CNG Type 3 and Type 4 Tank Market Expected to Reach $498.8 Million by 2032 | EKC, Luxfer Holdings PLC, Beijing Tianhai Industry Co., Ltd

According to a new report published by Allied Market Research, titled, "CNG Type 3 and Type 4 Tank Market," The CNG type 3 and type 4 tank market size was valued at $263.90 million in 2022, and is estimated to reach $498.8 million by 2032, growing at a CAGR of 6.8% from 2023 to 2032.

The glass fiber composites raw materials segment is witnessing consistent growth, fueled by the increasing demand for cost-effective and reliable CNG tank solutions. As the adoption of CNG vehicles expands globally, particularly in emerging economies, the need for affordable tank options has become a driving force in this market.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A323304

In addition, CNG tank manufactures are shifting towards type 4 CNG tanks as it offers higher storage capacity at a reduced weight. For instance, in February 2024, Confidence Group, known for its numerous CNG and LPG cylinder manufacturing plants and extensive distribution network, announced plans to introduce Type-4 cylinders constructed from composite polymer and carbon fiber wrapping. These cylinders are notably lighter compared to the conventional Type-1 steel cylinders commonly utilized in India. The reduced weight is expected to enable substantially higher capacity when integrated into vehicles or utilized for gas transportation via trucks, as stated by the company.

Furthermore, Europe is one of the major regions of the global CNG type 3 and type 4 tank industry, dominated by European countries such as France, Germany, and the UK. The European market for CNG Type 3 and Type 4 tanks is driven by the region's focus on reducing greenhouse gas emissions and promoting sustainable mobility solutions. Several European countries, including Germany, Italy, and the Netherlands, have implemented policies and initiatives to encourage the adoption of CNG vehicles, thereby stimulating the demand for advanced CNG tank technologies. The growth of the CNG type 3 and type 4 tank marketin Europe is further propelled by the region's emphasis on innovation and technological advancement. The CNG Type 3 and Type 4 tank market analysis includes evaluations of technological advancements and innovations driving market growth.

The European Union's ambitious targets to reduce carbon emissions are also propelling the market forward, leading to the development of advanced CNG tank technologies and infrastructure. Moreover, understanding the CNG Type 3 and Type 4 tank market share helps investors gauge the market's competitive landscape.

In addition, wide adoption of CNG vehicles by logistic companies further creates demand for CNG Type 3 and Type 4 Tank in the region. For instance, in March 2024, Iveco, a brand under the Iveco Group that specializes in light, medium, and heavy commercial vehicles, secured an order for 178 S-Way CNG (Compressed Natural Gas) trucks from DHL's Post & Parcel Germany division. This order aims to bolster DHL's sustainable fleet, aligning with their goal of reducing their carbon footprint and supporting the decarbonization of road transport. The trucks will primarily serve for inter-hub transport at DHL parcel centers, customer pick-ups, and urban deliveries to post offices. Therefore, many initiatives and developments by European companies support the market growth in the region.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/cng-type-3-and-type-4-tank-market/purchase-options

In addition, Indian CNG tank manufacturers have expanded their presence through manufacturing plant. For instance, in February 2022, EKC, India based company through its wholly owned subsidiary EKC International FZE, received in-principal approval to establish a CNG cylinder production facility in Egypt. The facility will be formed as a joint venture with a local Egyptian partner, with EKC FZE holding the majority stake. Manufacturers are aligning their production strategies with the CNG Type 3 and Type 4 tank market forecast to meet evolving customer demands.

The growth of the CNG type 3 and type 4 tank market in the Asia-Pacific region is propelled by several factors, including favorable government policies, investments in CNG refueling infrastructure, and the region's focus on reducing air pollution and greenhouse gas emissions. The availability of cost-effective CNG Type 3 tanks has made CNG vehicles an attractive option for commercial fleets and public transportation systems, further increases CNG type 3 and type 4 tank market size.

