Compressed Natural Gas (CNG) Tanks Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players Luxfer Group, Hexagon Composites, Worthington Industries

Acknowledging the kind of traction gained by this market, recently published a study report asserts the global Compressed Natural Gas (CNG) Tanks Market size is projected to accrue voluminously by 2026 registering a phenomenal CAGR of 14.1% during the review period (2022 to 2027).

Compressed Natural Gas (CNG) Tanks Market Overview

the share of natural gas in the global energy mix has radically increased. Compressed natural gas (CNG) is used widely in heavy-duty transportation vehicles due to its affordability and eco-friendliness. With the rise in environmental subjects such as climatic changes and depleting the ozone layer, many nations across the globe have started using CNG in power production.

Due to recovering oil prices, the low cost of CNG is preferred in many countries. Also, the growth in energy obligation by various nations leads to the use of non-conventional fuel such as beaten natural gas, which drives the CNG market. Furthermore, stringent government regulations in pollution control and an increase in the financial health of many countries around the world fuels the compressed natural gas market. Though the initial investment cost is too high, installation and costs of CNG storage tanks in automobiles are an expensive and a limited number of fueling stations restrain the growth of the market.

Recent Development

Luxfer Announces CEO Transition

Luxfer Holdings PLC [NYSE: LXFR] (“Luxfer” or the “Company”), a global industrial company innovating niche applications in materials engineering, today announced that Andrew “Andy” Butcher has been named as Chief Executive Officer and a member of Luxfer’s Board of Directors, effective May 6, 2022. The Company also reaffirmed its prior financial guidance for the year. Alok Maskara, who has served as CEO and Executive Director since May 2017, has elected to leave the Company in pursuit of another opportunity.

What are the major Applications, Types, and Regions for the Compressed Natural Gas (CNG) Tanks Market?

By Type, it is segmented into

• Metal CNG Tanks


• Glass Fiber CNG Tanks


• Carbon Fiber CNG Tanks


• Other

By Applications, it is segmented into

• Light-Duty Vehicles


• Medium-Duty Vehicles


• Heavy-Duty Vehicles


• Other

Compressed Natural Gas (CNG) Tanks Market Regional Analysis

Asia-Pacific dominated the global compressed natural gas market occupying more than half of the market share in 2016, registering a significant CAGR of around 14.2% during the forecast period. North America accounted for the highest growth rate in the overall global CNG market owing to large reservoirs of natural gas present in North America. Spain witnessed the growth rate of 13.3% in terms of value, during the forecast period.

•  North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Compressed Natural Gas (CNG) Tanks Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Compressed Natural Gas (CNG) Tanks Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Compressed Natural Gas (CNG) Tanks Market Report Scope?

Scope of the Report covers Compressed Natural Gas (CNG) Tanks Market with detailed analysis of the overall scenario for the market. It also highlights the business participants environment in the global marketplace. This report also provides an overview of leading companies covering the latest successful marketing strategies, market contributions, current and historical background and latest market happenings to help key organizations to grow and generate larger profits. Business players will greatly benefit from this Compressed Natural Gas (CNG) Tanks Market analysis report as it has vital details to provide about regional markets, expected opportunities for the prediction time period 2022-2027. Growth between segments is used to understand the different growth factors that are expected to dominate the market as a whole and to develop strategies to differentiate between key applications and target markets. It further reveals how worldwide market is working through efficient information graphics.

Key Takeaways from this Compressed Natural Gas (CNG) Tanks Report

• Evaluate Compressed Natural Gas (CNG) Tanks market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.


• Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.


• Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.


• Analyze the sales and distribution channels across geographies to enhance top-line revenues.


• Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.


• Get a quick outlook on the Compressed Natural Gas (CNG) Tanks market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.


• Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.

All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.

Frequently Asked Questions

What is the study period of this market?

The Compressed Natural Gas (CNG) Tanks Market is studied from 2017 - 2027.

Who are the key players in Compressed Natural Gas (CNG) Tanks Market?

Luxfer Group, Hexagon Composites, Worthington Industries, 3M, CNGUnited, GO NATURAL CNG, Quantum Fuel Systems Technologies Worldwide, R CNG, Wise Gas, Everest Kanto Cylinders, Faber Industries, Avanco Group, Ullit, BeiJing TianHai Industry, LianYunGang ZhongFu LianZhong Composites Group and Others.

What are the significant types of Compressed Natural Gas (CNG) Tanks Market?

Metal CNG Tanks, Glass Fiber CNG Tanks, Carbon Fiber CNG Tanks, Other.

What are the major end-use applications of Compressed Natural Gas (CNG) Tanks Market?

Light Duty Vehicles, Medium-Duty Vehicles, Heavy-Duty Vehicles, Other.

What segments are covered in the Compressed Natural Gas (CNG) Tanks Market report?

The Global Compressed Natural Gas (CNG) Tanks Market is Segmented on the basic of Product, Application, and Geography.

How can I get a sample report/company profile for the Compressed Natural Gas (CNG) Tanks Market?

The sample report for the Compressed Natural Gas (CNG) Tanks Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.