Automotive Fuel Tank Market

Market Leaders - Automotive Fuel Tank Market

The automotive fuel tank market is estimated to be USD 20.5 billion in 2020 and is projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%. The key growth drivers for the market are the need for lightweight vehicles for achieving zero greenhouse gas emissions, better fuel efficiency, longer driving range, and continuous investments and R&D activities by OEMs, fuel tank manufacturers, and governments toward the development of lightweight fuel tanks.

Collaborations/joint ventures/supply contracts/partnerships/agreements are the key strategies adopted by major players to gain traction in the automotive fuel tank market. For instance, Plastic Omnium acquired Optimum CPV, a Belgian company based in Zonhoven, which specializes in the design and production of composite filaments for high pressure hydrogen storage.

The second most widely followed strategy to gain traction in the automoitve fuel cell market by major market players is expansion. For instance, in May 2018, a US-based production subsidiary of Yachiyo Industry Co., Ltd. invested about USD 25 million to expand its plant building and install new forming equipment for plastic fuel tanks, which is likely to grow in demand.

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Plastic Omnium (France) is one of the key players in the automotive fuel tank market. The company offers conventional tanks and pressurized tanks, selective catalytic reduction (SCR) systems and water injection systems, high pressure gas storage tanks, and fuel cells. The company is into development and commercialization of lightweight automotive fuel tanks and is one of the leading suppliers. The company is in partnership with leading automotive manufacturers such as Audi, BMW, Chrysler, Citroen, DS, Maruti Suzuki, Nissan, Peugeot, Renault, Volkswagen, Daimler, Dacia, Ford, Porsche, SEAT, Volvo, Bentley, and Hyundai for the development and sales of fuel tanks.

Another important player in the automotive fuel cell market is Kautex (Germany). The company is a developer and manufacturer of blow-moulded plastic fuel systems and advanced fuel systems, including pressurized fuel tanks for hybrid applications for cars, light trucks, and all-terrain vehicles. The company offers products and solutions such as plastic fuel tanks, pressurized fuel tanks for hybrid applications, and plastic fuel tanks. In January 2018, Kautex announced the expansion of its Bonn headquarters. The new building is 4,000 m2, including 2500 m2 of seven open-plan offices, holding up to 240 employees. The building will house the sales, sales administration, design engineering, and program management teams currently based in Bonn.

Related Reports:

Automotive Fuel Tank Market by Capacity (<45 L, 45 L-70 L & >70 L), Material (Aluminium, Plastic & Steel), SCR Technology, CNG Tank Type (Type 1, Type 2, Type 3 & Type 4), Propulsion Type (Hybrid, Hydrogen, ICE & NGV) and Region - Global Forecast to 2027

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Report Code
AT 3136
RI Published ON
2/20/2020
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