CNG Tanks Market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application Type (Fuel, Transportation), and Region – Global Forecasts to 2029
The global CNG tanks market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.5% from 2024 to 2029, with a projected value of USD 4.3 billion by 2029, up from USD 2.9 billion in 2024. This growth is observed because the focus has been shifted to clean energy production and there is legislation that seeks to check emissions of green house gases to the atmosphere. Since governments and organisations look for other sources than the traditional fossil fuels, the market for CNG tanks is in an upward trend, with its usage in CNG vehicles as well as in a variety of industries. Also, the fact that CNG is cheaper and environmentally friendly than gasoline and diesel also play along the economic factor that drives the demand for the vehicles and therefore CNG tanks, across the economies, markets and segments.
“The Type 4 tanks to be the fastest growing segment in terms of value in the global CNG tanks.”
Type 4 tanks are expected to register the highest CAGR (Compound Annual Growth Rate) during the forecasted period, which illustrate the market demand and uptake of the tanks. Type 4 tanks are designed with light weight and advanced composite material and are far superior to metal tanks in safety, storage capacity and reduced vehicle weight. These advantages have made the Type 4 tanks well suitable for use in automobiles since efficiency is very important in these units. The subsequent rising concern of car manufacturers with regard to fuel efficiency as well as emissions standards, augmentation in the use of composite solutions augments the type 4 tanks demand. They are rapidly growing in the market also because of good policies and subsidies for green energy products.
“Metal material type is expected to dominate the market in terms of volume.”
Metal material type segment holds the largest share in global CNG tanks market, in terms of volume. The segment is leading the market because of high demandfor type 1 CNG tanks, which are made fully metallic. These tanks are special for their high strength and resistance as they are produced with fully metal body and can stand high pressure and tough climate. They are commonly used due to its relatively cheap compare to the composite tanks and has been used in the industry for many years. However, Type 1 tanks are still in use because of the easy fabrication process and widely available stocks of this type of tank as opposed to the relatively new advanced composite tanks. This continuous demand keeps on protecting the Type 1 tanks their position of having the highest average share in the market.
“Light-Duty Vehicles is estimated to be the fastest-growing segment during forecast period.”
Among all the vehicle type for CNG tanks, light-duty vehicles will exhibit the highest compound annual growth rate because compressed natural gas presents a better option than gasoline or diesel owing to cost and efficiency. Since cities today present high emission standards and environmental issues, light-duty automobiles such as cars and small pick-ups are now fitted with CNG tanks. Further, new technology in the vehicle that is used in CNG and widespread availability of the refueling stations as well as increase efficiency of the CNG tank also put into the picture that CNG is for transportation. The inclination towards reduction of operating expenses and increasing the fuel efficiency is instrumental in fostering high growth in this segment, making LDVs as an important growth factor for the CNG tanks market.
“Fuel tank application is the largest segment in terms of both value and volume.”
The fuel tank application holds the largest share in terms of volume and value of the CNG tanks market due its importance in feeding the operation of CNG vehicles. These tanks are used to store CNG and to fuel several automotive uses such as automobiles, buses, and trucks, which hence need storage in tanks with high capacities and reliability. The high number of tanks in use in the automotive industry is attributed to the high usage of CNG vehicles commonly enhanced by incentives and legislation that seek to improve the usage of cleaner fuels. Moreover, high values are associated with higher advanced engineering and safety features that qualify these tanks all round driving performance and durability. This testifies to extensive demand for fuel tanks and technology advancement making fuel tanks to retain a leading place in the CNG tanks market.
“Asia Pacific is the largest regional level market in the global CNG tanks market in terms of value and volume.”
Asia Pacific is to be the largest and fastest growing region for CNG tanks in terms of both volume and value attributed to rapid industrialization and urbanization coupled with increased focus towards adoption of cleaner fuels. For example, India is experiencing a rather rapid growth in terms of CNG station and vehicle deployments to have a response to high-smog levels and increasing environmental requirements. High level of growth in automotive industry of the region, enhanced government support and investment in CNG technology also puts high demand of the CNG tanks. Further, the technological growth in the fabrication of tanks and the growing concern for fuel economy and, thereby the associated cost also fuel the swift market growth. Such a dynamic growth path ensures the leadership of Asia Pacific in the CNG tanks market.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
The report provides a comprehensive analysis of company profiles listed below:
Research Coverage
This report covers the global CNG tanks market and forecasts the market size until 2029. The report includes the market segmentation – Tank type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Carbon fiber, Glass fiber), Application (Fuel tank, Transportation tank), Vehicle Type (LDV, MDV, HDV), and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global CNG tanks market.
Key benefits of buying the report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CNG tanks market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
“The Type 4 tanks to be the fastest growing segment in terms of value in the global CNG tanks.”
Type 4 tanks are expected to register the highest CAGR (Compound Annual Growth Rate) during the forecasted period, which illustrate the market demand and uptake of the tanks. Type 4 tanks are designed with light weight and advanced composite material and are far superior to metal tanks in safety, storage capacity and reduced vehicle weight. These advantages have made the Type 4 tanks well suitable for use in automobiles since efficiency is very important in these units. The subsequent rising concern of car manufacturers with regard to fuel efficiency as well as emissions standards, augmentation in the use of composite solutions augments the type 4 tanks demand. They are rapidly growing in the market also because of good policies and subsidies for green energy products.
