Press release
CNG Tanks Market begins to take bite out of Versioned Long Term Growth
CNG Tanks Market
Major Players in This Report Include: Maruti Koatsu Cylinders Ltd, Anhui Clean Energy Co. Ltd., Hexagon Composites ASA, Plastic Omnium, Praxair Technologies Inc, Worthington Industries, Everest Kanto Cylinders Ltd., NGV Technologies Inc, Ullit SA, Luxfer Group, Faber Industrie S.P.A, Indoruss Synergy Pvt. Ltd., Quantum Fuel Systems Technologies Worldwide Inc, Fiba technologies, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Beijing Tianhai Industry Co. Ltd., Avanco Group.
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The size of the CNG Tanks Market was valued at USD 0.11 Billion in 2023 and is projected to reach USD 0.21 Billion by 2032, with an expected CAGR of 9.80% during the forecast period. The CNG Tanks Market is the manufacturing and consumption of Compressed Natural Gas (CNG) storage tanks, that are used for storing and carrying CNG in applications including automobiles. CNG Tanks are typically so designed that they may be used for storage as well as delivery at high pressures. Some of the most crucial attributes include high toughness, lightweighted materials such as carbon fiber or steel, and safety certifications. Applied within automobile and industrial transport, high usage noted in the CNG powered buses, trucks, and cars. There are various types of CNG tanks, classified based on materials and technology: Type I (steel), Type II (metal and composite materials), Type III (metal liner with composite overwrap), and Type IV (plastic liner with composite overwrap). Each type varies in weight, cost, and durability. The market is driven by environmental benefits, such as reduced carbon emissions, which fuel the adoption of CNG vehicles, especially in regions focused on lowering their environmental footprint. Advantages include cost savings on fuel and lower greenhouse gas emissions compared to gasoline and diesel. Rising government policies promoting cleaner fuels and energy-efficient transport are key drivers, bolstering market growth.
Market Trend:
• Environmental concerns and emissions reduction is driving the market growth
Recent Developments in CNG Tanks Market:
• May 2023: Compagnie Plastic Omnium SA partnered with two international academic institutions to promote innovation.
• January 2023: Compagnie Plastic Omnium SA and Rein formed a joint venture to manufacture and market high-pressure hydrogen storage systems for commercial vehicles in China.
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In this research study, the prime factors that are impelling the growth of the Global CNG Tanks market report have been studied thoroughly in a bid to estimate the overall value and the size of this market by the end of the forecast period. The impact of the driving forces, limitations, challenges, and opportunities has been examined extensively. The key trends that manage the interest of the customers have also been interpreted accurately for the benefit of the readers.
The CNG Tanks market study is being classified Raw Material : Glass Fiber Composites Raw Materials, Carbon Fiber Composites Raw Materials, Others, Propulsion : Petrol, Diesel, Vehicle Type : Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Type : Type 1 CNG Tanks, Type 2 CNG Tanks, Type 3 CNG Tanks, Type 4 CNG Tanks
The report concludes with in-depth details on the business operations and financial structure of leading vendors in the Global CNG Tanks market report, Overview of Key trends in the past and present are in reports that are reported to be beneficial for companies looking for venture businesses in this market. Information about the various marketing channels and well-known distributors in this market was also provided here. This study serves as a rich guide for established players and new players in this market.
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Extracts from Table of Contents
CNG Tanks Market Research Report
Chapter 1 CNG Tanks Market Overview
Chapter 2 Global Revenue (Value, Volume*), Price* Trend by Type
Chapter 3 Global Market Analysis by Application
Chapter 4 Global Supplies (Production), Consumption, Export, Import by Regions
Chapter 5 Global Economic Impact on Industry
Chapter 6 Global Market Competition by Manufacturers
Chapter 7 Global Revenue (Value, Volume*) by Region
………………….continued
This report also analyses the regulatory framework of the Global Markets CNG Tanks Market Report to inform stakeholders about the various norms, regulations, this can have an impact. It also collects in-depth information from the detailed primary and secondary research techniques analysed using the most efficient analysis tools. Based on the statistics gained from this systematic study, market research provides estimates for market participants and readers.
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About Author: Pro Market Reports is Global leaders of Market Research Industry provides the quantified B2B research to Fortune 500 companies on high growth emerging opportunities which will impact more than 80% of worldwide companies' revenues.
Our Analyst is tracking high growth study with detailed statistical and in-depth analysis of market trends & dynamics that provide a complete overview of the industry. We follow an extensive research methodology coupled with critical insights related industry factors and market forces to generate the best value for our clients. We Provides reliable primary and secondary data sources, our analysts and consultants derive informative and usable data suited for our clients business needs. The research study enable clients to meet varied market objectives a from global footprint expansion to supply chain optimization and from competitor profiling to M&As.
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CNG Tank Refers to the Tank for storing compressed natural gas
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