The global CNG, RNG, and hydrogen tanks market size is projected to grow from USD 2.1 billion in 2021 to USD 3.4 billion by 2026, at a compound annual growth rate (CAGR) of 9.8% between 2021 and 2026. CNG, RNG, and hydrogen tanks are durable, cheaper, and most importantly eco-friendly. It is used in various applications in the fuel tank, and transportation tank. CNG, RNG, and hydrogen tanks can be majorly classified into tank types, depending on the material used during manufacturing. However, the negative impact of the COVID-19 pandemic on the automotive industry has affected the CNG, RNG, and hydrogen tanks market adversely.
Hydrogen gas is the fastest-growing segment in the CNG, RNG, and hydrogen tanks market in terms of both value and volume.
Hydrogen gas is projected to register the highest CAGR in terms of value between 2021 and 2026.Hydrogen is the lightest and most abundant element in the universe.
It has the highest density per kilogram when compared with other combustible fuels, mainly, natural gas.It has a high mass-energy density and is very light, which makes hydrogen storage and transportation difficult.
Hydrogen can be stored in two forms, chemical and physical.According to primary respondents, Type 3 and Type 4 tanks are mostly preferred for fuel and transportation tank applications as Type 1 or Type 2 leads to impregnation of metal particulates.
The most preferred and commercialized form of hydrogen storage is in the gaseous state in high pressure tanks of 350 bars –700 bars.
Metal is the largest material type of CNG, RNG, and hydrogen tanks in terms of value and volume.
Various metals (steel, aluminum, and metal alloys) are used in manufacturing of CNG, RNG, and hydrogen tanks.Steel is used in Type 1, Type 2 & Type 3 cylinders.
The metal used in CNG, RNG, and hydrogen tanks increases the weight of the CNG, RNG, and hydrogen cylinders but at the same time it provides adequate protection to the cylinders. For metal and metal-lined cylinders, the life cycle of these depends on the rate of fatigue crack growth
Type 1 tank is the largest used tank type of CNG, RNG, and hydrogen tanks in terms of both value and volume.
Type 1 CNG, RNG, and hydrogen tanks are entirely made from metal made either from steel or aluminum and are designed in the shape of cylinders.These cylinders are seamless steel cylinders are used for the storage of CNG, RNG, and hydrogen on vehicles.
The production cost for Type 1 CNG, RNG, and hydrogen cylinders tank is comparatively lower which makes these cylinders affordable and cost-effective.
Fuel tank is the largest application of CNG, RNG, and hydrogen tanks in terms of both value and volume.
CNG, RNG, and hydrogen are widely used in fuel tank application.The fuel tank is an alternative fuel for the automobiles running on petrol and diesel.
The various advantages of CNG, RNG, and hydrogen fuel tank being extremely durable, cheaper, emission of lesser CO2 has increased the demand for these fuel tanks in automotive industry.The natural gas fuel tank driven vehicles are cheaper compared to the diesel driven cars.
The fuel tanks These tanks are widely used in Light-duty vehicles, Medium-duty vehicles, and Heavy-duty vehicles.
APAC is the leading CNG, RNG, and hydrogen tanks market in terms of both value and volume.
APAC is the largest CNG, RNG, and hydrogen tanks market in terms of both value and volume.The growth of the CNG, RNG, and hydrogen tanks market in APAC is driven by its increasing consumption in various applications, such as transportation tanks, and fuel tanks.
This is because of the high industrial growth in countries, such as China, India, Pakistan, and Thailand.China has become the largest consumer of CNG, RNG, and hydrogen tanks in the automobile sector and is expected to strengthen its position further.
The high focus of Indian and Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the CNG, RNG, and hydrogen tanks market in these countries.APAC governments are focusing on increasing the use of alternative fuels and reducing emissions in cities, which is expected to help in the growth CNG, RNG, and hydrogen tanks market in the region.
The key reason for this growth includes the demand for.
Due to COVID-19, CNG, RNG, and hydrogen tanks producers and numerous companies have halted their production sites across various countries that has led to reduced demand for CNG, RNG, and hydrogen tanks, which affected the titanium demand in APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the titanium demand during the forecast period.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
• By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
• By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
• By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%,
The report provides a comprehensive analysis of company profiles listed below:
• Worthington Industries, Inc. (US),
• Luxfer Group (UK),
• Hexagon Composites ASA (Norway),
• Quantum Fuel Systems LLC. (US),
• Everest Kanto Cylinders Ltd. (India),
• Praxair Technologies Inc. (US),
• Avanco Group (Germany),
• Xinyi Beijing Tianhai Industry Co. Ltd. (China),
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China),
• Faber Industrie SpA (Italy),
This report covers the global CNG, RNG, and hydrogen tanks market and forecasts the market size until 2026.It includes the following market segmentation – gas type(CNG, RNG, hydrogen), material (metal, carbon fiber, glass fiber), tank type (type 1, type 2, type 3, type 4), application (fuel tank, transportation tank) and Region (Europe, North America, APAC, Latin America, and MEA).
Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global CNG, RNG, and hydrogen tanks market.
Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report segments the global CNG, RNG, and hydrogen tanks market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the CNG, RNG, and hydrogen tanks market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, contract, expansion and acquisition.
Reasons to buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall CNG, RNG, and hydrogen tanks market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.