“Metal material type is expected to dominate the market in terms of volume.”
Metal material type segment holds the largest share in global CNG tanks market, in terms of volume. The segment is leading the market because of high demandfor type 1 CNG tanks, which are made fully metallic. These tanks are special for their high strength and resistance as they are produced with fully metal body and can stand high pressure and tough climate. They are commonly used due to its relatively cheap compare to the composite tanks and has been used in the industry for many years. However, Type 1 tanks are still in use because of the easy fabrication process and widely available stocks of this type of tank as opposed to the relatively new advanced composite tanks. This continuous demand keeps on protecting the Type 1 tanks their position of having the highest average share in the market.
“Light-Duty Vehicles is estimated to be the fastest-growing segment during forecast period.”
Among all the vehicle type for CNG tanks, light-duty vehicles will exhibit the highest compound annual growth rate because compressed natural gas presents a better option than gasoline or diesel owing to cost and efficiency. Since cities today present high emission standards and environmental issues, light-duty automobiles such as cars and small pick-ups are now fitted with CNG tanks. Further, new technology in the vehicle that is used in CNG and widespread availability of the refueling stations as well as increase efficiency of the CNG tank also put into the picture that CNG is for transportation. The inclination towards reduction of operating expenses and increasing the fuel efficiency is instrumental in fostering high growth in this segment, making LDVs as an important growth factor for the CNG tanks market.
“Fuel tank application is the largest segment in terms of both value and volume.”
The fuel tank application holds the largest share in terms of volume and value of the CNG tanks market due its importance in feeding the operation of CNG vehicles. These tanks are used to store CNG and to fuel several automotive uses such as automobiles, buses, and trucks, which hence need storage in tanks with high capacities and reliability. The high number of tanks in use in the automotive industry is attributed to the high usage of CNG vehicles commonly enhanced by incentives and legislation that seek to improve the usage of cleaner fuels. Moreover, high values are associated with higher advanced engineering and safety features that qualify these tanks all round driving performance and durability. This testifies to extensive demand for fuel tanks and technology advancement making fuel tanks to retain a leading place in the CNG tanks market.
“Asia Pacific is the largest regional level market in the global CNG tanks market in terms of value and volume.”
Asia Pacific is to be the largest and fastest growing region for CNG tanks in terms of both volume and value attributed to rapid industrialization and urbanization coupled with increased focus towards adoption of cleaner fuels. For example, India is experiencing a rather rapid growth in terms of CNG station and vehicle deployments to have a response to high-smog levels and increasing environmental requirements. High level of growth in automotive industry of the region, enhanced government support and investment in CNG technology also puts high demand of the CNG tanks. Further, the technological growth in the fabrication of tanks and the growing concern for fuel economy and, thereby the associated cost also fuel the swift market growth. Such a dynamic growth path ensures the leadership of Asia Pacific in the CNG tanks market.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type - Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation - C Level- 50%, Director Level- 30%, and Executives- 20%
- By Region - North America- 15%, Europe- 50%, Asia Pacific- 20%, Middle East & Africa (MEA)-10%, Latin America-10%
The report provides a comprehensive analysis of company profiles listed below:
- Worthington Enterprises (US)
- Everest Kanto Cylinder (India)
- Luxfer Group (UK)
- Hexagon Composite ASA (Norway)
- CIMC Enric (China)
- Rama Cylinders Pvt Ltd (India)
- Faber Industries SPA (Italy)
- Quantam Fuel System LLC (US)
- Jay Fe Cylinders Ltd. (India)
- Galileo Technologies S.A. (Argentina)
Research Coverage
This report covers the global CNG tanks market and forecasts the market size until 2029. The report includes the market segmentation – Tank type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Carbon fiber, Glass fiber), Application (Fuel tank, Transportation tank), Vehicle Type (LDV, MDV, HDV), and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global CNG tanks market.
