Press release
Composite CNG Tanks Market is Forecasted to Reach US$1222.9 Million in 2030, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm, has launched a report on the global Composite CNG Tanks market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2397/composite-CNG-tanks-market.html#form
Market Statistics:
Market Size in 2024: US$885.7 million
Market Size in 2034: US$1222.9 million
Growth (CAGR): 4.5% during 2025-2031
Leading Application Type: Transportation
Leading Vessels Type: Type IV
Leading Region: Asia Pacific
Forecast Period: 2025-2031
Trend Period: 2019-2023
Base Year: 2024
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Composite CNG Tanks Market:
The global Composite CNG Tanks market is segmented based on Application type, Vessels type, and Region.
Based on application type -
- The composite CNG tanks market is segmented into transportation and gas carrier & storage. The transportation application is expected to be the key driver of demand for composite CNG tanks in the coming years. As governments worldwide push for cleaner fuel alternatives and enforce stricter emission regulations, more vehicles are shifting toward CNG-powered solutions.
- This shift is particularly noticeable in buses, trucks, and passenger cars, where CNG offers lower emissions and fuel cost savings. Additionally, government incentives promoting eco-friendly vehicles are further boosting adoption.
Based on the vessel type -
- The composite CNG tanks market is segmented into type II, type III, and type IV. Type IV composite CNG tanks are expected to witness the fastest growth in the market over the next six years, due to their lightweight design, durability, and corrosion resistance.
- Their ability to withstand high pressure makes them ideal for storing CNG and hydrogen fuel, making them a popular choice across automotive, aerospace, and industrial applications. As the demand for clean energy and fuel-efficient transportation continues to rise, more companies are investing in Type IV tanks due to their superior performance and reliability, solidifying their position as the market leader.
Which region shows the most promising growth forecast and opportunity?
- Rapid industrialization, rising energy industry investments, and strong government support for clean fuel initiatives are the factors driving healthy demand for the composite CNG tanks in the Asia-Pacific region. The region's increasing adoption of CNG-powered vehicles and expansion of natural gas infrastructure are further fueling their dominance.
- On the other hand, Europe is projected to experience the fastest growth, led by the stricter environmental regulations, rising use of hydrogen as a clean fuel, and significant investments in renewable energy infrastructure.
Composite CNG Tanks Market Drivers:
Some of the key drivers listed in the report are given below.
- Stringent emission regulations and environmental concerns are driving the shift toward cleaner transportation fuels, significantly boosting demand for CNG vehicles and lightweight composite storage solutions.
- Type IV composite tanks offer superior lightweight design, enhanced safety, better storage capacity, and reduced vehicle weight compared to traditional metal tanks, improving fuel efficiency and meeting automotive performance requirements.
- Government policies and subsidies supporting green energy products and clean fuel alternatives are accelerating market adoption across economies and vehicle segments.
- Growing focus on lightweight materials is reshaping the market as they contribute to improved fuel efficiency and vehicle performance, making CNG-powered vehicles more competitive.
- Rapid expansion of CNG fueling station networks in regions like EU and North America, coupled with increasing commercial vehicle adoption, is creating substantial infrastructure support for market growth.
Competitive Landscape: Top Companies in the Composite CNG Tanks Market:
Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the Composite CNG Tanks Market:
• Hexagon Composites ASA
• Luxfer Holdings PLC
• Worthington Industries, Inc.
• ILJIN Composites Co., Ltd.
• Sinoma Science & Technology Co., Ltd.
• Forvia SE
• CIMC Enric Holdings Limited
• Quantum Fuel Systems LLC
• Beijing Tianhai Industry Co., Ltd.
• Shenyang Gas Cylinder Safety Technology Co., Ltd.
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the Composite CNG Tanks market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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