Composite CNG Tank Market to Witness Double Digit Growth Rates in 2010-15

DALLAS--The CNG tank market has witnessed double digit growths during the last decade and is expected to grow at a similar rate for the next five years (2010-15). According to Lucintel, the global composite CNG tank market for automotive industry is forecast to reach $368.8 million by 2015.

“Growth Opportunities in Global Automotive Composite CNG Tank Market 2010-2015: Trends, Forecast and Market Analysis.”

Lucintel, a leading global management consulting and market research firm, has analyzed the global automotive CNG tank market and has now published a comprehensive research report entitled “Growth Opportunities in Global Automotive Composite CNG Tank Market 2010-2015: Trends, Forecast and Market Analysis.”

Lucintel’s study finds that growth in composite materials consumption in the CNG tank industry is primarily driven by increase in the number of natural gas vehicles produced together with increasing acceptance of composite CNG tanks on account of total lifecycle cost benefits. While more expensive than its traditional counterparts, the use of composites in CNG tanks is growing in applications where weight savings, fuel economy and other performance benefits are critical. Composite CNG cylinders have also been proven to be cost effective, environment friendly and safe solutions for several in-city & intercity mass transportation systems across the globe.

The European & Asian-Pacific markets are likely to lead the way for accelerated consumption of CNG tanks - witnessing highest growth in the next 5 years primarily driven by environmental concerns. Composite CNG tank manufacturers are, as a result, heavily focusing and investing in these markets to take advantage of changing geographic demand patterns and their subsequent opportunities. Moreover, interest among Asian suppliers to cater to increasing demand in domestic and export markets is expected to increase competitiveness in the market.

Lucintel’s research report analyzes in detail the key drivers and challenges shaping the global CNG tank marketplace. The report looks at market size, market share, regional analysis, trends & forecasts for CNG tank market (2010-2015) from both end-product and material suppliers’ perspective to offer insights into current and future opportunities.

For a detailed table of contents and pricing information on this timely and insightful report, please contact Lucintel at +1-972-636-5056 or via email at helpdesk@lucintel.com. Lucintel provides cutting edge decision support services that help you make critical decisions with greater speed, insight and cost-efficiency. To find out more, please visit www.lucintel.com.