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Automotive Fuel Tanks Market to Rake in Nearly US$ 40 Bn by end 2025
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Manufacturers across the world are replacing metal fuel tanks with plastic fuel tanks to meet the rising demand and satisfy discerning customer requirements. Plastic fuel tanks have several inherent advantages over metal fuel tanks and this is enhancing their popularity in the automotive fuel tanks market. Some of the benefits of plastic tanks over metal include their lightweight build, design flexibility, corrosion resistance, and durability; making them highly sought after in the automotive fuel tanks market.
Consumption of plastic fuel tanks was pegged at 79,054.6 units in 2017 and is expected to reach nearly 128,350.0 units by 2025 end. Sales of plastic fuel tanks is estimated to be valued at US$ 19,503.1 Mn in 2017 and is slated to reach US$ 34,084.8 Mn by 2025. This reflects a CAGR of 7.2% in terms of value over the forecast period. Consumption of metal fuel tanks was pegged at 15,425.5 units in 2016 and is expected to reach nearly 22,414.9 units by 2025 end. Sales of metal fuel tanks is estimated to be valued at US$ 2,992.3 Mn in 2017 and is slated to reach US$ 4,552.4 Mn by 2025. This reflects a CAGR of 5.4% during the forecast period.
The APAC region is likely to touch a market share of 50% in the global automotive fuel tanks market in 2017, largely led by the fast-growing economies of China and India. A value of around US$ 20 Bn in 2025 is just the tip of the iceberg of limitless potential that exists for major stakeholders in the APAC automotive fuel tanks market.
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