Global CNG, RNG, And Hydrogen Tanks Market Size By Gas Type (Compressed Natural Gas (CNG), Hydrogen, Renewable Natural Gas (RNG)), By Material Type (Metal, Carbon Fiber, Glass Fibe), By Geographic Scope And Forecast

CNG, RNG, And Hydrogen Tanks Market Size And Forecast

CNG, RNG, And Hydrogen Tanks Market size was valued at USD 3.59 Billion in 2024 and is projected to reach USD 7.56 Billion by 2031, growing at a CAGR of 13.3 % during the forecast period 2024-2031.

So, you know how lots of car companies around the world are putting CNG tanks in their smaller vehicles? It's because, over time, they're cheaper than gas or diesel, and they're better for the environment, emitting fewer greenhouse gases. Plus, getting your CNG tank refilled is pretty easy in many countries because the infrastructure is already there. Add in government programs pushing for cleaner fuels, and you've got a growing market for these tanks. Want to know more? Check out the Global CNG, RNG, And Hydrogen Tanks Market report. It gives you the lowdown on all the important parts of the market, including segments, trends, what's helping or hurting growth, who the big players are, and everything that's making a difference. The report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global CNG, RNG, And Hydrogen Tanks Market Definition

Lots of car companies around the world are putting CNG tanks in their smaller cars. Why? Because they're cheaper to run over time and produce fewer greenhouse gases than regular gasoline or diesel. Plus, it's pretty easy to find a place to fill up with CNG in many countries! All this, along with government programs pushing cleaner fuels, is really helping the CNG tanks market grow. Now, COVID-19 did take a hit on demand for CNG, RNG, and hydrogen tanks because fewer people were buying natural gas and fuel-cell cars. But, experts think natural fuel demand will bounce back in early 2021, which should boost the demand for CNG, RNG, and hydrogen tanks again.

Global CNG, RNG, And Hydrogen Tanks Market Overview

The fuel tank applications of CNG, RNG, and hydrogen tanks dominate the overall market. The increasing demand for low-maintenance & clean fuel is driving the growth of CNG, RNG, and hydrogen tanks in the automotive industry. The fuel tank application is also expected to register higher growth during the forecast period due to the rising number of CNG, RNG, and hydrogen-powered vehicles, globally. There is a high demand for CNG tanks in countries such as China, India, Pakistan, and Thailand due to well-developed CNG infrastructure and the rising adoption of CNG vehicles.

Whereas countries such as Japan and South Korea are more focused on developing markets for hydrogen-powered vehicles. The government of these countries has adopted a road map to building themselves as a hydrogen economy, which is expected to drive the hydrogen tank market. CNG tanks are widely adopted in light-duty vehicles by several automotive manufacturers globally as they are economical in the long run and emit less greenhouse gases as compared to petrol or diesel.

Also, the CNG infrastructure for refueling vehicles is well-developed in many countries. These factors coupled with government initiatives for adopting clean fuel are also driving the CNG tanks market. However, due to the pandemic COVID-19, the sales of CNG vehicles, hybrid CNGs, and retrofitted CNG vehicles decreased leading to reduced demand for CNG tanks. This demand would surge with recovery in the automotive sector & rise in sales of all types of CNG vehicles.

Global CNG, RNG, And Hydrogen Tanks Market Segmentation Analysis

The Global CNG, RNG, And Hydrogen Tanks Market is segmented on the basis of Gas Type, Material Type, And Geography.

CNG, RNG, And Hydrogen Tanks Market, By Gas Type

• Compressed Natural Gas (CNG)
• Hydrogen
• Renewable Natural Gas (RNG)

Based on Gas Type, the market is bifurcated into Compressed Natural Gas (CNG), Hydrogen, and Renewable Natural Gas (RNG).

CNG, RNG, And Hydrogen Tanks Market, By Material Type

• Metal
• Carbon Fiber
• Glass Fiber

Based on Material Type, the market is bifurcated into Metal, Carbon Fiber, and Glass Fiber.

CNG, RNG, And Hydrogen Tanks Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, the Global CNG, RNG, And Hydrogen Tanks Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold the largest market share in the forecast period. The attendance of significant players such as Hexagon Composites ASA (Norway) and Quantum Fuel Systems LLC. (US) will boost the market growth with the help of incorporating technological advancements in the product portfolio. Increased disbursements of enterprises in Research and Development would expand the market growth across the region.

Key Players

The “Global CNG, RNG, And Hydrogen Tanks Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are 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), Faber Industrie SpA (Italy).

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• UPS, the world’s largest package delivery company, has signed a master services agreement with Hexagon Agility (Costa Mesa, Calif., U.S.), a Hexagon Composites (Alesund, Norway) business, to supply compressed natural gas (CNG) and renewable natural gas (RNG) fuel systems for medium and heavy-duty trucks, as well as terminal tractors. Hexagon Agility just received the first orders under this arrangement for 2021, with a total value of USD $8.1 million (approximately NOK 69 million). These are orders for heavy-duty vehicle ProCab systems.
• The Indian Oil Ministry announced in December 2019 that the GST on CNG vehicles would be reduced from 28 percent to 5%, with the goal of increasing the adoption of gas vehicles and promoting market growth. Furthermore, tighter CO2 emission reduction requirements are fueling market expansion.
• Amtrol, a prominent maker of pressure cylinders and water system tanks, was bought by Worthington Industries in June 2017. Worthington’s industrial gas and consumer products businesses have been bolstered as a result of this acquisition, which also adds to the company’s refrigerant cylinder production capabilities.

Product Launches and Product Expansions

• Hexagon Purus received the first contract to offer hydrogen transport modules in the United States from a major US hydrogen fuel source in July 2020. Hexagon’s patented, lightweight Type 4, 500 bar pressure vessels make up the acquired transport modules.
• Worthington Industries launched two new CNG fuel system systems for the medium and heavy vehicle sectors in April 2018. These new products round out one of the most comprehensive CNG fuel system portfolios available in the medium and heavy-duty markets.

Report Scope

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