Key benefits of buying the report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CNG tanks market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Rising demand for CNG-based vehicles)
- Restraints (High cost of CNG tanks and requirement of regulatory approvals)
- Opportunities (Introduction of lightweight composite material-based CNG cylinders)
- Challenges (Development of electric cars and competition from alternative fuels)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the transportation composite market
- Market Development: Comprehensive information about lucrative markets – the report analyses the transportation composite market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the transportation composite market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Worthington Enterprises (US), Luxfer Holdings Plc (UK), Hexagon Composites ASA (Norway), Everest Kanto Cylinder Ltd (India), CIMIC Enric (CIna), Quantum Fuel Systems LLC (US) among others in the CNG tanks market.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 CNG TANKS MARKET SEGMENTATION
1.3.2 YEARS CONSIDERED
1.3.3 INCLUSIONS & EXCLUSIONS
1.3.4 CURRENCY CONSIDERED
1.3.5 UNITS CONSIDERED
1.4 LIMITATIONS
1.5 STAKEHOLDERS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from secondary sources
2.1.2.2 Key primary participants
2.1.2.3 Breakdown of interviews with experts
2.1.2.4 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 BASE NUMBER CALCULATION
2.3.1 APPROACH 1: SUPPLY-SIDE ANALYSIS
2.3.2 APPROACH 2: DEMAND-SIDE ANALYSIS
2.3.2.1 Approach 1: By vehicle type
2.3.2.2 Approach 2: By Indian market
2.4 MARKET FORECAST APPROACH
2.4.1 SUPPLY SIDE
2.4.2 DEMAND SIDE
2.5 DATA TRIANGULATION
2.6 FACTOR ANALYSIS
2.7 ASSUMPTIONS
2.8 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN CNG TANKS MARKET
4.2 CNG TANKS MARKET, BY TANK TYPE AND REGION, 2023
4.3 CNG TANKS MARKET, BY MATERIAL TYPE, 2023
4.4 CNG TANKS MARKET, BY APPLICATION, 2023
4.5 CNG TANKS MARKET, BY VEHICLE TYPE, 2023
4.6 CNG TANKS MARKET GROWTH, BY KEY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Increasing demand for CNG-powered vehicles
5.2.1.2 Government initiatives supporting CNG vehicle adoption and infrastructure development
5.2.1.3 Rising cost of traditional fuels to drive market
5.2.2 RESTRAINTS
5.2.2.1 Scarcity of CNG refueling stations in emerging economies
5.2.2.2 High cost of CNG tanks and need for regulatory approvals
5.2.3 OPPORTUNITIES
5.2.3.1 Introduction of lightweight composite material-based CNG cylinders
5.2.3.2 Increasing support from governments for bio-CNG
5.2.4 CHALLENGES
5.2.4.1 Impact of oil price fluctuations on Market
5.2.4.2 Development of electric cars and competition from alternative fuels
5.3 PORTER’S FIVE FORCES ANALYSIS
5.3.1 THREAT OF NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF SUPPLIERS
5.3.4 BARGAINING POWER OF BUYERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA
5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.4.2 BUYING CRITERIA
5.5 MACROECONOMIC INDICATORS
5.5.1 INTRODUCTION
5.5.2 GDP TRENDS AND FORECAST
5.5.3 TRENDS IN GLOBAL AUTOMOTIVE INDUSTRY
5.5.4 YEARLY TRENDS IN NATURAL GAS INDUSTRY
5.6 SUPPLY CHAIN ANALYSIS
5.6.1 RAW MATERIAL
5.6.2 MANUFACTURING PROCESS
5.6.3 FINAL PRODUCT
5.7 ECOSYSTEM
5.8 PRICING ANALYSIS
5.8.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TANK TYPE
5.8.2 AVERAGE SELLING PRICE TREND, BY APPLICATION
5.8.3 AVERAGE SELLING PRICE TREND, BY MATERIAL TYPE
5.8.4 AVERAGE SELLING PRICE TREND, BY REGION
5.9 VALUE CHAIN ANALYSIS
5.10 TRADE ANALYSIS
5.10.1 EXPORT SCENARIO FOR HS CODE 731100
5.10.2 IMPORT SCENARIO FOR HS CODE 731100
5.11 TECHNOLOGY ANALYSIS
5.11.1 KEY TECHNOLOGY
5.11.1.1 Filament winding manufacturing process
5.11.2 COMPLEMENTARY TECHNOLOGY
5.11.2.1 Latest resin transfer molding manufacturing process
5.11.3 ADJACENT TECHNOLOGY
5.11.3.1 Latest compression molding manufacturing process
5.12 IMPACT OF AI/GEN AI ON CNG TANKS MARKET
5.12.1 TOP USE CASES AND MARKET POTENTIAL
5.12.2 BEST PRACTICES IN CNG TANKS MARKET
5.12.3 CASE STUDIES OF AI IMPLEMENTATION IN CNG TANKS MARKET
5.12.4 INTERCONNECTED ADJACENT ECOSYSTEM AND IMPACT ON
MARKET PLAYERS
5.12.5 CLIENT READINESS TO ADOPT GENERATIVE AI IN CNG TANKS MARKET
5.13 PATENT ANALYSIS
5.13.1 INTRODUCTION
5.13.2 METHODOLOGY
5.13.3 DOCUMENT TYPES
5.13.4 INSIGHTS
5.13.5 LEGAL STATUS
5.13.6 JURISDICTION ANALYSIS
5.13.7 TOP APPLICANTS
5.13.8 US: TOP 10 PATENT OWNERS IN LAST 10 YEARS
5.14 REGULATORY LANDSCAPE
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.15 KEY CONFERENCES AND EVENTS IN 2025
5.16 CASE STUDY ANALYSIS
5.16.1 CASE STUDY 1: URBAN PUBLIC TRANSPORT FLEET
5.16.2 CASE STUDY 2: INDUSTRIAL FLEET OPTIMIZATION
5.17 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.18 INVESTMENT AND FUNDING SCENARIO
