CNG Tanks Market Size, Share, Trends, Industry Analysis Report: By Tank Type, Material Type (Metal, Carbon Fiber, and Glass Fiber), Vehicle Type, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Mark

CNG Tanks Market Size, Share, Trends, Industry Analysis Report: By Tank Type, Material Type (Metal, Carbon Fiber, and Glass Fiber), Vehicle Type, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast 2025–2034

The CNG tanks market size is expected to reach USD 6.41 billion by 2034, according to a new study by Polaris Market Research. The report “CNG Tanks Market Share, Size, Trends, Industry Analysis Report: By Tank Type, Material Type (Metal, Carbon Fiber, and Glass Fiber), Vehicle Type, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing demand for cleaner fuel alternatives is positively impacting the CNG tanks market as stakeholders shift toward more sustainable solutions to mitigate increasing air pollution. Governments globally are imposing strict emissions regulations to compel consumers and manufacturers to shift their preference toward cleaner energy sources. CNG is gaining traction due to its lower greenhouse gas emissions relative to conventional fossil fuels, rendering it an appealing option for automotive and industrial applications. This transition is further supported by public awareness initiatives that emphasize the environmental advantages of CNG, encouraging consumers to evaluate CNG-powered vehicles as practical substitutes for gasoline and diesel. Consequently, the CNG tank market is witnessing substantial growth, driven by a boosted focus on sustainability and environmental accountability.

The increased adoption of CNG vehicles is a major driver of demand for CNG tanks, as automakers recognize the environmental and economic benefits of this cleaner fuel alternative. Many manufacturers are expanding their vehicle portfolios to include CNG-powered options, serving the growing consumer preference for sustainable transportation. As CNG vehicles gain popularity, reliable and efficient CNG tanks become essential for assuring optimal performance and safety. Additionally, partnerships between automotive companies and CNG infrastructure providers are facilitating the development of refueling stations, further improving the viability of CNG vehicles in the market. This trend is expected to drive the CNG tanks market as more consumers prefer eco-friendly driving solutions.

CNG Tanks Market Report Highlights

In terms of tank type, in 2024, the type 1 segment led the market due to their affordability and dependability. These characteristics make them particularly suitable for applications such as public transportation, where fleet operators prioritize durable and cost-efficient solutions.

The carbon fiber segment, by material type, is expected to experience the highest growth rate during the forecast period, driven by their lightweight characteristics and enhanced strength when compared to conventional materials.

In 2024, Asia Pacific led the CNG tanks market owing to rapid urbanization and economic development, which fueled the demand for cleaner transportation alternatives in response to growing concerns about air pollution.

North America is anticipated to experience the highest growth rate in the CNG gas tanks market during the forecast period, driven by a robust emphasis on cleaner energy solutions and sustainability efforts that are encouraging the adoption of CNG as an environmentally friendly substitute for conventional fuels.

A few global key market players include Hexagon Composites ASA; Worthington Industries; Time Technoplast Ltd.; Praxair Technology, Inc.; Quantum Fuel Systems; Linde PLC; Nel ASA; Toyota Tsusho Corporation; Faber Industrie SPA; Luxfer Gas Cylinders; and Parker Hannifin Corp.

Polaris Market Research has segmented the CNG tanks market report on the basis of tank type, material type, vehicle type, application, and region:

By Tank Type Outlook (Revenue, USD Billion, 2020–2034)

Type 1

Type 2

Type 3

Type 4

By Material Type Outlook (Revenue, USD Billion, 2020–2034)

Metal

Carbon Fiber

Glass Fiber

By Vehicle Type Outlook (Revenue, USD Billion, 2020–2034)

LDV

MDV

HDV

By Application Outlook (Revenue, USD Billion, 2020–2034)

Fuel Tank

Transportation Tank

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa