. Hence, the market for carbon fiber is growing with the maximum CAGR in the forecasted period.

The most popular and frequently used tank type worldwide is Type 1 metal-based tanks. These tanks are often used in light-duty vehicles. They are the most expensive option, but they are also the heaviest tank type due to their complete metal design. Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (U.S.), Faber Industries S.P.A. (Italy), and Worthington Industries (U.S.) are important market participants.

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The fuel tank application dominated the overall market of CNG, RNG, and hydrogen tanks. The automotive industry's growth in these tanks is fuelled by the rising demand for low maintenance and environmentally friendly fuel options. During the forecast period, the fuel tank application is expected to experience significant growth, primarily due to the increasing global adoption of CNG, RNG, and hydrogen-powered vehicles.

Due to their well-established CNG infrastructure and the rising popularity of CNG cars, nations like China, India, Pakistan, and Thailand are seeing an increase in demand for CNG tanks. On the other hand, developing a market for hydrogen-powered vehicles is a top priority for nations like Japan and South Korea. The adoption of a roadmap by these countries to position themselves as hydrogen economies is anticipated to increase the market's demand for hydrogen storage tanks.

Prominent companies in the CNG, RNG, and hydrogen tanks market include 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), and Faber Industrie SpA (Italy). These players have taken different organic and inorganic developmental strategies over the past five years.

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Hexagon Composites ASA is a leading global supplier of composite pressure cylinders. The company comprises four business segments that include hexagon purus, hexagon ragasco, hexagon agility & hexagon digital wave, and agility fuel solutions. The establishment designs and manufactures high-pressure cylinders for trucks, buses, and light-duty vehicles and low-pressure composite cylinders for LPG, used for cooking, heating, and recreation worldwide, and for forklift trucks in select market areas. The company's high-pressure composite cylinders are mainly used for CNG, compressed biogas, and compressed hydrogen gas (CHG). Its primary market is North America, Europe, South America, and Southeast Asia.

Quantum Fuel Systems LLC. is the leader in the innovation, development, and production of CNG fuel storage systems and packaged fuel storage systems. The company is also engaged in the integration ofintegrating vehicle systems technologies, such as engine and vehicle control systems and derivatives. It sells storage tanks and packaged fuel system modules for CNG applications and provides engineering design and support to OEMs through the fuel storage systems segment. The company also provides low low-emission and solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles as well asspecialty vehicles, and modular, transportable hydrogen fueling stations. The company has operations and affiliations in the US, Canada, and India, among other countries.

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