Increasing demand from automotive, industrial, and other end-use industries to drive the hydrogen tank material market during the forecast period
The demand for hydrogen tank materials in various end-use industries such as automotive & transportation, industrial, chemicals, medical & pharmaceuticals and many others is increasing due to wide preference of clean energy and other government regulations regarding carbon dioxide emission. The global hydrogen tank material market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7% during the forecast period.
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The demand for alternative fuel-powered vehicles, such as hydrogen fuel-powered vehicles, is expected to increase in the transportation industry due to the stringent environmental regulations and government incentives for alternate fuels and fueling infrastructure. However, the lack of required refueling infrastructure in developing nations is the major restraint in the market. The development of lightweight hydrogen tanks provides an opportunity for the bulk transportation of hydrogen over a distance of 300 km.
Based on the material type, Metal material type dominated the hydrogen tank material market in 2022. This dominance is due to cost effectiveness and presence of wide application areas for storage and transportation applications. Carbon fiber-based hydrogen tanks are expected to grow with significant CAGR during forecasted years.
Type 1 is the most preferred type of tank globally for hydrogen as they are low cost and is expected to show highest growth in the upcoming years. Type 4 tanks are getting highly adopted due to their superior strength, high durability, and safety. Along with superior performance, the Type 4 tank offers more advantages in terms of sustainability and cost.
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The hydrogen tank material market is divided into various end-use industries namely automotive & transportation, industrial, chemicals, medical & pharmaceuticals, and others. The industrial end-use industry segment leads the hydrogen tank material in terms of both, volume and value. This dominance is due to high demand for hydrogen tanks in various applications such as metal refining, metal processing, iron & steel processing, and others.
Asia Pacific is dominating the hydrogen tank material market and is projected to grow at the highest growth rate during the forecasted period as well. The demand for clean energy options from various end-use industries such as automotive & transportation and others is driving the hydrogen tank material market in the region. China accounted for a highest share of the global hydrogen tank material market and is expected to register the significant growth between 2023 to 2030.