CNG Tanks Industry to Reach $2.6 Billion by 2031, Advancing from $1.5 Billion in 2021 at 5.9% CAGR

According to a new report published by Allied Market Research, titled, "CNG Tanks Market Size, Share, Competitive Landscape and Trend Analysis Report, by Raw Material, by Propulsion, by Vehicle Type, by Type : Global Opportunity Analysis and Industry Forecast, 2021-2031."

The global CNG tanks market was valued at $1.5 billion in 2021, and is projected to reach $2.6 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.

In 2021, Asia-Pacific dominated the market, in terms of revenue, followed by North America, Europe, and LAMEA. Increase in vehicle production, rise in fuel efficiency norms in Asia-Pacific drives growth of the CNG tanks market in the region. Furthermore, stringent government regulations on account of environmental concern and increase in subsidy among various regions such as Asia-Pacific and LAMEA has increased the demand for CNG in the automotive industry which in turn is expected to fuel the demand for CNG tanks market

Get Research Report Sample Pages : https://www.alliedmarketresearch.com/request-sample/A17396

The prominent key factors that drive growth of the CNG tanks industry are surge in adoption of natural gas in the automotive industry and rise in environmental awareness. Owing to ever-increasing oil prices, the low-cost of CNG is preferred in many countries. Moreover, the growth in energy requirement by various nations leads to the use of non-conventional fuel such as compressed natural gas, which drives the market. Owing to this, increase in government regulations to promote the usage of CNG as fuel in the transportation sector.

The CNG tanks market is segmented on the basis of raw material, propulsion, vehicle type, type, and region. By raw material, it is divided into glass fiber composites raw materials, carbon fiber composites raw materials, and others. By propulsion, it is bifurcated into petrol and diesel. By vehicle type, it is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). By type, it is divided into P Type 1 CNG Tanks, Type 2 CNG Tanks, Type 3 CNG Tanks, and Type 4 CNG Tanks. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

COVID-19 Impact Analysis :

The COVID-19 outbreak forced governments across the globe to implement stringent lockdowns and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.

As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the market for CNG tanks market in 2020.

The pandemic hampered the production of crucial raw materials such as steel, which are used to produce alternative fuel-powered vehicles, hurting the global supply of these tanks. For instance, in January 2021, Japanese steel output declined by 3.9%, while in January 2020, it plummeted by 9.9%. CNG tank manufacturers' production capacity has been hampered by a widening gap between supply and demand for raw materials, as well as the closure of automobile component manufacturing sites.

Procure Complete Research Report Now : https://www.alliedmarketresearch.com/cng-tanks-market/purchase-options

However, vaccination enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the CNG tanks market.

Decline in the demand for petroleum products due to the shutdown of various industries, decrease in usage of personal vehicles for transportation, and ban over large-scale transportation system have huge impact on the demand for crude oil, thus leading to decline in the price of crude oil, which, in turn, led to the decline in CNG cost.

The shutdown of road and other means of transportation declined the production of cylinders for transportation, but the decrease in price of crude oil led to increase in investment of Asia-Pacific countries to hoard the crude oil. This eventually resulted in increase in demand of CNG vehicles which in turn will fuel the demand for CNG tanks market in near future.

Key Findings Of The Study :

By raw material, the glass fiber composites raw materials segment is expected to register a significant growth during the forecast period.

By propulsion, the petrol segment is projected to lead the global CNG tanks market.

By vehicle type, the passenger vehicles segment is projected to lead the global CNG tanks market.

By type, the type 2 CNG tanks segment is projected to lead the global CNG tanks market.

Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Inquire Before Buying : https://www.alliedmarketresearch.com/purchase-enquiry/A17396

Key players that operate in this CNG tanks market include Anhui Clean Energy Co., Ltd., Avanco GmbH, Beijing Tianhai Industry Co., Ltd., Everest Kanto Cylinders Limited, Faber Industrie S.P.A, FIBA Technologies, Inc., Hexagon Composites ASA, Indoruss Synergy Pvt. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Luxfer Holdings PLC, Maruti Koatsu Cylinders Ltd., NGV Technologies Inc., Plastic Omnium, Praxair Technology, Inc., Quantum Fuel Systems LLC, ULLIT, and Worthington Industries Inc.

Read More Reports :

Automotive Electric Power Steering Market :
https://www.alliedmarketresearch.com/automotive-electric-power-steering-market-A07236

Automotive Voice Recognition System Market :
https://www.alliedmarketresearch.com/automotive-voice-recognition-system-market-A07279

Automotive Wheel Speed Sensor Market :
https://www.alliedmarketresearch.com/automotive-wheel-speed-sensor-market

Automotive Power Electronics Market :
https://www.alliedmarketresearch.com/automotive-power-electronics-market

China, India, Southeast Asia Automotive OEM Telematics Market :
https://www.alliedmarketresearch.com/china-india-and-southeast-asia-automotive-oem-telematics-market

Contact :

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

About us :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.