The global CNG, RNG, and hydrogen tank market industry size is projected to grow USD 2.5 billion in 2022 and is projected to reach USD 5.6 billion by 2030, at a CAGR of 10.7% from 2023 to 2030. During the forecast period, the CNG, RNG, and hydrogen tank market is expected to grow significantly in the coming years, driven by Increasing number of natural gas vehicles. The market is also expected to benefit from the supportive government incentives and policies encouraging adoption of clean fuel.
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Based on gas type, the CNG, RNG, and hydrogen tank market is segmented on the basis of CNG, RNG, and hydrogen. Due to proven technology, CNG tanks are widely used in light-duty, medium-duty, and heavy-duty vehicles for fuel tank application, and a significant number of CNG refueling stations are available globally. However, the use of RNG and hydrogen tanks is steadily increasing. The demand for hydrogen and RNG tanks will rise during the forecast period due to lower technology costs and an increase in the number of hydrogen and RNG refueling stations.
Based on tank type, the CNG, RNG, and hydrogen tank market is segmented based on Type 1, Type 2, Type 3, and Type 4. Type 1 tanks are the most popular around the world. Type 1 CNG tanks are commonly used in the automotive industry, particularly in light-duty vehicles. As it is entirely made of metal, it is the heaviest tank by weight of all the tanks. Type 1 CNG tanks are cost-effective, Asia Pacific is at the forefront of consumption, particularly for light-duty vehicles. However, low weight and lower cost of carbon fibers, type 3 and type 4 tanks are expected to grow faster than type 1 tanks.
Based on material type, the CNG, RNG, and hydrogen tank market is segmented on the basis of metal, glass fiber, and carbon fiber. The majority of CNG and RNG tanks are made of metal, whereas carbon or glass fiber are used to make hydrogen tanks. Carbon fiber-based CNG, RNG, and hydrogen tanks are gaining popularity, particularly in North America and Europe, due to strict environmental regulations concerning greenhouse gas emissions.
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Based on application, the market for CNG, RNG, and hydrogen tank is segmented based on fuel tank and transportation tank. CNG, RNG, and hydrogen tanks have gained wide acceptance in the automotive industry because of their high performance and number of performance and advantageous properties, such as low maintenance cost, increase in fuel efficiency, and environmentally-friendliness. Fuel tank application is projected to register higher growth due to the increasing number of NGVs and FCEVs globally.
Based on Region, Asia Pacific accounted for the largest market share, in terms of value, in 2022, due to high demand from China, India, Thailand and Pakistan. By encouraging the use of natural gas vehicles, these countries are reducing air pollution. The significant price difference between oil and natural gas, as well as increased demand for affordable fuel, are also driving the tanks market in the region. On the other hand, the European market is expanding rapidly as a result of the European Union's stricter emission policies, which encourage the use of natural gas vehicles..
Major players operating in the CNG, RNG, and hydrogen tank market include Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), and Faber Industrie SpA (Italy). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
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