Press release
Automotive Fuel Tank Market to Reach USD 53.8 Billion by 2032, Expanding at 6% CAGR, Fueled by Surging Demand in Asia-Pacific
Browse Full Report: https://www.factmr.com/report/26/automotive-fuel-tank-market
Rising Preference for Plastic Tanks to Drive Demand
The transition from metal to plastic automotive fuel tanks is shaping industry dynamics. Owing to features such as lower weight, high durability, and design flexibility, plastic tanks are fast becoming the preferred choice among automakers. Their ability to reduce vehicle weight and comply with strict emissions norms makes them vital components in the era of fuel-efficient mobility.
Passenger vehicles are anticipated to account for over 40% of global fuel tank sales, driven by increasing consumer demand for fuel-efficient cars and SUVs. Meanwhile, fuel tanks with capacities between 45 and 75 liters continue to dominate sales volume across markets.
Country-Level Insights
China, with its booming automotive manufacturing sector and large-scale adoption of plastic and zero-emission fuel tanks, is set to grow at 9% CAGR, becoming a critical supply hub for global OEMs. Local firms like Yachiyo Industry Co. Ltd and Kautex Textron GmbH are leading the innovation wave in the region.
India, fueled by industrial expansion and infrastructure development, will see the market grow at 7.6% CAGR. The surge in commercial vehicles and rising demand for compact cars are propelling the uptake of advanced fuel tanks.
In the United States, which held a 45% revenue share in 2022, regulatory pressure on emissions and fuel economy is accelerating the shift toward membrane and carbon composite tanks, aiding the growth of fuel cell vehicles.
The UK market, recovering from pandemic-induced slowdowns, is projected to maintain a 42% market share with innovations in multi-layer tank technology and regulatory support for efficient fuel storage.
For More Insights into the Market, Request a Sample of this Report:
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Competitive Landscape: Key Players Driving Innovation
The global market is witnessing fierce competition as leading players focus on product innovation, strategic partnerships, and regional expansion. Prominent companies profiled include:
Compagnie Plastic Omnium SA
Magna International Inc.
Yachiyo Industry Co. Ltd.
Kautex Textron GmbH & Co. KG
TI Fluid Systems
YAPP Automotive Systems Co. Ltd.
Martinrea International Inc.
Industries Spectra Premium Inc.
In September 2021, Agility Auto Parts Inc. expanded its reach by acquiring Automotive Parts Distribution International LLC, enhancing its distribution network and product line.
Similarly, Magna International Inc.'s acquisition of Veoneer is a strategic move to strengthen its global presence and technological footprint.
R&D at the Core of Future Growth
Ongoing R&D efforts are revolutionizing the automotive fuel tank space. Manufacturers are investing in hydrogen-compatible tanks, zero-emission models, and pressure-resistant solutions to meet the evolving needs of EVs and hybrid vehicles. Notably, TI Fluid Systems is at the forefront, exploring high-pressure hydrogen tank systems to support the hydrogen mobility ecosystem.
Outlook Through 2032
As vehicle manufacturers strive to balance efficiency, sustainability, and compliance, the role of next-generation automotive fuel tanks becomes increasingly vital. With strong tailwinds from R&D, regulatory mandates, and end-user demand, the automotive fuel tank market is set to witness transformative growth over the next decade.
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