6 CNG TANKS MARKET, BY VEHICLE TYPE
6.1 INTRODUCTION
6.2 LIGHT-DUTY VEHICLES
6.2.1 CLEANER AND ECONOMICAL FUEL TO DRIVE MARKET
6.3 MEDIUM-DUTY VEHICLES
6.3.1 PRICE BENEFIT OF CNG TO SUPPORT MARKET
6.4 HEAVY-DUTY VEHICLES
6.4.1 LOWER COST AND EMISSIONS TO PROPEL MARKET
7 CNG TANKS MARKET, BY TANK TYPE
7.1 INTRODUCTION
7.2 TYPE 1 CNG TANKS
7.2.1 DEPENDABILITY, LONGEVITY, LOW COST, AND STRENGTH TO DRIVE MARKET
7.3 TYPE 2 CNG TANKS
7.3.1 LIGHTER WEIGHT TO BOOST MARKET
7.4 TYPE 3 CNG TANKS
7.4.1 INCREASING LOAD CARRYING CAPACITY OF VEHICLES TO PROPEL MARKET
7.5 TYPE 4 CNG TANKS
7.5.1 INCREASE IN VEHICLE MILEAGE TO SUPPORT MARKET
8 CNG TANKS MARKET, BY MATERIAL TYPE
8.1 INTRODUCTION
8.2 METALS
8.2.1 INCREASING DEMAND FOR CHEAP RAW MATERIALS TO DRIVE MARKET
8.3 CARBON FIBER
8.3.1 INCREASED DEMAND FOR LIGHTWEIGHT MATERIALS IN TRANSPORTATION INDUSTRY TO BOOST MARKET
8.4 GLASS FIBER
8.4.1 INCREASING DEMAND FOR LIGHTER MATERIALS TO PROPEL MARKET
9 CNG TANKS MARKET, BY APPLICATION
9.1 INTRODUCTION
9.2 FUEL TANKS
9.2.1 DURABILITY, LOW COST, AND LOW CO2 EMISSIONS TO DRIVE MARKET
9.3 TRANSPORTATION TANKS
9.3.1 WEIGHT REDUCTION QUALITIES OF TANKS TO BOOST MARKET
10 CNG TANKS MARKET, BY REGION
10.1 INTRODUCTION
10.2 ASIA PACIFIC
10.2.1 CHINA
10.2.1.1 Stringent government standards to fuel demand
10.2.2 INDIA
10.2.2.1 Growing sales of CNG-powered vehicles to drive market
10.2.3 PAKISTAN
10.2.3.1 Demand for cost-effective CNG fuel to foster growth
10.2.4 THAILAND
10.2.4.1 Increasing demand for natural gas-fueled vehicles to boost market
10.2.5 REST OF ASIA PACIFIC
10.3 EUROPE
10.3.1 ITALY
10.3.1.1 Supportive government policies and investments in refueling infrastructure to drive market
10.3.2 GERMANY
10.3.2.1 Significant demand for CNG cars to boost market
10.3.3 RUSSIA
10.3.3.1 Expansion of NGV fleet and construction of CNG fueling stations to drive demand
10.3.4 FRANCE
10.3.4.1 Increasing adoption of natural gas vehicles in commercial and public transportation sectors to drive market
10.3.5 UK
10.3.5.1 Broader government strategy to decarbonize transport to drive market
10.3.6 ARMENIA
10.3.6.1 High adoption of CNG vehicles to drive market growth
10.3.7 REST OF EUROPE
10.4 NORTH AMERICA
10.4.1 US
10.4.1.1 Growing adoption of CNG fuel in medium- and heavy-duty trucks to drive market
10.4.2 CANADA
10.4.2.1 Abundant natural gas resources and stringent government policies to drive market
10.5 LATIN AMERICA
10.5.1 BRAZIL
10.5.1.1 Substantial CNG production to drive market
10.5.2 ARGENTINA
10.5.2.1 Strong infrastructure and low cost of NGV conversion to drive market
10.5.3 REST OF LATIN AMERICA
10.6 MIDDLE EAST & AFRICA
10.6.1 IRAN
10.6.1.1 Extensive establishment of CNG refueling infrastructure to drive market
10.6.2 REST OF MIDDLE EAST & AFRICA
11 COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
11.3 REVENUE ANALYSIS
11.4 MARKET SHARE ANALYSIS
11.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
11.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
11.5.5.1 Company footprint
11.5.5.2 Tank type footprint
11.5.5.3 Material type footprint
11.5.5.4 Application footprint
11.5.5.5 Region footprint
11.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
11.6.1 PROGRESSIVE COMPANIES
11.6.2 RESPONSIVE COMPANIES
11.6.3 DYNAMIC COMPANIES
11.6.4 STARTING BLOCKS
11.6.5 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
11.7 VALUATION AND FINANCIAL METRICS OF CNG TANK VENDORS
11.8 COMPETITIVE SCENARIO
11.8.1 PRODUCT LAUNCHES
11.8.2 DEALS
11.8.3 EXPANSIONS
11.8.4 OTHERS
12 COMPANY PROFILES
12.1 KEY PLAYERS
12.1.1 WORTHINGTON ENTERPRISES
12.1.1.1 Business overview
