Global CNG, RNG and Hydrogen Tank Market - 2022-2029

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,350	180 Pages	DataM Intelligence 4Market Research LLP	June, 2022	DTAM17210509

Best Price Guarantee
Price	from $4,350
Length	180 Pages
Publisher	DataM Intelligence 4Market Research LLP
Published Date	June, 2022
SKU	DTAM17210509

Global CNG, RNG and Hydrogen Tank Market - 2022-2029

Market Overview

The global CNG, RNG and hydrogen tank market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

A gas tank is a vessel used to store pressurized fluids such as compressed natural gas and hydrogen. It is utilized in the automotive industry as fuel storage for alternative fuel vehicles. Lightweight, leakage protection and high impact resistance are some of the desirable properties of a gas tank. Gas tanks are mainly made from metal; however, composite materials such as carbon fiber and fiberglass are increasingly used due to their superior strength.

Market Dynamics

The demand for the CNG, RNG and hydrogen tanks is driven by the more comprehensive and ever-growing transition away from fossil fuels as consumers become ever more climate-conscious and the drive to decarbonize transportation gathers pace. The high cost of CNG, RNG and hydrogen tanks hinders their adoption and represents a challenge for the growth of this market.

Growing transition away from fossil fuels

Consumers and governments worldwide are becoming aware of the ill effects of climate change. A major movement is underway to decarbonize various aspects of human life to avoid the most severe effects of man-made climate change. At Glasgow's 2021 COP26 climate conference, many governments pledged complete carbon neutrality by 2050. Adopting carbon neutrality is bound to accelerate the transition away from fossil fuels.

Natural gas is cleaner than other fossil fuels, petroleum and coal. The combustion of natural gas leads to fewer air pollutants and carbon dioxide emissions than petroleum and coal products to obtain the same amount of energy. Therefore, it has generated demand for compressed natural gas as governments and organizations look to mitigate air pollution and emissions. The mass adoption of electric vehicles and other renewable energy technologies is still years away. Compressed natural gas can serve as an effective stop-gap measure.

High cost of CNG, RNG and hydrogen tanks

CNG, RNG and hydrogen tanks are expensive, primarily due to the high capital expenditure incurred on the research and development of tanks. New innovative materials are used in production to ensure better safety, which further drives up the price. The use of carbon fiber and fiberglass, which cost more than metals, especially for hydrogen tanks, adds to the final cost.

Furthermore, after development, exhaustive testing by independent bodies is done to ensure safe operation under all parameters. The regulatory bodies then give final certification after conducting their tests. High costs are incurred in all these processes. Manufacturers tend to pass on the cost to end consumers. It keeps the prices for tanks high and prevents their wider adoption. The high cost of CNG, RNG and hydrogen tanks is a key challenge to growth.

COVID-19 impact analysis

The global automotive industry experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Lockdowns and other forms of movement restrictions forced manufacturers to halt operations temporarily. The production of tanks resumed in a limited capacity after lifting the lockdowns in late 2020, although demand is not expected to reach pre-pandemic levels before the end of 2021.

Due to the pandemic, the knock-on effects on the global supply chains have caused shortages of essential components for various industries. It has disrupted the manufacturing of tanks, even as pandemic restrictions are being lifted and economic activity is picking up. The CNG, RNG and hydrogen tank will be unaffected by the pandemic in the long term since the demand for alternative fuel vehicles remains strong and will continue to grow significantly in the coming years.

Segment Analysis

The CNG, RNG and hydrogen tank market is segmented on gas, material, tank type, application and region. The global CNG, RNG and hydrogen tank market is segmented into compressed natural gas, renewable natural gas and hydrogen based on the gas type. Compressed natural gas is leading in this segment since they make up most of the vehicle sales, far outpacing other forms of alternative fuel vehicles currently available on the market.

Geographical Analysis

Asia-Pacific is leading in the global CNG, RNG and hydrogen tank market primarily due to the major adoption of compressed natural gas vehicles by several countries in the region. CNG vehicles are mainly used on a large scale by commercial vehicles in Pakistan, Bangladesh, Cambodia, Laos and Indonesia. The high costs of imported petroleum-based fuels are unaffordable for many commercial vehicle owners. Lower running costs and government subsidies make compressed natural gas (CNG) vehicles attractive for middle-income households. Japan and China are also leading in the adoption of hydrogen vehicles, although it is still a minor share of the alternative fuel vehicles. The Asia-Pacific region is expected to retain the largest share in the global CNG, RNG and hydrogen tank in the coming years.

Competitive Landscape

The global CNG, RNG and hydrogen tank market is highly competitive due to a wide range of gas tanks suited for different applications. Some of the players contributing to the growth in the market are Luxfer Holdings PLC, Worthington Industries, Inc., AVANCO GmbH, Quantum Fuel Systems LLC, Faber Industrie SpA, CIMC ENRIC, Linde PLC, NPROXX, Beijing Tianhai Industry Co. Ltd and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. The major market players adopt several growth strategies such as new product launches, improving existing products, joint ventures and government tie-ups to contribute to growth in the market.

Luxfer Holdings PLC

Overview: Luxfer Holdings PLC is a diversified company that designs and manufactures gas cylinders, medical technology, graphic arts and finished metal products. It has operations in 27 countries along with production sites in 7 countries. The company was founded in 1897 and is headquartered in Salford, Greater Manchester, U.K.

Product Portfolio

G-Stor H2 is a lightweight type 3 cylinder designed for storing hydrogen and intended for use in a hydrogen fuel cell vehicle.

