CNG Tanks Market is Forecasted to Reach US$ 5.2 Billion in 2031, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global CNG tanks market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2024: US$ 4.0 billion

Market Size in 2031: US$ 5.2 billion

Growth (CAGR): 3.9% during 2024-2031

Cumulative Sales Opportunity 2024 to 2031: US$ 37.01 billion

Leading Application Type: Transportation

Leading Vessels Type: Type-I Vessel

Leading Region: Asia-Pacific

Forecast Period: 2024-2031

Trend Period: 2019-2023

Base Year: 2024

Number of Segments Covered: 3

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the CNG Tanks Market:

The global CNG tanks market is segmented based on Application type, vessel type, and region.

Based on application type –

·        The market is segmented into transportation and gas carrier & storage. 

·        Transportation is anticipated to drive demand for the CNG tanks, and gas carrier & storage is expected to experience faster growth in the coming years. Transportation is set to drive the CNG tanks market, due to the shift toward cleaner fuels, government incentives, and cost savings. As more buses, trucks, and passenger vehicles adopt CNG-powered engines, the demand for high-pressure storage vessels is rising.

·        Advancements in lightweight composite vessels and expanding CNG refueling infrastructure further accelerate this trend. With lower emissions, fuel cost savings, and regulatory support, transportation will remain the key demand generator for the CNG tanks market.

Based on pressure vessels type –

·        The market is segmented into type-I vessel, type-II vessel, type-III vessel, and type-IV vessel. 

·        Type I vessels are expected to remain dominant in the CNG tanks market due to their proven technology, lower cost, high capacity, and existing infrastructure support.

·        However, Type IV vessels are expected to grow at the fastest pace due to their lightweight design, fuel efficiency, corrosion resistance, and sustainability advantages. As the industry moves towards eco-friendly and advanced solutions, type IV vessels will see rapid adoption, whereas type I remains the dominant choice for bulk transport.

To know the most attractive segments, click here for a free sample of the report:

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Which region shows the most promising growth forecast and opportunity?

The analysis suggests that The Asia-Pacific region is expected to remain dominant throughout the forecast period. This growth outlook is mainly attributed to the following:

-      Asia-Pacific to remain the dominant market for the CNG tanks due to high energy demand, strong maritime infrastructure, and government investments.

Likewise, North America is set to grow the fastest, driven by rising natural gas production, clean energy policies, technological advancements, and the increasing adoption of CNG in marine transport.

CNG Tanks Market Drivers:

Some of the key drivers listed in the report are given below.

-      Rising demand for eco-friendly transportation solutions.

-      Government incentives and policies favoring alternative fuel adoption.

-      Cost advantages of CNG compared to gasoline and diesel.

-      Expansion of CNG refueling networks worldwide.

-      Advancements in lightweight composite CNG tanks are improving vehicle efficiency.

Competitive Landscape: Top 10 Companies in the CNG Tanks Market:

The market is moderately fragmented, with over 20 players. Most of the major players compete on some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

-         Hexagon Composites ASA

-        Beijing Tianhai Industry Co., Ltd.

-        Cylinders Holding Group

-        CIMC Enric Holdings Limited

-        Worthington Industries, Inc.

-        Everest Kanto Cylinder Ltd.

-        Luxfer Holdings PLC

-        Sinoma Science & Technology Co., Ltd.

-        ILJIN Composites Co., Ltd.

-        Forvia SE.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the 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

Related Reports:

-      Composite CNG Tanks Market

-      Gas Carrier and Storage Pressure Vessels Market

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About us –

Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, 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 make convincing business decisions.

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