What is Global CNG Tank (CNG Cylinder) Market?
The Global CNG Tank (CNG Cylinder) Market is a comprehensive study of the worldwide market trends and growth prospects, focusing on the demand for CNG tanks and cylinders. Compressed Natural Gas (CNG) is an eco-friendly alternative to traditional fuels like petrol and diesel. The tanks or cylinders are crucial components used for storing this gas under high pressure, making it suitable for use in vehicles. The global market for these tanks and cylinders is vast and diverse, with numerous manufacturers and suppliers catering to the demand. The market's value stood at US$ 886 million in 2022, and it is projected to reach US$ 1251.7 million by 2029. This growth trajectory indicates a Compound Annual Growth Rate (CAGR) of 5.0% from 2023 to 2029.
Type 1 CNG Tank, Type 2 CNG Tank, Type 3 CNG Tank, Type 4 CNG Tank, Others in the Global CNG Tank (CNG Cylinder) Market:
The Global CNG Tank (CNG Cylinder) Market is segmented into different types, namely Type 1, Type 2, Type 3, Type 4, and others. Each type has its unique features and applications. Type 1 CNG tanks are entirely made of metal, typically steel or aluminum. They are the heaviest but also the most affordable. Type 2 tanks are a combination of metal and composite materials, offering a balance between weight and cost. Type 3 tanks are more advanced, with a metal liner (usually aluminum) and a full composite wrap, making them lighter than Type 1 and 2. Type 4 tanks are the most modern, made entirely of composite materials, making them the lightest but also the most expensive. The "Others" category includes any other types of CNG tanks not classified under the first four types. The market is dominated by Type 2 CNG Tanks, which hold about 40% of the market share.
Passenger Vehicles, Commercial Vehicles, Others in the Global CNG Tank (CNG Cylinder) Market:
The Global CNG Tank (CNG Cylinder) Market finds its applications majorly in Passenger Vehicles, Commercial Vehicles, and others. Passenger vehicles are the primary consumers of CNG tanks and cylinders, accounting for about 70% of the market share. The reason for this dominance is the increasing preference for CNG as a fuel in passenger vehicles due to its cost-effectiveness and eco-friendly nature. Commercial vehicles also form a significant part of the market, with many commercial vehicle manufacturers now offering CNG variants of their models. The "Others" category includes various other applications of CNG tanks and cylinders not classified under passenger and commercial vehicles.
Global CNG Tank (CNG Cylinder) Market Outlook:
The Global CNG Tank (CNG Cylinder) Market is a competitive landscape with the top three players holding about 25% of the total market share. This indicates a highly fragmented market with numerous players vying for a piece of the pie. The market's growth is driven by the increasing demand for eco-friendly fuels and the rising awareness about the benefits of CNG over traditional fuels. However, the market also faces challenges such as the high cost of CNG tanks and cylinders and the lack of adequate CNG refilling stations in many regions. Despite these challenges, the market is set for steady growth in the coming years, thanks to the increasing adoption of CNG vehicles worldwide.
| Report Metric | Details |
| Report Name | CNG Tank (CNG Cylinder) Market |
| Accounted market size in 2022 | US$ 886 million |
| Forecasted market size in 2029 | US$ 1251.7 million |
| CAGR | 5.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Sinomatech, Everest Kanto Cylinders, Worthington Industries, Luxfer Group, Hexagon Composites, Beijing Tianhai Industry, Rama Cylinders, Quantum Technologies, Faber Industrie, Praxair Technologies, CIMC ENRIC, Lianzhong Composites, Avanco Group, Ullit |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