Key Developments:

On 21st September 2021, Luxfer Holdings PLC entered into a multi-million-pound joint venture with Octopus Hydrogen, a hydrogen production company. The joint venture is expected to cater to the growing alternative fuel market in the UK.

Why Purchase the Report?

Visualize the composition of the CNG, RNG and hydrogen tank market segmentation by gas, material, tank type, application and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the CNG, RNG and hydrogen tank market by analyzing trends and co-development deals.

Excel data sheet with thousands of CNG, RNG and hydrogen tank market-level 4/5 segmentation data points.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the critical product of all major market players

The global CNG, RNG, hydrogen market report would provide access to an approx.: 70 market data tables, 75 figures and 180 pages.

Target Audience 2022

Tank manufacturers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Utility Companies

1. Global CNG, RNG and Hydrogen Tank Market Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Global CNG, RNG and Hydrogen Tank Market – Market Definition and Overview
3. Global CNG, RNG and Hydrogen Tank Market – Executive Summary
3.1. Market Snippet by Gas
3.2. Market Snippet by Material
3.3. Market Snippet by Tank Type
3.4. Market Snippet by Application
3.5. Market Snippet by Region
4. Global CNG, RNG and Hydrogen Tank Market-Market Dynamics
4.1. Market Impacting Factors
4.1.1. Drivers
4.1.1.1. The growing transition away from fossil fuels.
4.1.1.2. XX
4.1.2. Restraints
4.1.2.1. The high cost of CNG, RNG and hydrogen tanks.
4.1.2.2. XX
4.1.3. Opportunity
4.1.3.1. XX
4.1.4. Impact Analysis
5. Global CNG, RNG and Hydrogen Tank Market – Industry Analysis
5.1. Porter's Five Forces Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
6. Global CNG, RNG and Hydrogen Tank Market – COVID-19 Analysis
6.1. Analysis of COVID-19 on the Market
6.1.1. Before COVID-19 Market Scenario
6.1.2. Present COVID-19 Market Scenario
6.1.3. After COVID-19 or Future Scenario
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. Global CNG, RNG and Hydrogen Tank Market – By Gas
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Gas
7.1.2. Market Attractiveness Index, By Gas
7.2. Compressed Natural Gas (CNG)
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Renewable Natural Gas (RNG)
7.4. Hydrogen
8. Global CNG, RNG and Hydrogen Tank Market – By Material
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material Segment
8.1.2. Market Attractiveness Index, By Material Segment
8.2. Metal
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Carbon Fiber
8.4. Glass Fiber
9. Global CNG, RNG and Hydrogen Tank Market – By Tank Type
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tank Type Segment
9.1.2. Market Attractiveness Index, By Tank Type Segment
9.2. Type 1
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Type 2
9.4. Type 3
9.5. Type 4
10. Global CNG, RNG and Hydrogen Tank Market – By Application
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application Segment
10.1.2. Market Attractiveness Index, By Application Segment
10.2. Fuel Tank
10.2.1. Introduction
10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Transportation Tank
11. Global CNG, RNG and Hydrogen Tank Market – By Region
11.1. Introduction
11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
11.1.2. Market Attractiveness Index, By Region
11.2. North America
11.2.1. Introduction
11.2.2. Key Region-Specific Dynamics
11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Gas
11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tank Type
11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.2.7.1. U.S.
11.2.7.2. Canada
11.2.7.3. Mexico
11.3. Europe
11.3.1. Introduction
11.3.2. Key Region-Specific Dynamics
11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Gas
11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tank Type
11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.3.7.1. Germany
11.3.7.2. UK
11.3.7.3. France
11.3.7.4. Italy
11.3.7.5. Spain
11.3.7.6. Rest of Europe
11.4. South America
11.4.1. Introduction
11.4.2. Key Region-Specific Dynamics
11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Gas
11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tank Type
11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.4.7.1. Brazil
11.4.7.2. Argentina
11.4.7.3. Rest of South America
11.5. Asia-Pacific
11.5.1. Introduction
11.5.2. Key Region-Specific Dynamics
11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Gas
11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tank Type
11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
11.5.7.1. China
11.5.7.2. India
11.5.7.3. Japan
11.5.7.4. South Korea
11.5.7.5. Rest of Asia-Pacific
11.6. Middle East and Africa
11.6.1. Introduction
11.6.2. Key Region-Specific Dynamics
11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Gas
11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Tank Type
11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
12. Global CNG, RNG and Hydrogen Tank Market – Competitive Landscape
12.1. Competitive Scenario
12.2. Market Positioning/Share Analysis
12.3. Mergers and Acquisitions Analysis
13. Global CNG, RNG and Hydrogen Tank Market- Company Profiles
13.1. Luxfer Holdings PLC
13.1.1. Company Overview
13.1.2. Product Portfolio and Description
13.1.3. Key Highlights
13.1.4. Financial Overview
13.2. Worthington Industries, Inc.
13.3. AVANCO GmbH
13.4. Quantum Fuel Systems LLC.
13.5. Faber Industrie SpA
13.6. CIMC ENRIC
13.7. Linde PLC
13.8. NPROXX
13.9. Beijing Tianhai Industry Co. Ltd
13.10. Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
LIST NOT EXHAUSTIVE
14. Global CNG, RNG and Hydrogen Tank Market – Premium Insights
15. Global CNG, RNG and Hydrogen Tank Market – DataM
15.1. Appendix
15.2. About Us and Services
15.3. Contact Us