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Compressed Natural Gas (CNG) Tanks/Cylinders Market worth $1,563.23 Million by 2020
The report, “Compressed Natural Gas (CNG) Tanks/Cylinders Market by Type (Type 1, Type 2, Type 3, Type 4), by Raw Materials (Metal, Glass Fiber, Carbon Fiber), by Vehicle Type (Light Duty, Medium Duty, Heavy Duty), & Region - Global Forecasts to 2020”, defines and segments the CNG tanks/cylinders market with analysis and forecasting of the consumption unit and value.
Browse 82 market data tables and 55 figures spread through 155 pages and in-depth TOC on “Compressed Natural Gas (CNG) Tanks/Cylinders Market by Type (Type 1, Type 2, Type 3, Type 4), by Raw Materials (Metal, Glass Fiber, Carbon Fiber), by Vehicle Type (Light Duty, Medium Duty, Heavy Duty), & Region - Global Forecasts to 2020"
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There are different types of CNG tanks/cylinders in the market such as Type 1, Type 2, Type 3, and Type 4.
Global CNG tanks/ cylinders market value is expected to be $1,563.23 Million growing at a CAGR of 9.65% by 2020.
CNG tanks/cylinders are produced and manufactured using the materials such as metals, glass fiber and carbon fiber.
Demand from developing countries increases as and environmental regulations
Global warming is a major environmental issue which is induced by increased levels of greenhouse gases in the atmosphere. These gases include carbon dioxide, methane, nitrogen oxide, and some engineered chemicals such as chlorofluorocarbons. While most of these gases occur naturally in the atmosphere, the levels of these gases have been increasing due to the burning of fossil fuels. The reduction of greenhouse gas emissions has become a major concern in countries all around the world.
As pollution level rises and people become more aware of environment issues, CNG consumption has risen in developing countries. CNG is an environment friendly fuel. Use of CNG in place of other fossil fuels emits fewer harmful pollutants, thereby, reducing the concentration of pollutants in the atmosphere. The exploration and production of gasoline and diesel are harmful and pose risk to the environment but natural gas is considered as an alternative fuel for the enhancement of sustainable development because it reduces carbon emissions, slows down global warming, and lessens greenhouse gas emissions. This ultimately pushes the demand for CNG tanks.
Over the years, the wide gap between oil and natural gas prices has led to fuel conversions and this has helped the CNG market to grow. In developing countries such as China, India, and Pakistan, CNG is widely used as an alternative fuel because these countries are highly dependent on other countries for oil to meet its daily demand.
Growth of Natural Gas Based Vehicles
The lower cost of natural gas, increased environmental awareness, and increased demand from Asia-Pacific region is driving the CNG tanks/cylinders market. The decreasing natural gas prices and abundant availability of natural gas makes it a viable option as an alternate fuel for automobiles. This is propelling the demand for CNG and, consequently, for CNG cylinders.
Limited refueling infrastructures, and higher prices of composite cylinders, are some of the factors that hinder the growth of the CNG tanks/cylinders. Rising price of raw materials such as metals, glass fiber, carbon fiber, and other components used in manufacturing of CNG tanks/cylinders are the few challenges inhibiting the growth of the CNG tanks/cylinders market.
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