Dallas, TX / CRWE PRESS RELEASE / Aug. 4, 2021 - According to the recent study the Global CNG Tank Market is projected to reach an estimated $1.6 billion by 2026, at a CAGR of 7.8% from 2020 to 2026. Growth in this market is primarily driven by increasing number of natural gas vehicles (NGVs) and lower cost of natural gas than gasoline and diesel.

Browse 94 figures / charts and 67 tables in this 162 -page report to understand trends, opportunities and forecast in global CNG tank market by application (automotive and bulk transportation), tank type (Type I, Type II, Type III, Type IV), material consumption (metal, glass fiber composites, and carbon fiber composites), and region (North America, Europe, Asia Pacific and the Rest of the World (ROW).

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“Automotive market is expected to remain the largest segment during the forecast period.”

Based on application, the global CNG tank market is segmented into automotive and bulk transportation. Lucintel forecasts that the automotive market is expected to remain the largest segment due to expected growth in the fleet of alternative fuel powered vehicles is the major driving factor that is likely to spur growth for this segment over the forecast period and bulk transportation segment will show above average growth during the forecast period.

“Within the global CNG tank market, the type I segment is expected to remain the largest tank type”

Based on tank type, the type I segment is expected to witness the highest growth over the forecast period due to the lower cost and higher demand from countries in the APAC and ROW regions which have large NGV fleet.

“Asia pacific will dominate the global CNG tank market in near future”

APAC is expected to remain the largest region over the forecast period. This region is expected to witness the highest growth for CNG tanks due to the growing fleet of alternative fuel powered vehicles, as well as increasing number of CNG refueling stations.

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Major players of global CNG tank market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Faber Industries S.p.A., and Everest Kanto Cylinder Ltd. are among the major global CNG tank providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/cng-tank-market.aspx or helpdesk@lucintel.com