CNG Type 3 and Type 4 Tank Market to Reach $498.8 Million, Globally, by 2032 at 6.8% CAGR: Allied Market Research

GlobeNewsWire
Yesterday at 1:40pm UTC

Wilmington, Delaware, June 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "CNG Type 3 and Type 4 Tank Market by Raw Material (Glass Fiber Composites Raw Materials, Carbon Fiber Composites Raw Materials, and Others), and Type (Type 3 CNG Tanks and Type 4 CNG Tanks): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the CNG type 3 and type 4 tank market size was valued at $263.9 million in 2022, and is estimated to reach $498.8 million by 2032, growing at a CAGR of 6.8% from 2023 to 2032. 

Prime determinants of growth 

The growth of the global CNG type 3 and type 4 tank market is driven by factors such as increase in adoption of natural gas in the automotive industry, rise in environmental awareness, and advancements in composite materials. However, intense competition, high cost of composite tanks, stringent regulatory approvals, and increase in use of Adsorbed Natural Gas (ANG) hamper the growth of the market. On the contrary, growth in demand from developing countries and low cost of CNG as compared to crude oil derivative offer remunerative opportunities for the expansion of the CNG type 3 and type 4 tank market. 

Request Sample of the Report on CNG Type 3 and Type 4 Tank Market Forecast 2032:  https://www.alliedmarketresearch.com/request-sample/A323304 

Report coverage & details: 

Report Coverage   Details  
Forecast Period   2023–2032  
Base Year   2022  
Market Size In 2022   $263.9 Million  
Market Size In 2032   $498.8 Million  
CAGR   6.8%  
No. Of Pages In Report   250  
Segments Covered   Raw Material, Type, And Region  
Regional Scope   North America, Europe, Asia-Pacific, And LAMEA  
Country Scope   U.S., Canada, Mexico; Germany; France; Russia; Netherlands; UK; Poland; Spain; China; Japan; India; South Korea; Brazil; UAE; Saudi Arabia; And South Africa  
Drivers    Increase In Adoption Of Natural Gas In The Automotive Industry  
Rise In Environmental Awareness  
Advancements In Composite Materials  
Opportunities   Growth In Demand From Developing Countries   
Low Cost Of CNG Compared To Crude Oil Derivative Fuels  
Restraints   Intense Competition, The High Cost Of Composite Tanks, Stringent Regulatory Approvals  
Increase In Use Of Adsorbed Natural Gas (ANG) 

Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures) https://www.alliedmarketresearch.com/checkout-final/cng-type-3-and-type-4-tank-market-A323304 

The glass fiber composites raw materials segment to maintain its leadership status during the forecast period 

Depending on raw materials, the glass fiber composites raw materials segment held the highest market share in 2022, accounting for nearly half of the global CNG type 3 and type 4 tank market revenue and is estimated to maintain its leadership status during the forecast period as glass fibers offer a compelling balance between strength and cost-efficiency, making them a popular choice for CNG Type 3 tank production. However, the carbon fiber composites raw materials segment is projected to register the highest CAGR of 7.7% from 2023 to 2032, as carbon fibers, combined with high-performance polymer matrices, enable the production of lightweight and high-pressure CNG Type 4 tanks, which are crucial for extending vehicle range and minimizing emissions. 

The type 3 CNG tanks segment to maintain its leadership status during the forecast period 

On the basis of type, the type 3 CNG tanks segment held the highest market share in 2022, accounting for nearly three-fifths of the global CNG type 3 and type 4 tank market revenue and is anticipated to maintain its leadership status throughout the forecast period as these tanks strike a balance between weight savings and affordability, making them suitable for a wide range of CNG vehicle applications. Moreover, the type 4 CNG tanks segment is projected to manifest the highest CAGR of 7.4% from 2023 to 2032, as These tanks offer superior weight savings and high-pressure storage capabilities, which are crucial for optimizing vehicle range and fuel efficiency. 

Asia-Pacific to maintain its dominance by 2032 

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the market revenue and is expected to dominate the market during the forecast period.The same segment is expected to witness the highest CAGR of 8.2% from 2023 to 2032. 

To Talk With Our Industry Expert @ https://www.alliedmarketresearch.com/connect-to-analyst/A323304 

Leading Market Players

  • Anhui Clean Energy Co., Ltd. 
  • Beijing Tianhai Industry Co. Ltd. 
  • Everest Kanto Cylinders Ltd. 
  • Faber Industrie S.P.A 
  • Fiba Technologies 
  • Hexagon Agility 
  • Luxfer Group 
  • Quantum Fuel Systems Technologies Worldwide Inc 
  • Worthington Industries 
  • Indoruss Synergy Pvt. Ltd. 
  • Santek 
  • Shandong AUYAN New Energy Technology Co., Ltd. 
  • Time Technoplast Ltd. 
  • Hanwha Solutions 
  • Shanghai Metal Corporation 
  • Beijing SinoCleansky Technologies Corp 
  • Weifang Hengsheng Gas Co.  

The report provides a detailed analysis of these key players in the global CNG type 3 and type 4 tank market. These players have adopted various strategies such as contracts, agreements, partnerships, and expansion to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.  

Browse More Trending Reports 

Motorhome Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2021-2031 https://www.alliedmarketresearch.com/motorhome-vehicle-market-A07878 

India Aluminum Alloy Wheel Market Size, Share, Competitive Landscape and Trend Analysis Report by Application, Material, Distribution Channel and Sales Channel : Opportunity Analysis and Industry Forecast, 2023-2032. https://www.alliedmarketresearch.com/india-aluminum-alloy-wheel-market-A288135 

Recreational Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2021-2031 https://www.alliedmarketresearch.com/recreational-vehicle-market-A06427 

Roadside Assistance Market Size, Share, Competitive Landscape and Trend Analysis Report by Service, By Provider, By Vehicle : Global Opportunity Analysis and Industry Forecast, 2023-2032 https://www.alliedmarketresearch.com/roadside-assistance-market 

About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact: 

David Correa 
1209 Orange Street, 
Corporation Trust Center, 
Wilmington, New Castle, 
Delaware 19801 USA. 
USA/Canada (Toll Free): 
+1-800-792-5285 
UK: +44-845-528-1300 
Hong Kong: +852-301-84916 
India (Pune): +91-20-66346060 
Fax: +1-800-792-5285 
help@alliedmarketresearch.com 

Web: www.alliedmarketresearch.com 

AMR Resource Center: https://www.alliedmarketresearch.com/resource-center


Primary Logo