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Collapsible Fuel Tanks in 2024: Innovations and Market Dynamics
Collapsible Fuel Tank Market Trends
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According to The Business Research Company's, The collapsible fuel tank market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased demand for portable fuel storage solutions, growth in the automotive and motorsports industry, adoption of collapsible fuel tanks in emergency response and disaster relief, advances in material technology for durable and flexible fuel tank designs, expansion of the aviation industry.
The collapsible fuel tank market size is expected to see strong growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to growth in the marine industry, increasing adoption of collapsible fuel tanks in off-road and recreational vehicles, expansion of the renewable energy sector, adoption of collapsible fuel tanks in remote and off-grid power generation, surge in demand for collapsible fuel tanks in the aerospace sector. Major trends in the forecast period include development of lightweight and space-saving collapsible fuel tank designs, integration of smart technologies for fuel level monitoring and management, emphasis on eco-friendly and recyclable materials in collapsible fuel tank production, customization of collapsible fuel tanks for specific industry requirements, collaboration between fuel tank manufacturers and end-users .
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Market Drivers and Trends:
Rising demand for electric vehicles is expected to propel the growth of the collapsible fuel tank market going forward. Electric vehicles refer to vehicles that use electricity to improve vehicle efficiency. Fuel tanks for extended-range electric vehicles need to be able to endure high vapor pressures allowing optimization of the vehicle's full electric operating range driving mode, as a result, rising demand for electric vehicles increases the demand for collapsible fuel tank market. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales set a new high in 2021, climbing by 4%. Sales nearly doubled to 6.6 million compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, rising demand for electric vehicles is driving the collapsible fuel tanks market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Meggitt PLC, GTA Containers Inc., Aero Tec Laboratories Ltd., Amufuel, MPC Containment International LLC, Splash Containment, Turtle-Pac, AeroControlex, Western Global, Fawcett Christie Hydraulics Ltd., Ready Containment LLC, Krampitz Tanksystem GmbH, Flexi Tank Systems, Desert Plastics, Liquid Containment Pty Ltd, Waterplex Pty Ltd, SEI Industries Ltd., Fol-Da-Tank Company, Piusi SpA, Chem-Tainer Industries, Custom-Pak Inc., Rain for Rent, Husky Portable Containment, Megaflex Ltd., Space Bladder, Cepco Tool Company Inc., ReadyH2 Products Inc., Fleximake Pty Ltd, Plastica Alfa Srl, Interstate Products Inc.
Collapsible Fuel Tank Market 2024 Key Insights:
• The collapsible fuel tank market size is expected to see strong growth in the next few years. It will grow to $2.3 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Growing Electric Vehicle Demand Drives Collapsible Fuel Tank Market
• Innovative Products Drive Collapsible Fuel Tank Market Growth
• North America was the largest region in the collapsible fuel tank market in 2023
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