High demand for low maintenance vehicles and clean fuel to drive the CNG, RNG, and Hydrogen Tanks Market
The demand for alternative fuel vehicles, such as CNG, RNG, and hydrogen fuels, is expected to increase from the transportation industry due to the stringent environmental regulations and government incentives for alternate fuels and fueling infrastructure. Lack of required refueling infrastructure for RNG and hydrogen in the developing nations, reduction in the automotive sales, interrupted supply chain, and reduced production capacities due to the COVID-19 pandemic are the major factors inhibiting the market growth. However, the demand for CNG, RNG, and hydrogen tanks would show recovery with the recovery in automotive sector and increased focus of countries on clean fuels. The global CNG, RNG, and hydrogen tanks market size is expected to grow from USD 2.1 billion in 2021 to USD 3.4 billion by 2026, projecting a CAGR of 9.8% during the forecast period between 2021 and 2026.
Companies operating in the CNG, RNG, and hydrogen tanks market have strengthened their position in the global CNG, RNG, and hydrogen market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global automotive industry, affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for CNG, RNG, and hydrogen fuel tanks. The demand is expected to recover bounce with natural gas and fuel cell vehicles sales picking up momentum by 2021.
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Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (Mumbai), 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), are some of the key players in the CNG, RNG, and hydrogen tanks market. The companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems are focusing on developing cost-effective technologies for developing type3 and type 4 tanks.
.Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, oxygen, and other industrial gases. It operates through three major business segments: steel processing, pressure cylinders, and engineered cabs. These steel processing, pressure cylinders and engineered cabs operating systems catered to approximately 800, 4,500, and 65 customers, respectively, primarily located in the US, in 2019. The pressure cylinders segment sells and manufactures filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment to various end-use applications such as consumer products, alternative fuels, industrial products, and energy. Alternative fuels include composite and steel cylinders, used to hold CNG and hydrogen, for automobiles, buses, and light-duty trucks, and propane/autogas for automobiles, and light- and medium-duty trucks.
Luxfer Group is one of the key players in materials technology dealing with the manufacturing, design, and supply of high-performance materials, gas cylinders, and components. It operates its business based on two divisions: elektron and gas cylinders. The company’s area of expertise covers the metallurgical and chemical properties of magnesium, zirconium, carbon, and rare earths. It has 19 manufacturing plants operating in 7 countries across the world. The gas cylinder division manufactures products made from composites and aluminum, using technically advanced processes. The company produces and sells its products through two brands: Luxfer Gas Cylinders and Superform. Under Luxfer Gas Cylinder, the group manufactures and develops high-pressure aluminum and carbon composite cylinders.
Related Reports:
CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region - Global Forecast to 2026
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