CNG Type 3 and Type 4 Tank Market By Raw Material (Glass Fiber Composites Raw Materials, Carbon Fiber Composites Raw Materials, Others), By Type (Type 3 CNG Tanks, Type 4 CNG Tanks): Global Opportunity Analysis and Industry Forecast, 2023-2032

CNG Type 3 and Type 4 Tank Market By Raw Material (Glass Fiber Composites Raw Materials, Carbon Fiber Composites Raw Materials, Others), By Type (Type 3 CNG Tanks, Type 4 CNG Tanks): Global Opportunity Analysis and Industry Forecast, 2023-2032

CNG type 3 and type 4 tank market by Raw Material (Glass Fiber Composites Raw Materials, Carbon Fiber Composites Raw Materials, Others), and By Type (Type 3 CNG Tanks, and Type 4 CNG Tanks): Global Opportunity Analysis and Industry Forecast, 2023–2032

Compressed natural gas tanks or CNG tanks can be referred to as high-pressure cylinders in which CNG gas is stored. The compressed natural gas is compressed into a high-pressure cylinder, usually to around 250 bars. The compressed natural gas (CNG) is used widely in vehicle transportation vehicles due to affordability and eco-friendliness. A Type 3 cylinder consists of a seamless metal liner encased in composite reinforcement, which covers all surfaces of the liner. This composite wrap primarily provides strength, while the metal liner ensures gas-tight integrity. Type 4 cylinders are characterized by a plastic liner surrounded entirely by carbon fiber. The liner serves solely as a barrier against gas permeation, with the primary strength derived from the carbon fiber wrapping. Moreover, Type 4 cylinders are equipped with impact protection on the domes to enhance durability. They are widely employed in small cars and buses due to their lightweight nature.

Factors such as the increase in adoption of natural gas in the automotive industry and rise in environmental awareness are anticipated to boost growth of the global CNG type 3 and type 4 tank marketduring the forecast period. However, intense competition, the high cost of composite tanks, and stringent regulatory approvals are expected to hinder growth of the market during the forecast period. Moreover, growth in demand from developing countries and low Cost of CNG compared to crude oil derivative fuels are anticipated to create opportunities for market growth in the future.

The carbon fiber composites raw materials segment is experiencing significant momentum, driven by the automotive industry's relentless pursuit of weight reduction and improved fuel efficiency. Carbon fibers, combined with high-performance polymer matrices, enable the production of lightweight and high-pressure CNG Type 4 tanks, which are crucial for extending vehicle range and minimizing emissions. Moreover, carbon fiber compounds providers have increased the production capacity to meet the growing demand from automotive industry.

For instance, in May 2021, Hyosung Advanced Materials Corp., based in Seoul, South Korea, announced expansion its polyacrylonitrile (PAN) carbon fiber production by adding a third production line capable of producing 2,500 tons per year at its Jeon-Ju facility. This expansion will increase the facility's total annual carbon fiber production to 6,500 tons. The primary driver behind this expansion is to meet the growing demand for carbon fiber in industrial applications, including cable cores, building infrastructure, and notably, fuel tank cylinders for compressed natural gas (CNG) and hydrogen vehicles, which typically operate at pressures ranging from 350 to 700 bar (5,000 to 10,000 psi). Hyosung Advanced Materials anticipates that its TANSOME high-strength and high-strain carbon fibers will play a critical role in the construction of type 3 and type 4 cylinders. Such development further fuels adoption of the CNG type 3 and type 4 tanks.

Type 4 CNG tanks, consisting of a plastic liner with a full composite overwrap, are gaining significant traction in the market. These tanks offer superior weight savings and high-pressure storage capabilities, which are crucial for optimizing vehicle range and fuel efficiency. The automotive industry's focus on reducing emissions and improving performance is fueling the adoption of Type 4 tanks, particularly in premium and high-end vehicle segments.

Moreover, companies operating in the are expanding their product offering by acquiring other companies. For instance, in March 2021, Luxfer Gas Cylinders, a major player in high-pressure carbon composite and aluminum cylinders, announced the acquisition of Structural Composites Industries, a prominent manufacturer of composite cylinders in North America. This strategic move bolsters Luxfer's composite cylinder offerings and aligns with its commitment to expanding alternative fuels capabilities, particularly in the growing markets for CNG and hydrogen. Additionally, the acquisition widens Luxfer's portfolio in aerospace, life support, and other key markets.

This acquisition strengthens Luxfer's composite cylinder offering, particularly in the field of Type 4 CNG tanks. Such development addresses the growth opportunities in the CNG type 3 and type 4 tank market.

The CNG type 3 and type 4 tank market is segmented on the basis of raw material, type, and region. By raw material, it is divided into glass fiber composites raw materials, carbon fiber composites raw materials, and others. By type, it is categorized into Type 3 CNG Tanks, and Type 4 CNG Tanks. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the global CNG type 3 and type 4 tank market include Anhui Clean Energy Co., Ltd., Beijing Tianhai Industry Co. Ltd., Everest Kanto Cylinders Ltd., Faber Industrie S.P.A, Fiba Technologies, Hexagon Agility, Luxfer Group, Maruti Koatsu Cylinders Ltd, Quantum Fuel Systems Technologies Worldwide Inc., Worthington Industries, Indoruss Synergy Pvt. Ltd., Santek, Shandong AUYAN New Energy Technology Co., Ltd., Time Technoplast Ltd., Hanwha Solutions, Shanghai Metal Corporation, Beijing SinoCleansky Technologies and Corp, Weifang Hengsheng Gas Co.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cng type 3 and type 4 tank market analysis from 2022 to 2032 to identify the prevailing cng type 3 and type 4 tank market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cng type 3 and type 4 tank market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cng type 3 and type 4 tank market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Raw Material

Glass Fiber Composites Raw Materials
Carbon Fiber Composites Raw Materials
Others

By Type

Type 3 CNG Tanks
Type 4 CNG Tanks

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
Russia
Netherlands
UK
Poland
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Asean
Rest of Asia-Pacific
LAMEA
Brazil
UAE
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Worthington Industries Inc.
Beijing Tianhai Industry Co., Ltd.
EKC
Luxfer Holdings PLC
Indoruss Synergy Pvt. Ld.
Faber Italy
Hanwha Solutions
Santek
Shanghai Metal Corporation
Time Technoplast Ltd.
Anhui Clean Energy Co., Ltd.
Quantum Fuel Systems LLC
Sinocleansky
Weifang Hengsheng Gas Co., Ltd.
Shandong AUYAN New Energy Technology Co., Ltd.
FIBA Technologies, Inc.
Hexagon Composites ASA

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