The CNG type 3 and type 4 tank industry is segmented on the basis of raw material, type, and region. By raw material, it is divided into glass fiber composites raw materials, carbon fiber composites raw materials, and others. By type, it is categorized into Type 3 CNG Tanks, and Type 4 CNG Tanks. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By raw materials, the glass fiber composites raw materials segment is anticipated to dominate the CNG type 3 and type 4 tank industry in the coming future.

By type, the type 3 CNG tanks segment is anticipated to lead the market.

By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A323304

The key players operating in the global CNG type 3 and type 4 tank market include with 𝐀𝐧𝐡𝐮𝐢 𝐂𝐥𝐞𝐚𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐂𝐨., 𝐋𝐭𝐝., 𝐁𝐞𝐢𝐣𝐢𝐧𝐠 𝐓𝐢𝐚𝐧𝐡𝐚𝐢 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐂𝐨. 𝐋𝐭𝐝., 𝐄𝐯𝐞𝐫𝐞𝐬𝐭 𝐊𝐚𝐧𝐭𝐨 𝐂𝐲𝐥𝐢𝐧𝐝𝐞𝐫𝐬 𝐋𝐭𝐝., 𝐅𝐚𝐛𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞 𝐒.𝐏.𝐀, 𝐅𝐢𝐛𝐚 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬, 𝐇𝐞𝐱𝐚𝐠𝐨𝐧 𝐀𝐠𝐢𝐥𝐢𝐭𝐲, 𝐋𝐮𝐱𝐟𝐞𝐫 𝐆𝐫𝐨𝐮𝐩, 𝐌𝐚𝐫𝐮𝐭𝐢 𝐊𝐨𝐚𝐭𝐬𝐮 𝐂𝐲𝐥𝐢𝐧𝐝𝐞𝐫𝐬 𝐋𝐭𝐝, 𝐐𝐮𝐚𝐧𝐭𝐮𝐦 𝐅𝐮𝐞𝐥 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐖𝐨𝐫𝐥𝐝𝐰𝐢𝐝𝐞 𝐈𝐧𝐜., 𝐖𝐨𝐫𝐭𝐡𝐢𝐧𝐠𝐭𝐨𝐧 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬, 𝐈𝐧𝐝𝐨𝐫𝐮𝐬𝐬 𝐒𝐲𝐧𝐞𝐫𝐠𝐲 𝐏𝐯𝐭. 𝐋𝐭𝐝., 𝐒𝐚𝐧𝐭𝐞𝐤, 𝐒𝐡𝐚𝐧𝐝𝐨𝐧𝐠 𝐀𝐔𝐘𝐀𝐍 𝐍𝐞𝐰 𝐄𝐧𝐞𝐫𝐠𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐂𝐨., 𝐋𝐭𝐝., 𝐓𝐢𝐦𝐞 𝐓𝐞𝐜𝐡𝐧𝐨𝐩𝐥𝐚𝐬𝐭 𝐋𝐭𝐝., 𝐇𝐚𝐧𝐰𝐡𝐚 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬, 𝐒𝐡𝐚𝐧𝐠𝐡𝐚𝐢 𝐌𝐞𝐭𝐚𝐥 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐁𝐞𝐢𝐣𝐢𝐧𝐠 𝐒𝐢𝐧𝐨𝐂𝐥𝐞𝐚𝐧𝐬𝐤𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐚𝐧𝐝 𝐂𝐨𝐫𝐩, 𝐖𝐞𝐢𝐟𝐚𝐧𝐠 𝐇𝐞𝐧𝐠𝐬𝐡𝐞𝐧𝐠 𝐆𝐚𝐬 𝐂𝐨. These players are adopting strategies such as contracts, agreements, and acquisitions to improve their market positioning.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Hydrogen Fuel Cell Vehicle Market https://www.alliedmarketresearch.com/hydrogen-fuel-cell-vehicle-market

Automotive Seat Climate Systems Market https://www.alliedmarketresearch.com/automotive-seat-climate-systems-market

Truck Suspension System Market https://www.alliedmarketresearch.com/truck-suspension-system-market-A12735

Automotive Carbon Fiber Market https://www.alliedmarketresearch.com/automotive-carbon-fiber-market-A12796

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