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 productioncapacities 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 period between 2020 and 2025.
Companies operating in the CNG, RNG, and hydrogen tanks market have strengthened their position in the global CNG, RNG, and hydrogen market 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.
- In July 2020, Hexagon Purus received the first contract from a major US hydrogen fuel supplier to provide hydrogen transport modules in the US. The purchased transport modules are composed of Hexagon’s proprietary, lightweight, Type 4, 500 bar pressure vessels.
- In April 2019, Faber Industries SpA has achieved 0.75 kg/l for CNG Type 1 cylinders by using advanced steel grade. The typical type 1 Faber’s cylinder has a weight efficiency of 0.84 kg/l. This has become the world’s most appreciated and adopted product in CNG vehicles market..
- In April 2018, Worthington Industries introduced two new CNG fuel system products for medium and heavy truck markets. These additions further expand one of the widest CNG fuel system portfolios in the medium and heavy-duty markets.
- In June 2017, Worthington Industries acquired Amtrol, a leading manufacturer of pressure cylinders and water system tanks. This acquisition has strengthened Worthington’s industrial gas and consumer products businesses and complements the refrigerant cylinder manufacturing capabilities.
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There is a high demand for CNG tanks in countries such as China, India, Pakistan, and Thailand due to well developed CNG infrastructure and increased adoption of CNG vehicles. Whereas countries such as Japan and South Korea are more focused on developing market for hydrogen powered vehicles. The government of these countries have adopted a road map to build themselves as hydrogen economy, which are expected to drive the hydrogen tank market.
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.. These players have taken different organic and inorganic developmental strategies over the past five years.
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