12.1.1.2 Products/Solutions/Services offered
12.1.1.3 Recent developments
12.1.1.3.1 Product launches
12.1.1.3.2 Deals
12.1.1.4 MnM view
12.1.1.4.1 Right to win
12.1.1.4.2 Strategic choices
12.1.1.4.3 Weaknesses and competitive threats
12.1.2 LUXFER GROUP
12.1.2.1 Business overview
12.1.2.2 Products/Solutions/Services offered
12.1.2.3 Recent developments
12.1.2.3.1 Deals
12.1.2.3.2 Others
12.1.2.4 MnM view
12.1.2.4.1 Right to win
12.1.2.4.2 Strategic choices
12.1.2.4.3 Weaknesses and competitive threats
12.1.3 HEXAGON COMPOSITES ASA
12.1.3.1 Business overview
12.1.3.2 Products/Solutions/Services offered
12.1.3.3 Recent developments
12.1.3.3.1 Deals
12.1.3.3.2 Expansions
12.1.3.4 MnM view
12.1.3.4.1 Right to win
12.1.3.4.2 Strategic choices
12.1.3.4.3 Weaknesses and competitive threats
12.1.4 QUANTUM FUEL SYSTEMS LLC
12.1.4.1 Business overview
12.1.4.2 Products/Solutions/Services offered
12.1.4.3 Recent developments
12.1.4.3.1 Product launches
12.1.4.3.2 Deals
12.1.4.4 MnM view
12.1.4.4.1 Right to win
12.1.4.4.2 Strategic choices
12.1.4.4.3 Weaknesses and competitive threats
12.1.5 EKC
12.1.5.1 Business overview
12.1.5.2 Products/Solutions/Services offered
12.1.5.3 MnM view
12.1.5.3.1 Right to win
12.1.5.3.2 Strategic choices
12.1.5.3.3 Weaknesses and competitive threats
12.1.6 BEIJING TIANHAI INDUSTRY CO., LTD.
12.1.6.1 Business overview
12.1.6.2 Products/Solutions/Services offered
12.1.6.3 MnM view
12.1.6.3.1 Right to win
12.1.6.3.2 Strategic choices
12.1.6.3.3 Weaknesses and competitive threats
12.1.7 FABER INDUSTRIE SPA
12.1.7.1 Business overview
12.1.7.2 Products/Solutions/Services offered
12.1.7.3 Recent developments
12.1.7.3.1 Product launches
12.1.7.4 MnM view
12.1.7.4.1 Right to win
12.1.7.4.2 Strategic choices
12.1.7.4.3 Weaknesses and competitive threats
12.1.8 CIMC ENRIC HOLDINGS LIMITED
12.1.8.1 Business overview
12.1.8.2 Products/Solutions/Services offered
12.1.8.3 MnM view
12.1.8.3.1 Right to win
12.1.8.3.2 Strategic choices
12.1.8.3.3 Weaknesses and competitive threats
12.1.9 LUXI NEW ENERGY EQUIPMENT GROUP CO., LTD.
12.1.9.1 Business overview
12.1.9.2 Products/Solutions/Services offered
12.1.9.3 MnM view
12.1.9.3.1 Right to win
12.1.9.3.2 Strategic choices
12.1.9.3.3 Weaknesses and competitive threats
12.1.10 SINOCLEANSKY
12.1.10.1 Business overview
12.1.10.2 Products/Solutions/Services offered
12.1.10.3 MnM view
12.1.10.3.1 Right to win
12.1.10.3.2 Strategic choices
12.1.10.3.3 Weaknesses and competitive threats
12.1.11 TIME TECHNOPLAST LTD.
12.1.11.1 Business overview
12.1.11.2 Products/Solutions/Services offered
12.1.11.3 Recent developments
12.1.11.3.1 Expansions
12.1.11.4 MnM view
12.1.11.4.1 Right to win
12.1.11.4.2 Strategic choices
12.1.11.4.3 Weaknesses and competitive threats
12.1.12 RAMA CYLINDERS
12.1.12.1 Business overview
12.1.12.2 Products/Solutions/Services offered
12.1.12.3 MnM view
12.1.12.3.1 Right to win
12.1.12.3.2 Strategic choices
12.1.12.3.3 Weaknesses and competitive threats
12.2 STARTUPS/SMES
12.2.1 COMPOSITE ADVANCED TECHNOLOGIES, LLC
12.2.2 GALILEO TECHNOLOGIES
12.2.3 LIANYUNGANG ZHONGFU LIANZHONG COMPOSITES GROUP CO., LTD
12.2.4 JAY FE CYLINDERS LIMITED
12.2.5 SAHUWALA CYLINDERS LTD.
12.2.6 EURO INDIA CYLINDERS LTD.
12.2.7 STEELHEAD COMPOSITES, INC.
12.2.8 KIOSHI COMPRESION
12.2.9 ANHUI CLEAN ENERGY CO., LTD.
12.2.10 SHANGHAI METAL CORPORATION
12.2.11 SANTEK
12.2.12 INFLEX
12.2.13 INDORUSS SYNERGY
13 APPENDIX
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 CNG TANKS MARKET SEGMENTATION
1.3.2 YEARS CONSIDERED
1.3.3 INCLUSIONS & EXCLUSIONS
1.3.4 CURRENCY CONSIDERED
1.3.5 UNITS CONSIDERED
