The global CNG tanks market was valued at US$ 1.58 billion in 2022 and is estimated to reach US$ 2.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2023 to 2031.

Compressed natural gas tanks are high-pressure cylinders in which CNG gas is stored. The compressed natural gas is compressed into a high-pressure cylinder, usually to approximately 250 bar.

Factors Influencing Market Growth

- Factors like a rise in environmental awareness and the growth in the adoption of natural gas in the automotive industry are expected to expand the growth of the global CNG tanks market during the forecast period.

- The high cost of composite tanks, intense competition, strict regulatory approvals, and the rise in usage of adsorbed natural gas (ANG) are anticipated to hamper the growth of the CNG tank market during the forecast period.

- The low cost of CNG compared to crude oil derivative fuels and the growth in demand from developing countries are expected to create opportunities for the growth of the CNG tank market in the future.

Impact of COVID-19

The outbreak of the COVID-19 pandemic had a negative influence on the global CNG tank market, as governments across the world banned the export-import of important raw material items and the forced implement of strict lockdowns. This led to a sudden drop in the availability of important raw materials for vehicle components.

Regional Analysis

In 2022, Asia-Pacific dominated the global CNG tank market in terms of revenue. The rise in fuel efficiency norms and, increase in vehicle production, in Asia-Pacific pushed the growth of the CNG tanks market in the region. Also, the rise in subsidies among different regions like LAMEA and Asia-Pacific and strict government regulations on account of environmental concerns have expanded the demand for CNG in the automotive industry.

Leading Companies

The leading prominent companies profiled in the global CNG tanks market are:

- Anhui Clean Energy Co., Ltd.
- Avanco GmbH
- Beijing Tianhai Industry Co., Ltd.
- Everest Kanto Cylinders Limited
- Faber Industrie S.P.A
- FIBA Technologies, Inc.
- Hexagon Composites ASA
- Indoruss Synergy Pvt. Ltd.
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Luxfer Holdings PLC
- Maruti Koatsu Cylinders Ltd.
- NGV Technologies Inc.
- Plastic Omnium
- Praxair Technology, Inc.
- Quantum Fuel Systems LLC
- ULLIT
- Worthington Industries Inc.
- Other prominent key players

Segmentation Outline

The global CNG tanks market segmentation focuses on Raw Material, Propulsion, Vehicle Type, Type, and Region.

Segmentation based on Raw Material

- Glass Fiber Composites Raw Materials
- Carbon Fiber Composites Raw Materials
- Others

Segmentation based on Propulsion

- Petrol
- Diesel

Segmentation based on Vehicle Type

- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles

Segmentation based on Type

- Type 1 CNG Tanks
- Type 2 CNG Tanks
- Type 3 CNG Tanks
- Type 4 CNG Tanks

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa