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Automotive Fuel Tank Market: New Revenue Pockets
The automotive fuel tank market is estimated to grow at a CAGR of 5.95%, in terms of volume, for the next five years. The growth of the automotive industry across the globe and the rise in standard of living in developing economies—particularly BRICS nations—have fuelled the demand for vehicles which in turn drives the demand for fuel tank. The market is further driven by stringent fuel efficiency norms as overall weight of vehicles has to decrease resulting into increased demand for low weight fuel tank.
Plastic fuel Tank: Widely used fuel tank
The plastic fuel tanks are light weight and are widely used type of fuel tank. HDPE is the main constituent of the plastic fuel tank. The HDPE tanks provide higher corrosion resistance, better fire resistance, higher fuel capacities, good crash test performance over conventional steel and aluminum fuel tanks. Plastic fuel tanks can be easily molded into different shapes. The plastic fuel tank market is projected to grow to 88.087.3 thousand units by 2019 at a CAGR of 6.13%. The plastic fuel tanks are largely equipped in passenger cars. The upcoming fuel efficiency standards such CAFÉ standards are propelling the demand for plastic fuel tank. Asia-Oceania region is largest consumer of the plastic fuel tank with around 47% markets share in global automotive plastic fuel tank market.
Asia-Oceania: largest market for automotive fuel tank
The Asia-Oceania region is the largest market for automotive fuel tank which is projected to grow at a CAGR of 5.85% and reach up to $17,966.3 Million by 2019. The biggest contributor for this market is the Chinese market, which has grown to become the largest producer and consumer of automobiles across the globe. The other major country-level markets in the region are India, Japan, and South Korea. While India has started to emerge as an important customer in this region for the automotive industry, Japan and South Korea are already well-established names in the automotive industry. Japan, which was the world’s largest vehicle producer up until five years ago, lost out to China and U.S. and its loss was further graved by the Great East Japan earthquake in 2011. However, the industry in the country has bounced back and is growing after several years of contraction. The Tier 1 suppliers including Yachiyo Industry Co., Ltd. (Japan), Unipres Corporation (Japan) have their manufacturing base in this region.
Automotive Fuel Tank Market by Fuel Tank Type (Plastic and Metal), by Tank Capacity (<45L, 45L-70L, and >70L), by Fuel Tank Material type (HDPE, Steel and Aluminum) and Region - Industry Trends & Forecast to 2019
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