1.4 LIMITATIONS
1.5 STAKEHOLDERS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from secondary sources
2.1.2.2 Key primary participants
2.1.2.3 Breakdown of interviews with experts
2.1.2.4 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 BASE NUMBER CALCULATION
2.3.1 APPROACH 1: SUPPLY-SIDE ANALYSIS
2.3.2 APPROACH 2: DEMAND-SIDE ANALYSIS
2.3.2.1 Approach 1: By vehicle type
2.3.2.2 Approach 2: By Indian market
2.4 MARKET FORECAST APPROACH
2.4.1 SUPPLY SIDE
2.4.2 DEMAND SIDE
2.5 DATA TRIANGULATION
2.6 FACTOR ANALYSIS
2.7 ASSUMPTIONS
2.8 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN CNG TANKS MARKET
4.2 CNG TANKS MARKET, BY TANK TYPE AND REGION, 2023
4.3 CNG TANKS MARKET, BY MATERIAL TYPE, 2023
4.4 CNG TANKS MARKET, BY APPLICATION, 2023
4.5 CNG TANKS MARKET, BY VEHICLE TYPE, 2023
4.6 CNG TANKS MARKET GROWTH, BY KEY COUNTRY
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Increasing demand for CNG-powered vehicles
5.2.1.2 Government initiatives supporting CNG vehicle adoption and infrastructure development
5.2.1.3 Rising cost of traditional fuels to drive market
5.2.2 RESTRAINTS
5.2.2.1 Scarcity of CNG refueling stations in emerging economies
5.2.2.2 High cost of CNG tanks and need for regulatory approvals
5.2.3 OPPORTUNITIES
5.2.3.1 Introduction of lightweight composite material-based CNG cylinders
5.2.3.2 Increasing support from governments for bio-CNG
5.2.4 CHALLENGES
5.2.4.1 Impact of oil price fluctuations on Market
5.2.4.2 Development of electric cars and competition from alternative fuels
5.3 PORTER’S FIVE FORCES ANALYSIS
5.3.1 THREAT OF NEW ENTRANTS
5.3.2 THREAT OF SUBSTITUTES
5.3.3 BARGAINING POWER OF SUPPLIERS
5.3.4 BARGAINING POWER OF BUYERS
5.3.5 INTENSITY OF COMPETITIVE RIVALRY
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA
5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.4.2 BUYING CRITERIA
5.5 MACROECONOMIC INDICATORS
5.5.1 INTRODUCTION
5.5.2 GDP TRENDS AND FORECAST
5.5.3 TRENDS IN GLOBAL AUTOMOTIVE INDUSTRY
5.5.4 YEARLY TRENDS IN NATURAL GAS INDUSTRY
5.6 SUPPLY CHAIN ANALYSIS
5.6.1 RAW MATERIAL
5.6.2 MANUFACTURING PROCESS
5.6.3 FINAL PRODUCT
5.7 ECOSYSTEM
5.8 PRICING ANALYSIS
5.8.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TANK TYPE
5.8.2 AVERAGE SELLING PRICE TREND, BY APPLICATION
5.8.3 AVERAGE SELLING PRICE TREND, BY MATERIAL TYPE
5.8.4 AVERAGE SELLING PRICE TREND, BY REGION
5.9 VALUE CHAIN ANALYSIS
5.10 TRADE ANALYSIS
5.10.1 EXPORT SCENARIO FOR HS CODE 731100
5.10.2 IMPORT SCENARIO FOR HS CODE 731100
5.11 TECHNOLOGY ANALYSIS
5.11.1 KEY TECHNOLOGY
5.11.1.1 Filament winding manufacturing process
5.11.2 COMPLEMENTARY TECHNOLOGY
5.11.2.1 Latest resin transfer molding manufacturing process
5.11.3 ADJACENT TECHNOLOGY
5.11.3.1 Latest compression molding manufacturing process
5.12 IMPACT OF AI/GEN AI ON CNG TANKS MARKET
5.12.1 TOP USE CASES AND MARKET POTENTIAL
5.12.2 BEST PRACTICES IN CNG TANKS MARKET
5.12.3 CASE STUDIES OF AI IMPLEMENTATION IN CNG TANKS MARKET
5.12.4 INTERCONNECTED ADJACENT ECOSYSTEM AND IMPACT ON
MARKET PLAYERS
5.12.5 CLIENT READINESS TO ADOPT GENERATIVE AI IN CNG TANKS MARKET
5.13 PATENT ANALYSIS
5.13.1 INTRODUCTION
5.13.2 METHODOLOGY
5.13.3 DOCUMENT TYPES
5.13.4 INSIGHTS
5.13.5 LEGAL STATUS
5.13.6 JURISDICTION ANALYSIS
5.13.7 TOP APPLICANTS
5.13.8 US: TOP 10 PATENT OWNERS IN LAST 10 YEARS
5.14 REGULATORY LANDSCAPE
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.15 KEY CONFERENCES AND EVENTS IN 2025
5.16 CASE STUDY ANALYSIS
5.16.1 CASE STUDY 1: URBAN PUBLIC TRANSPORT FLEET
5.16.2 CASE STUDY 2: INDUSTRIAL FLEET OPTIMIZATION
