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CNG Type 3 and Type 4 Tank Market Size, Share, Competitive Landscape and Trend Analysis Report Forecast, 2022 – 2032
The automotive and transportation industry is undergoing a transformative evolution, driven by rapid technological advancements, sustainability goals, and shifting consumer preferences. From electric and autonomous vehicles to smart mobility solutions and connected infrastructure, the sector is redefining how people and goods move across urban and rural landscapes. Governments, automakers, and tech companies are increasingly collaborating to create efficient, eco-friendly, and intelligent transportation systems that not only reduce environmental impact but also enhance safety and convenience.
According to a new report published by Allied Market Research, titled, “CNG Type 3 and Type 4 Tank Market size ,” The CNG type 3 and type 4 tank market size was valued at $263.90 million in 2022, and is estimated to reach $498.8 million by 2032, growing at a CAGR of 6.8% from 2023 to 2032.
The glass fiber composites raw materials segment is witnessing consistent growth, fueled by the increasing demand for cost-effective and reliable CNG tank solutions. As the adoption of CNG vehicles expands globally, particularly in emerging economies, the need for affordable tank options has become a driving force in this market.
In addition, CNG tank manufactures are shifting towards type 4 CNG tanks as it offers higher storage capacity at a reduced weight. For instance, in February 2024, Confidence Group, known for its numerous CNG and LPG cylinder manufacturing plants and extensive distribution network, announced plans to introduce Type-4 cylinders constructed from composite polymer and carbon fiber wrapping. These cylinders are notably lighter compared to the conventional Type-1 steel cylinders commonly utilized in India. The reduced weight is expected to enable substantially higher capacity when integrated into vehicles or utilized for gas transportation via trucks, as stated by the company.
Furthermore, Europe is one of the major regions of the global CNG type 3 and type 4 tank industry, dominated by European countries such as France, Germany, and the UK. The European market for CNG Type 3 and Type 4 tanks is driven by the region’s focus on reducing greenhouse gas emissions and promoting sustainable mobility solutions. Several European countries, including Germany, Italy, and the Netherlands, have implemented policies and initiatives to encourage the adoption of CNG vehicles, thereby stimulating the demand for advanced CNG tank technologies. The growth of the CNG type 3 and type 4 tank marketin Europe is further propelled by the region’s emphasis on innovation and technological advancement. The CNG Type 3 and Type 4 tank market analysis includes evaluations of technological advancements and innovations driving market growth.
The key players operating in the global CNG type 3 and type 4 tank market include with Anhui Clean Energy Co., Ltd., Beijing Tianhai Industry Co. Ltd., Everest Kanto Cylinders Ltd., Faber Industrie S.P.A, Fiba Technologies, Hexagon Agility, Luxfer Group, Maruti Koatsu Cylinders Ltd, Quantum Fuel Systems Technologies Worldwide Inc., Worthington Industries, Indoruss Synergy Pvt. Ltd., Santek, Shandong AUYAN New Energy Technology Co., Ltd., Time Technoplast Ltd., Hanwha Solutions, Shanghai Metal Corporation, Beijing SinoCleansky Technologies and Corp, Weifang Hengsheng Gas Co. These players are adopting strategies such as contracts, agreements, and acquisitions to improve their market positioning.
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