Press release
Automotive Fuel Tank Market to Reach USD 25.3 Billion by 2034, Driven by Evolving Automotive Industry Trends
Automotive Fuel Tank Market
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Market Overview
Sizable increase in the production of vehicles and demand for lightweight vehicles are the factors principally responsible for the automotive fuel tank market growth. Plastic fuel tanks offer various advantages over metal tanks; out of which prevention of rusting and being lightweight are drawing the attention of end-users.
The companies operating in the automotive fuel tank market are working toward launching the fuel tank isolation valves for hybrid electric vehicles, so as to increase their operational efficiency.
They are also exploring the probability of replacing fluorinated HDPE tanks with rotomolded acetal fuel tanks and the other viable alternatives to offer a higher level of efficiency.
Analysts' Viewpoint
An automotive fuel tank is a vital component of fuel system in an internal combustion engine. It is used for storing motor fuel such as gas, diesel, and petrol. The automotive fuel system performs the duties of storing and supplying fuel to cylinder chambers and engine. It can then be vaporized and burned in order to produce energy.
These days, having two automotive fuel tanks in cars used for longer distances is recommended, as they help in increasing mileage. Research states that generally a car covering distance of 100 miles for a tank can increase to 200 miles on installation of the second tank. This is another factor driving the demand for automotive fuel tanks.
Lightweight vehicles are preferred, which, in turn, translates into using plastic or composite materials for manufacturing the automotive fuel tanks.
Analysis of Key Players
The competitive landscape is characterized by product durability, fuel compatibility, lightweight design, emissions performance, manufacturing capabilities, and partnerships with automotive OEMs.
Leading companies operating in the global automotive fuel tank market include:
• Asno Horie Indonesia
• Bellsonica Auto Component
• Boyd Welding LLC
• Crefact Corporation
• Dali & Samir Engineering Pvt. LTD
• Donghee Industrial Co. Ltd.
• HWASHIN CO., Ltd
• Kongsberg Automotive
• Magna International Inc.
• Metaltech Pvt. Ltd.
• SMA Serbatoi SpA
• SRD Holdings Limited
• Kautex Textron GmbH & Co. KG
• The Plastic Omnium Group
• TI Fluid Systems
• Unipres Corporation
• Westport Fuel Systems
• Yachiyo Industry Co., Ltd.
Companies are focusing on lightweight materials, improved fuel-vapor management, advanced tank architectures, manufacturing efficiency, and long-term supply agreements with vehicle manufacturers.
Recent Developments (2023-2024)
• In May 2021, TI Fluid Systems introduced the Integrated Thermal Manifold assembly (ITMa) with the objective of providing lightweight, one-piece, blow-molded plastic manifold. This optimizes the design and does away with thermal loops' multiple line bundle assemblies. It also serves the purpose of cooling and heating of the next generation electric vehicles.
• In October 2020, ElringKlinger (60% stake) and Plastic Omnium (40% stake) agreed upon using hydrogen-based fuel cell technology in order to create EKPO Fuel Cell Technologies. It is a joint venture meant for fuel stack production, development, and commercialization.
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Key Developments & Trends
• Lightweight Fuel Tanks: Increasing emphasis on vehicle weight reduction is driving demand for lightweight polymer and advanced metal fuel tanks.
• Plastic Tank Adoption: High-density polyethylene and multilayer plastic technologies are gaining traction due to corrosion resistance and design flexibility.
• Emission Control: Improved fuel-vapor containment and barrier technologies are becoming increasingly important.
• Hybrid Vehicles: Growth in hybrid and plug-in hybrid vehicles is creating demand for specialized fuel-storage solutions.
• Advanced Manufacturing: Automated molding, welding, testing, and quality-control technologies are improving production efficiency.
Challenges
• EV Adoption: Increasing penetration of battery electric vehicles can reduce long-term demand for conventional fuel tanks.
• Stringent Regulations: More demanding fuel-storage and evaporative-emission standards increase development and compliance costs.
• Raw Material Costs: Fluctuations in polymer, steel, aluminum, and other material prices can affect manufacturing margins.
• OEM Dependence: Fuel tank suppliers are highly dependent on vehicle production volumes and long-term OEM contracts.
Opportunities
• Hybrid Powertrains: Continued adoption of hybrid vehicles provides opportunities for advanced fuel tank technologies.
• Lightweight Materials: Development of stronger and lighter materials can improve vehicle efficiency while maintaining safety.
• Advanced Barrier Systems: Improved vapor-barrier technologies can help manufacturers meet increasingly stringent emission standards.
• Emerging Automotive Markets: Growth in vehicle production across developing economies can support demand for automotive fuel tanks.
Market Segmentation
• Material
o Plastic
o Steel
o Aluminum
o Composite Materials
o Others
• Capacity
o Less than 30 Liters
o 30-45 Liters
o 40-70 Liters
o More than 70 Liters
• Shape
o Rectangular or Box-Shaped Tanks
o Cylindrical Tanks
o Saddle Tanks
o Elliptical Tanks
o Custom or Complex Shapes
o Composite or Integrated Tanks
o Others
• Vehicle Type
o Two Wheelers
o Three Wheelers
o Passenger Vehicles
 Hatchback
 Sedan
 SUVs
o Light Commercial Vehicles
o Heavy Duty Trucks
o Buses & Coaches
o Off-road Vehicle
 Agriculture Tractors & Equipment
 Construction & Mining Equipment
• Propulsion
o ICE Vehicle
 Diesel
 Petrol
o CNG Vehicle
 Type 1
 Type 2
 Type 3
 Type 4
o Hydrogen Fuel Vehicle
• Tank Position
o Front
o Middle
o Rear
• Sales Channel
o OEM
o Aftermarket
Conclusion
The global automotive fuel tank market is expected to witness steady growth through 2034, supported by continued vehicle production, demand for lightweight components, advancements in fuel-storage materials, and increasing adoption of hybrid powertrains. While the rapid expansion of battery electric vehicles presents a long-term challenge, internal combustion and hybrid vehicles are expected to maintain demand for fuel tank systems during the forecast period. Lightweight materials, advanced vapor-control technologies, and improved manufacturing processes will remain key areas of innovation.
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Frequently Asked Questions
• How big was the global automotive fuel tank market in 2023?
It was valued at US$ 16.7 Bn in 2023
• How is automotive fuel tank business expected to grow during the forecast period?
It is projected to grow at a CAGR of 3.9% from 2024 to 2034
• What are the key factors driving the demand for automotive fuel tank?
Rise in production of vehicles and preference for cost-effective fuel tanks using lightweight materials
• Which type of vehicle in the automotive fuel tank held the largest share in 2023?
Passenger vehicles accounted for the largest share in 2023
• Which region dominated the global automotive fuel tank landscape in 2023?
Asia Pacific was the dominant region in 2023
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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