5.17 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.18 INVESTMENT AND FUNDING SCENARIO
6 CNG TANKS MARKET, BY VEHICLE TYPE
6.1 INTRODUCTION
6.2 LIGHT-DUTY VEHICLES
6.2.1 CLEANER AND ECONOMICAL FUEL TO DRIVE MARKET
6.3 MEDIUM-DUTY VEHICLES
6.3.1 PRICE BENEFIT OF CNG TO SUPPORT MARKET
6.4 HEAVY-DUTY VEHICLES
6.4.1 LOWER COST AND EMISSIONS TO PROPEL MARKET
7 CNG TANKS MARKET, BY TANK TYPE
7.1 INTRODUCTION
7.2 TYPE 1 CNG TANKS
7.2.1 DEPENDABILITY, LONGEVITY, LOW COST, AND STRENGTH TO DRIVE MARKET
7.3 TYPE 2 CNG TANKS
7.3.1 LIGHTER WEIGHT TO BOOST MARKET
7.4 TYPE 3 CNG TANKS
7.4.1 INCREASING LOAD CARRYING CAPACITY OF VEHICLES TO PROPEL MARKET
7.5 TYPE 4 CNG TANKS
7.5.1 INCREASE IN VEHICLE MILEAGE TO SUPPORT MARKET
8 CNG TANKS MARKET, BY MATERIAL TYPE
8.1 INTRODUCTION
8.2 METALS
8.2.1 INCREASING DEMAND FOR CHEAP RAW MATERIALS TO DRIVE MARKET
8.3 CARBON FIBER
8.3.1 INCREASED DEMAND FOR LIGHTWEIGHT MATERIALS IN TRANSPORTATION INDUSTRY TO BOOST MARKET
8.4 GLASS FIBER
8.4.1 INCREASING DEMAND FOR LIGHTER MATERIALS TO PROPEL MARKET
9 CNG TANKS MARKET, BY APPLICATION
9.1 INTRODUCTION
9.2 FUEL TANKS
9.2.1 DURABILITY, LOW COST, AND LOW CO2 EMISSIONS TO DRIVE MARKET
9.3 TRANSPORTATION TANKS
9.3.1 WEIGHT REDUCTION QUALITIES OF TANKS TO BOOST MARKET
10 CNG TANKS MARKET, BY REGION
10.1 INTRODUCTION
10.2 ASIA PACIFIC
10.2.1 CHINA
10.2.1.1 Stringent government standards to fuel demand
10.2.2 INDIA
10.2.2.1 Growing sales of CNG-powered vehicles to drive market
10.2.3 PAKISTAN
10.2.3.1 Demand for cost-effective CNG fuel to foster growth
10.2.4 THAILAND
10.2.4.1 Increasing demand for natural gas-fueled vehicles to boost market
10.2.5 REST OF ASIA PACIFIC
10.3 EUROPE
10.3.1 ITALY
10.3.1.1 Supportive government policies and investments in refueling infrastructure to drive market
10.3.2 GERMANY
10.3.2.1 Significant demand for CNG cars to boost market
10.3.3 RUSSIA
10.3.3.1 Expansion of NGV fleet and construction of CNG fueling stations to drive demand
10.3.4 FRANCE
10.3.4.1 Increasing adoption of natural gas vehicles in commercial and public transportation sectors to drive market
10.3.5 UK
10.3.5.1 Broader government strategy to decarbonize transport to drive market
10.3.6 ARMENIA
10.3.6.1 High adoption of CNG vehicles to drive market growth
10.3.7 REST OF EUROPE
10.4 NORTH AMERICA
10.4.1 US
10.4.1.1 Growing adoption of CNG fuel in medium- and heavy-duty trucks to drive market
10.4.2 CANADA
10.4.2.1 Abundant natural gas resources and stringent government policies to drive market
10.5 LATIN AMERICA
10.5.1 BRAZIL
10.5.1.1 Substantial CNG production to drive market
10.5.2 ARGENTINA
10.5.2.1 Strong infrastructure and low cost of NGV conversion to drive market
10.5.3 REST OF LATIN AMERICA
10.6 MIDDLE EAST & AFRICA
10.6.1 IRAN
10.6.1.1 Extensive establishment of CNG refueling infrastructure to drive market
10.6.2 REST OF MIDDLE EAST & AFRICA
11 COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
11.3 REVENUE ANALYSIS
11.4 MARKET SHARE ANALYSIS
11.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
11.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
11.5.5.1 Company footprint
11.5.5.2 Tank type footprint
11.5.5.3 Material type footprint
11.5.5.4 Application footprint
11.5.5.5 Region footprint
11.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
11.6.1 PROGRESSIVE COMPANIES
11.6.2 RESPONSIVE COMPANIES
11.6.3 DYNAMIC COMPANIES
11.6.4 STARTING BLOCKS
11.6.5 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
11.7 VALUATION AND FINANCIAL METRICS OF CNG TANK VENDORS
11.8 COMPETITIVE SCENARIO
11.8.1 PRODUCT LAUNCHES
11.8.2 DEALS
11.8.3 EXPANSIONS
11.8.4 OTHERS
12 COMPANY PROFILES
12.1 KEY PLAYERS
