Global CNG Tanks Cylinders Market, By Material Type (Type I (Metal), Type II (Metal Liner with Hoop-Wrapped Composite), Type III (Metal Liner with Fully Wrapped Composite), Type IV (Full Composite)), Vehicle Type (Light-Duty Vehicles, Medium-Duty Vehicles, Heavy-Duty Vehicles), Application (On-board CNG Tanks, Stationary CNG Tanks), End-Use (Transportation, Industrial), Composite Type (Carbon Fiber Reinforced Composite, Glass Fiber Reinforced Composite), Distribution Channel (OEM, Aftermarket) - Industry Trends and Forecast to 2031.
Data Bridge Market Research analyzes that the global CNG tanks cylinders market which was USD 19,024.4 million in 2023, would rocket up to USD 25,889.6 million by 2031, and is expected to undergo a CAGR of 3.9% during the forecast period of 2024 to 2031. “Type I (Metal)” dominates the material type segment of the CNG tank cylinders market due to its robust and durability nature and is commonly used in various applications, especially in heavy-duty vehicles and industrial settings.
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**Segments**
- Type:
- Type 1
- Type 2
- Type 3
- Material:
- Metal
- Glass Fiber
- Carbon Fiber
- Application:
- Light Duty Vehicles
- Medium and Heavy Duty Vehicles
- Others
The CNG tanks cylinders market can be segmented based on type, material, and application. In terms of type, the market is categorized into Type 1, Type 2, and Type 3 cylinders. Type 1 cylinders are made of steel and are the heaviest but also the least expensive. Type 2 cylinders have a metal liner reinforced with a composite layer, providing a good balance between weight and cost. Type 3 cylinders use a thin liner wrapped with composite materials, offering a lightweight solution at a higher cost. When it comes to material, CNG tanks cylinders are predominantly made of metal, glass fiber, or carbon fiber. Metal cylinders are traditional but heavy, while glass fiber and carbon fiber cylinders are lighter and corrosion-resistant. As for applications, these cylinders are widely used in light-duty vehicles, medium and heavy-duty vehicles, and other diverse industrial and commercial applications.
**Market Players**
- Faber Industrie S.p.A.
- Hexagon Composites ASA
- Luxfer Gas Cylinders
- Quantum Fuel Systems LLC
- Worthington Industries
- Praxair Technologies, Inc.
- Everest Kanto Cylinder Ltd.
- Beijing Tianhai Industry Co., Ltd.
- Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd.
- Sinomatech
Several key players operate in the global CNG tanks cylinders market. Faber Industrie S.p.A. is known for its innovative solutions in high-pressure gas containment. Hexagon Composites ASA specializes in lightweight composite cylinders for various applications. Luxfer Gas Cylinders is a leading manufacturer of high-performance cylinders for gas storage. Quantum Fuel Systems LLC focuses onThe global CNG tanks cylinders market is witnessing significant growth due to the increasing adoption of compressed natural gas (CNG) as an alternative fuel source. Various market players are actively contributing to the expansion of the CNG tanks cylinders market by offering innovative solutions and advanced technologies. Faber Industrie S.p.A., a prominent player in the market, has established a reputation for providing high-quality and innovative high-pressure gas containment solutions. The company's expertise in manufacturing Type 1, Type 2, and Type 3 cylinders has positioned it as a key player in the industry. Faber Industrie S.p.A.'s commitment to research and development allows it to stay ahead in the competitive market landscape.
Hexagon Composites ASA is another key player that focuses on the production of lightweight composite cylinders for various applications, including CNG tanks. With a strong emphasis on sustainability and efficiency, Hexagon Composites ASA continues to drive technological advancements in the sector. Luxfer Gas Cylinders, renowned for its high-performance gas storage cylinders, plays a crucial role in meeting the growing demand for CNG tanks cylinders. The company's commitment to quality and safety standards has earned it a trusted position in the market.
Quantum Fuel Systems LLC is a notable player in the CNG tanks cylinders market, known for its innovative approaches and solutions. By leveraging cutting-edge technologies, Quantum Fuel Systems LLC aims to address the evolving needs of the industry and provide customers with reliable and cost-effective CNG storage solutions. Worthington Industries, another key player, brings extensive experience and expertise to the market, offering a wide range of CNG tanks cylinders tailored to different applications and requirements.
Praxair Technologies, Inc., Everest Kanto Cylinder Ltd., Beijing Tianhai Industry Co., Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., and Sinomatech are also significant contributors to the global CNG tanks cylinders market. These market players continually invest in research and development activities**Segments**
In the global CNG tanks cylinders market, segmentation plays a crucial role in identifying the diverse needs and preferences of customers. The market can be segmented based on type, material, and application. Under the type category, cylinders are classified into Type 1, Type 2, and Type 3, each offering unique advantages in terms of weight, cost, and construction. When it comes to materials, CNG tanks cylinders can be made of metal, glass fiber, or carbon fiber, with each material offering specific benefits such as weight reduction and corrosion resistance. In terms of application, these cylinders find usage in light-duty vehicles, medium and heavy-duty vehicles, as well as various other industrial and commercial applications.
**Market Players**
- Faber Industrie S.p.A.
- Hexagon Composites ASA
- Luxfer Gas Cylinders
- Quantum Fuel Systems LLC
- Worthington Industries
- Praxair Technologies, Inc.
- Everest Kanto Cylinder Ltd.
- Beijing Tianhai Industry Co., Ltd.
- Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd.
- Sinomatech
The global CNG tanks cylinders market is witnessing robust growth, fueled by the rising adoption of compressed natural gas as an alternative fuel source. Key market players like Faber Industrie S.p.A., Hexagon Composites ASA, and Luxfer Gas Cylinders are leading the industry with their focus on innovation and high-quality products.
Highlights of TOC:
Chapter 1: Market overview
Chapter 2: Global CNG Tanks Cylinders Market
Chapter 3: Regional analysis of the Global CNG Tanks Cylinders Market industry
Chapter 4: CNG Tanks Cylinders Market segmentation based on types and applications
Chapter 5: Revenue analysis based on types and applications
Chapter 6: Market share
Chapter 7: Competitive Landscape
Chapter 8: Drivers, Restraints, Challenges, and Opportunities
Chapter 9: Gross Margin and Price Analysis
Key takeaways from the CNG Tanks Cylinders Market report:
- Detailed considerate of CNG Tanks Cylinders Market-particular drivers, Trends, constraints, Restraints, Opportunities and major micro markets.
- Comprehensive valuation of all prospects and threat in the
- In depth study of industry strategies for growth of the CNG Tanks Cylinders Market-leading players.
- CNG Tanks Cylinders Market latest innovations and major procedures.
- Favorable dip inside Vigorous high-tech and market latest trends remarkable the Market.
- Conclusive study about the growth conspiracy of CNG Tanks Cylinders Market for forthcoming years.
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