CNG Tanks Market Set for Rapid Growth During 2021-2026

The CNG Tanks Market is segmented, by Application Type (Transportation {Cars, Light-duty Vehicles, Buses, and Truck} and Gas Carrier & Storage), by Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

Market Dynamics

The availability of low-cost natural gas compared to gasoline and diesel is accelerating this push. As a result of that, many vehicle operators and owners are transitioning to CNG-powered vehicles to cut their running costs; driving the demand for composite CNG tanks. Furthermore, the growing environmental awareness and government attention on decreasing carbon emissions are giving additional impetus to the demand for composite CNG tanks.

Segment Analysis

Application Type

The market is segmented as transportation and gas carrier & storage. Transportation is further segmented into cars, light-duty vehicles, buses, and trucks Transportation is expected to remain the largest as well as the fastest-growing application type in the market during the forecast period, owing to the increasing demand for CNG-fueled vehicles across regions. CNG vehicles offer lower transportation costs than ICE vehicles. Type-I remains the most dominant vessel type in the transportation segment, propelled by its well-proven track record paired with its lowest cost.

Vessel Type

The market is segmented as type I, type II, type III, and type IV. Due to its low cost and high demand from major countries of the Asia-Pacific region, type I is expected to remain the dominant pressure vessel type during the forecast period. On contrary to this, type IV is expected to be the fastest-growing pressure vessel type in the market during the forecast period due to its lightweight, increased fuel efficiency, and low maintenance cost. There is a relatively high dominance of type-IV vessels in North America and Europe.

Regional Analysis

Asia-Pacific is expected to remain the largest as well as the fastest-growing market for CNG tanks during the forecast period. Major Asian countries, China, India, Korea, and Japan are the manufacturing powerhouses of automobiles. These countries are also the major producers as well as procurers of CNG-powered vehicles. Currently, type-I vessels unanimously dominate the Asian market; however, there has been a transition from type-I to composite, especially type-III and type-IV vessels in China, Japan, and Korea. Indian remains one of the biggest markets for type-I vessels in the years to come.

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