Lucintel Report Forecasts Composite CNG Tanks Market to Reach $524 Million by 2019
Growth in the natural gas vehicles has driven the composite CNG tanks in the automotive industry. Composite CNG tanks are lightweight which results into fuel efficiency of the vehicles which drive the market.
USA, April 1, 2016 (Newswire.com) - Growth in the natural gas vehicles has driven the composite CNG tanks in the automotive industry. Composite CNG tanks are lightweight which results into fuel efficiency of the vehicles which drive the market. Europe has been the top region in terms of total CNG tanks demand whereas ROW saw the highest growth rate due to rapidly increasing demand for alternative fuel powered vehicles and small base phenomena. Total worldwide composite CNG tanks market is expected to reach $524 million by 2019 with a double digit growth over the next five years. Heavy duty vehicle is expected to generate huge demand for composite CNG tanks as fleet operators are switching towards CNG powered vehicles to reduce the operating cost. Significant growth in demand for type-IV tank is expected due to the high pressure requirement to store an increasingly greater volume of gas, which also reduces the overall cost of transportation for fleet operators.
Lucintel, a leading global management consulting and market research firm, has conducted a detailed analysis on this market and presents its findings in “Growth Opportunities for Composite CNG Tanks in Global Automotive Industry 2014-2019: Trend, Forecast, and Competitive Analysis.” The report analyses the composite CNG tanks market for all the four regions and analyses the risk factors and growth opportunities. The composite CNG tanks market is segmented by region (NA, Europe, APAC, and ROW), type of tanks (Type-II, Type-III, and Type-IV), by applications (Light-duty and Heavy-duty vehicles), and composites consumption by fiber type (carbon and glass fiber).
Demand for natural gas vehicles is increasing as most of the countries are focusing on reduction of carbon emission which is driving the use of natural gas vehicles which subsequently drives the composite CNG tanks market. Composite CNG tanks are much lighter than their conventional counterparts, resulting in weight savings and more fuel storage capacity, while providing an additional improvement in fuel economy of vehicles. Low-cost natural gas as compared to gasoline and diesel is driving the demand of natural gas vehicles which drive the CNG tanks market.
In terms of regional market, North America is expected to remain a preferred destination for global giants owing to the development of new NGV vehicles, backed by huge natural gas exploration activities that are likely to increase the demand for CNG tanks.
Lucintel highlights key challenges faced by the composite CNG tanks market. Limited refuelling station is still a major challenge for the fleet operators and need to be addressed with the increasing number of vehicles. Composite CNG tanks market is influenced by factors such as safety standards, prices of carbon fiber, and higher cost when compared to traditional steel tanks. The industry is likely to face certain challenges related to stringent qualification testing.
It is necessary to know the market dynamics and future opportunities to make long-term strategic and financial decisions as well as to compete in the market. This report gives insights of the market trend (2008-2013) and forecast period (2014-2019) which will help the interested companies make key decisions. The report includes the region wise analysis, type of tanks, composite consumption by fiber type, and application type for composite CNG tanks market in terms of value and volume. It also provides the customer and competitive analysis of composite CNG tank manufacturers which can help in exploring business opportunities. It is important for every player serving an industry to be aware of the emerging trends, regional growth trajectory, and recent developments in the industry. This study enables manufacturers and other industry players to focus and invest in this market to take advantage of changing demand and subsequent opportunities. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Market Research Report and SWOT Matrix.
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