The CNG, RNG, and Hydrogen Tanks Market Size was valued at USD 2.59 billion in 2022 and is expected to reach USD 6.56 billion by 2030, and grow at a CAGR of 12.3% over the forecast period 2023-2030.
Renewable natural gas (RNG), which is also called bio-methane, is a refined biofuel that can be used in pipelines. It is made from organic materials like waste from landfills and livestock through a process called anaerobic digestion. Compressed natural gas is a fuel that can be used instead of gasoline, diesel fuel, and liquefied petroleum gas (LPG) because it gives off fewer harmful gases and is lighter than air and spreads out quickly when released.
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There are special tanks made of materials like metal, carbon, and glass that are used to store and move these gases and also hydrogen. CNG, RNG, and hydrogen tanks last longer, cost less, and are better for the environment. They are used for many different things and can mostly be put into different types of tanks based on the materials used to make them.
Drivers:
Providing more tax breaks for CNG cars and infrastructure
Restraints:
High cost of tanks made of composite materials and government approvals
Opportunity:
Making transport tanks that aren't too heavy
Challenge:
Infrastructure for electric cars is already in place and working well
Due to a drop in natural gas and fuel cell electric vehicles, COVID-19 has hurt the demand for CNG, RNG, and hydrogen tanks all over the world. Also, lockdowns and travel bans have made it harder to move large amounts of CNG, RNG, and hydrogen tanks. But, according to the NGV database knowledge database, COVId-19 would only have short-term effects. In 2021, there would be more demand for natural fuels, which would lead to more demand for CNG, RNG, and hydrogen tanks.
By Gas Type:
Compressed Natural Gas (CNG)
Hydrogen
Renewable Natural Gas (RNG)
By Material Type:
Metal
Glass Fiber
By Tank Type:
Type 1
Type 2
Type 3
Type 4
By Application:
Fuel Tank
Transportation Tank
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Countries like China, India, and Thailand have a high demand for CNG tanks because they have a lot of CNG infrastructure and more people are buying CNG cars. Japan and South Korea, on the other hand, are more focused on making a market for cars that run on hydrogen. The governments of these countries have made plans to become hydrogen economies, which is expected to drive the market for hydrogen tanks.
Some of the biggest companies in the CNG, RNG, and hydrogen tanks market are Worthington Industries, Inc., Luxfer Group, Hexagon Composites ASA, Quantum Fuel Systems LLC., Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc., Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang ZhongfuL Over the past five years, these players have grown in different ways, both naturally and artificially.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Hexagon Composites ASA, Everest Kanto Cylinders Ltd.., Worthington Industries, Inc., Luxfer Group, Faber Industrie SpA, and other players.
Report Attributes | Details |
---|---|
Market Size in 2022 | US$ 2.59 Billion |
Market Size by 2030 | US$ 6.56 Billion |
CAGR | CAGR of 12.3% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Gas Type (Compressed Natural Gas (CNG), Hydrogen, Renewable Natural Gas (RNG)) • By Material Type (Metal, Carbon Fiber, Glass Fiber) • By Tank Type (Type 1, Type 2, Type 3, Type 4) • By Application (Fuel Tank, Transportation Tank) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | Hexagon Composites ASA, Everest Kanto Cylinders Ltd.., Worthington Industries, Inc., Luxfer Group, Faber Industrie SpA, and other players. |
DRIVERS | • Providing more tax breaks for CNG cars and infrastructure |
Restraints | • High cost of tanks made of composite materials and government approvals |
Ans: Primary or secondary type of research done by this reports.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Infrastructure for electric cars is already in place and working well are the challenges faced by the CNG, RNG, and Hydrogen Tanks Market.
Ans: Making transport tanks that aren't too heavy are the opportunity for CNG, RNG, and Hydrogen Tanks Market.
Ans: CNG, RNG, and Hydrogen Tanks Market Size was valued at USD 2.31 billion in 2021, and expected to reach USD 4.60 billion by 2028, and grow at a CAGR of 12.3 % over the forecast period 2022-2028.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.CNG, RNG, and Hydrogen Tanks Market Segment, By Gas Type
8.1 Compressed Natural Gas (CNG)
8.2 Hydrogen
8.3 Renewable Natural Gas (RNG)
9.CNG, RNG, and Hydrogen Tanks Market Segment, By Material Type
9.1 Metal
9.2 Carbon Fiber
9.3 Glass Fiber
10.CNG, RNG, and Hydrogen Tanks Market Segment, By Tank Type
10.1 Type 1
10.2 Type 2
10.3 Type 3
10.4 Type 4
11.CNG, RNG, and Hydrogen Tanks Market Segment, By Application
11.1 Fuel Tank
11.2 Transportation Tank
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profile
13.1 Hexagon Composites ASA,
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Everest Kanto Cylinders Ltd.
13.3 Worthington Industries, Inc.
13.4 Luxfer Group
13.5 Faber Industrie, SpA
14.Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
15. Conclusion
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