Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region - Global Forecasts to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for CNG, RNG, and hydrogen tanks is anticipated to experience significant growth, increasing from USD 2.5 billion in 2022 to USD 5.6 billion by 2030, with a predicted CAGR of 10.7% from 2023 to 2030.
Tanks made of CNG, RNG, and hydrogen offer several advantages, including durability, cost-effectiveness, and environmental friendliness. These tanks find applications as transportation tanks and fuel tanks. The market is segmented based on the material used to make tanks, which includes metal, carbon fiber, and glass fiber.
Hydrogen Gas Type Leads Growth:
The hydrogen gas segment is expected to witness the highest compound annual growth rate (CAGR) both in terms of value and volume between 2023 and 2030. Hydrogen, being the lightest and most abundant element, has the highest density per kilogram, making it a promising flammable fuel. However, challenges exist in storing and transporting hydrogen due to its high mass-energy density and light weight. Gaseous hydrogen is commonly stored in high-pressure tanks of 350 to 700 bars, which is the preferred method for its storage.
Metal Dominates as Material Type:
The largest material type segment in terms of volume is metal. CNG, RNG, and hydrogen tanks are manufactured using various metals, including steel, aluminum, and metal alloys. Steel is often used in Type 1, Type 2, and Type 3 cylinders, providing sufficient protection to the cylinders despite increasing their weight.
Type 4 Tanks Lead in Growth:
Type 4 CNG, RNG, and hydrogen tanks are projected to experience the highest CAGR between 2023 and 2030. These tanks, constructed using innovative composite materials, offer increased storage capacities, improved safety features, and reduced weight. The demand for greener transportation options drives the adoption of Type 4 tanks, contributing to their maximum CAGR projection.
Fuel Tank Application Dominates:
Fuel tank applications hold the largest share in both value and volume. CNG, RNG, and hydrogen are widely used as alternative fuels for vehicles, particularly cars traditionally powered by gasoline or diesel. The automotive industry's increasing demand for these tanks can be attributed to factors such as durability, cost-effectiveness, and lower CO2 emissions.
Asia Pacific Leads the Market:
Asia Pacific is the dominant market for CNG, RNG, and hydrogen tanks in terms of both value and volume. The region's growth is fueled by the rising use of these tanks in various applications, driven by the industrial development of countries like China, India, Pakistan, and Thailand. Efforts to reduce air pollution in China and India by promoting natural gas vehicles contribute to the growing demand for these tanks in the region.
Key Attributes:
- Report Attribute: Details
- No. of Pages: 245
- Forecast Period: 2023 - 2030
- Estimated Market Value (USD) in 2023: $2.5 Billion
- Forecasted Market Value (USD) by 2030: $5.6 Billion
- Compound Annual Growth Rate: 10.7%
- Regions Covered: Global
Market Dynamics:
Drivers:
- Increasing Use of Natural Gas in the Automotive Industry
- Tax Incentives for CNG Vehicles and Infrastructure
- Increased Demand for Natural Gas Vehicles
- Rising Environmental Awareness of Natural Gas Benefits
Restraints:
- Limited Availability of Hydrogen and CNG Refueling Infrastructure
- High Cost of Composite Material Tanks and Regulatory Approvals
Opportunities:
- Emergence of Lightweight Composite Material-Based CNG Cylinders
- Development of Lightweight Transportation Tanks
Challenges:
- Impact of Fluctuating Oil Prices on the Market
- Development of Electric Cars
Companies Mentioned:
- Agility Fuel Solutions
- Avanco Group
- Beijing Tianhai Industry Co. Ltd.
- Cevotec GmbH
- CIMC Enric
- Composites Advanced Technologies, LLC (CATEC Gases)
- Euro India Cylinders Ltd.
- Everest Kanto Cylinder Ltd.
- Faber Industrie Spa
- Hexagon Composites ASA
- Jiangsu Qiulin Special Energy Equipment Joint Stock Limited Company
- JPM Group
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Linde PLC
- Luxfer Group
- Luxi New Energy Equipment Group Co. Ltd.
- NPROXX
- Praxair Technologies Inc.
- Quantum Fuel Systems LLC
- Rama Cylinders Private Limited
- Sahuwala Cylinders Pvt. Ltd.
- Sinocleansky
- Steelhead Composites, Inc.
- Ullit SA
- Worthington Industries, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/koho6i
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