High demand for low maintainance vehicles and clean fuel to drive the CNG, RNG, and hydrogen tanks market
The demand for alternative fuel vehicles, such as CNG, RNG, and hydrogen fuels, is expected to increase from the transportation industry due to the stringent environmental regulations and government incentives for alternate fuels and fueling infrastructure. Lack of required refueling infrastructure for RNG and hydrogen in the developing nations, reduction in the automotive sales, interrupted supply chain, and reduced production capacities due to the COVID-19 pandemic are the major factors inhibiting the market growth. However, the demand for CNG, RNG, and hydrogen tanks would show recovery with the recovery in automotive sector and increased focus of countries on clean fuels. The global CNG, RNG, and hydrogen tanks market size is expected to grow from USD 1.8 billion in 2020 to USD 2.7 billion by 2025, projecting a CAGR of 8.1% during the forecast periodbetween 2020 and 2025.
Companies operating in the CNG, RNG, and hydrogen tanks market have strengthened their position in the global CNG, RNG, and hydrogenmarket by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers& acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global automotive industry, affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for CNG, RNG, and hydrogen fuel tanks. The demand is expected to recover bounce with natural gas and fuel cell vehicles sales picking up momentum by 2021.
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Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), Faber Industrie SpA (Italy), are some of the key players in the CNG, RNG, and hydrogen tanks market. The companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems are focusing on developing cost-effective technologies for developing type3 and type 4 tanks.