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).

What is CNG Tank?

Compressed natural gas is becoming a viable choice for the automotive industry due to rising gasoline and diesel fuel prices and rising environmental concerns. Both tanks, metal as well as composite, are used in CNG vehicles with a huge dominance of metal ones, especially in Asia-Pacific and Europe, the two major markets for CNG tanks.

Composite tanks are lighter than their conventional equivalents (metal CNG tanks), resulting in weight savings, increased fuel storage capability, and improved vehicle fuel economy. The demand for natural gas-powered vehicles is burgeoning worldwide.

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.

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.

Target Audience

Here is the list of the group of customers that the CNG tanks market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

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