12.1.1 WORTHINGTON ENTERPRISES
12.1.1.1 Business overview
12.1.1.2 Products/Solutions/Services offered
12.1.1.3 Recent developments
12.1.1.3.1 Product launches
12.1.1.3.2 Deals
12.1.1.4 MnM view
12.1.1.4.1 Right to win
12.1.1.4.2 Strategic choices
12.1.1.4.3 Weaknesses and competitive threats
12.1.2 LUXFER GROUP
12.1.2.1 Business overview
12.1.2.2 Products/Solutions/Services offered
12.1.2.3 Recent developments
12.1.2.3.1 Deals
12.1.2.3.2 Others
12.1.2.4 MnM view
12.1.2.4.1 Right to win
12.1.2.4.2 Strategic choices
12.1.2.4.3 Weaknesses and competitive threats
12.1.3 HEXAGON COMPOSITES ASA
12.1.3.1 Business overview
12.1.3.2 Products/Solutions/Services offered
12.1.3.3 Recent developments
12.1.3.3.1 Deals
12.1.3.3.2 Expansions
12.1.3.4 MnM view
12.1.3.4.1 Right to win
12.1.3.4.2 Strategic choices
12.1.3.4.3 Weaknesses and competitive threats
12.1.4 QUANTUM FUEL SYSTEMS LLC
12.1.4.1 Business overview
12.1.4.2 Products/Solutions/Services offered
12.1.4.3 Recent developments
12.1.4.3.1 Product launches
12.1.4.3.2 Deals
12.1.4.4 MnM view
12.1.4.4.1 Right to win
12.1.4.4.2 Strategic choices
12.1.4.4.3 Weaknesses and competitive threats
12.1.5 EKC
12.1.5.1 Business overview
12.1.5.2 Products/Solutions/Services offered
12.1.5.3 MnM view
12.1.5.3.1 Right to win
12.1.5.3.2 Strategic choices
12.1.5.3.3 Weaknesses and competitive threats
12.1.6 BEIJING TIANHAI INDUSTRY CO., LTD.
12.1.6.1 Business overview
12.1.6.2 Products/Solutions/Services offered
12.1.6.3 MnM view
12.1.6.3.1 Right to win
12.1.6.3.2 Strategic choices
12.1.6.3.3 Weaknesses and competitive threats
12.1.7 FABER INDUSTRIE SPA
12.1.7.1 Business overview
12.1.7.2 Products/Solutions/Services offered
12.1.7.3 Recent developments
12.1.7.3.1 Product launches
12.1.7.4 MnM view
12.1.7.4.1 Right to win
12.1.7.4.2 Strategic choices
12.1.7.4.3 Weaknesses and competitive threats
12.1.8 CIMC ENRIC HOLDINGS LIMITED
12.1.8.1 Business overview
12.1.8.2 Products/Solutions/Services offered
12.1.8.3 MnM view
12.1.8.3.1 Right to win
12.1.8.3.2 Strategic choices
12.1.8.3.3 Weaknesses and competitive threats
12.1.9 LUXI NEW ENERGY EQUIPMENT GROUP CO., LTD.
12.1.9.1 Business overview
12.1.9.2 Products/Solutions/Services offered
12.1.9.3 MnM view
12.1.9.3.1 Right to win
12.1.9.3.2 Strategic choices
12.1.9.3.3 Weaknesses and competitive threats
12.1.10 SINOCLEANSKY
12.1.10.1 Business overview
12.1.10.2 Products/Solutions/Services offered
12.1.10.3 MnM view
12.1.10.3.1 Right to win
12.1.10.3.2 Strategic choices
12.1.10.3.3 Weaknesses and competitive threats
12.1.11 TIME TECHNOPLAST LTD.
12.1.11.1 Business overview
12.1.11.2 Products/Solutions/Services offered
12.1.11.3 Recent developments
12.1.11.3.1 Expansions
12.1.11.4 MnM view
12.1.11.4.1 Right to win
12.1.11.4.2 Strategic choices
12.1.11.4.3 Weaknesses and competitive threats
12.1.12 RAMA CYLINDERS
12.1.12.1 Business overview
12.1.12.2 Products/Solutions/Services offered
12.1.12.3 MnM view
12.1.12.3.1 Right to win
12.1.12.3.2 Strategic choices
12.1.12.3.3 Weaknesses and competitive threats
12.2 STARTUPS/SMES
12.2.1 COMPOSITE ADVANCED TECHNOLOGIES, LLC
12.2.2 GALILEO TECHNOLOGIES
12.2.3 LIANYUNGANG ZHONGFU LIANZHONG COMPOSITES GROUP CO., LTD
12.2.4 JAY FE CYLINDERS LIMITED
12.2.5 SAHUWALA CYLINDERS LTD.
12.2.6 EURO INDIA CYLINDERS LTD.
12.2.7 STEELHEAD COMPOSITES, INC.
12.2.8 KIOSHI COMPRESION
12.2.9 ANHUI CLEAN ENERGY CO., LTD.
12.2.10 SHANGHAI METAL CORPORATION
12.2.11 SANTEK
12.2.12 INFLEX
12.2.13 INDORUSS SYNERGY
13 APPENDIX
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 CUSTOMIZATION OPTIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
