Worthington Enterprise (US) and Luxfer Holding PLC (UK) are Leading Players in the CNG Tanks Market
The Compressed Natural Gas (CNG) tank market is projected to grow from USD 2.9 billion in 2024 to USD 4.3 billion by 2029, at a CAGR of 8.5% during the forecast period. CNG Tank market consists of Type 1, Type 2, Type 3 and Type 4 Tanks which are used as fuel tanks and in transportation Industry. CNG tanks are mostly used in automotives and are also used in Transportation Industry in terms of CNG Cascade and Virtual pipeline trailers. CNG Cascades are mostly used to transport compressed natural gas to CNG refuelling stations and Virtual pipeline trailers distributes gas to places which have unavailability of CNG. CNG as a fuel is gaining popularity as it is less costly than other fuels and comes with environmental benefits like reduced carbon emissions. Demand for lightweight CNG Tanks have significantly increased over time as the use of Type 4 composite cylinders have increased.
The major players active in the CNG Tank market are based in Asia Pacific, North America and Europe region. Worthington Enterprise (US), Luxfer Holding PLC (UK), Hexagon Composite ASA (Norway), Quantum Fuel Systems (US), Everest Kanto Cylinder (India), Beijing Tianhai Industry (China), Faber Industries SPA (Italy), CIMC Enric (China), Luxi New Energy Equipment Group (China), Sinocleansky (China), Timetechnoplast ltd (India), Rama Cylinders (India) are among a few leading players operating in the CNG Tank market. To be competitive, these companies have adopted themselves with various strategies to grow. These include mergers and acquisition, product launch, new product development, contracts, partnerships and other such developmental activities which has helped them to penetrate their presence in the CNG tank market.
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Worthington Enterprise (United States)
Worthington Enterprise is a major player in the transportation tank market and is headquartered in US. Worthington Enterprise operates 72 manufacturing facilities in 21 states and 10 countries. Worthington Enterprise operates in four business divisions, Steel Processing, Consumer Goods, Sustainable Energy and building products. The company manufactures and sells pressure cylinders for CNG, LPG, Hydrogen and other Industrial Gases. Worthington Enterprise manufactures Type 1, Type 2, type 3 and Type 4 CNG Cylinders which can be used for CNG Storage and transportation purpose.
The company has a widespread geographic presence and mostly operates in North America region.
Luxfer Holding PLC (United Kingdom)
Luxfer Holding PLC was founded in the year 1996 and is headquartered in the United Kingdoms. The company has 1400 employees and has reported revenue of USD 405 million in 2023. The company is a manufacturer and distributer of CNG tans and has three business segments namely Graphic Arts, Gas Cylinders and Elektron. With more than 45% of their business coming from Gas Cylinders, Luxfer holding PLC has a strong hold of the gas containment business. The company sells Type 3 and Type 4 CNG Gas Cylinders by the brand name of G-Stor. These cylinders can be used in applications such as heavy-duty vehicles, light duty vehicles. Luxfer Holding PLC has a strong geographical presence with 60% of their business coming from United States and the rest from regions such as Asia Pacific, UK, Germany.
Everest Kanto Cylinders (India)
Everest Kanto Cylinder limited is a key player in the CNG Tank market headquartered in India. Everest Kanto Cylinder is a leading Industrial manufacturer of steel gas cylinder having revenue of around 154 USD million in 2023. The company has three manufacturing plants, tarapur and kandla in India and JAFZA in Dubai. The company manufactures and distributes Type 1, Type 2 and Type 4 composite cylinders. The company also manufacturers Type 3 CNG Cylinders as per customer requirements. The company business revenue is spilt into many divisions mainly, Cylinders, castor oil, firefighting equipment’s, stores, spares & consumables, cascade fittings and others. The company manufactures cylinders as per Indian and International standards and has major dominance within India.
Everest Kanto has a well-established market presence in India. The group also supplies its products in Middle East and outside India.
Related Reports:
CNG Tanks Market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application Type (Fuel, Transportation), and Region – Global Forecasts to 2029
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