DUBLIN--(BUSINESS WIRE)--The "Automotive Fuel Tank Market by Capacity (<45L, 45L-70L, >70L), Material (Aluminum, Plastic, Steel), CNG Tank Type (1, 2, 3 & 4), Propulsion (Hybrid, Hydrogen, ICE, NGV), 2-Wheeler (Motorcycle, Moped), SCR Technology and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The automotive fuel tank market is estimated to be USD 16.6 billion in 2021 and is projected to reach USD 21.3 billion by 2026, at a CAGR of 5.1%.
The Type 4 CNG tank is projected to be the fastest-growing segment of the automotive fuel tank market, by CNG Tank Type, during the forecast period.
CNG vehicles are similar to gasoline or diesel vehicles in terms of power, acceleration, and cruising speed. CNG has stored onboard a vehicle in a compressed gaseous state within cylinders at a pressure of 3,000-3,600 pounds per square inch. The tanks are basically of four types including Type 1, Type 2, Type 3, and Type 4 and come in different sizes depending on the specific requirements of the vehicle.
According to NGV Journal, almost 85 countries across the globe use CNG-powered vehicles with more than 22.4 million vehicles and 25,000 fueling stations spread across 2,900 cities worldwide. CNG-powered vehicles are primarily used for public transport applications. Type 1 Tanks are more economical than other tank types and thus have the largest market. Type 4 tanks are lightweight and have the fastest growing market. These tanks are used in HDVs. Owing to the lightweight of the fuel tank, vehicles equipped with Type 4 tanks have a better fuel efficiency.
Asia Pacific to be the largest market for Selective Catalytic Reduction (SCR) Tank segment of the automotive fuel tank market.
Due to the increasing production of LCVs in countries such as India, Japan, and Thailand to meet the growing requirement of freight and goods transport, Asia Pacific is estimated to be the largest market for automotive SCR tank. Stringent regulations have compelled OEMs to provide factory-fitted SCR systems in light and heavy commercial vehicles.
The SCR system controls the production of NOx from diesel engines while enabling engine manufacturers to minimize PM emissions and optimize fuel consumption. Adhering to the Euro VI regulations that dictate the limits for PM and NOx emissions from passenger cars and commercial vehicles is a pressing challenge for engine and vehicle manufacturers. According to the Diesel Technology Forum, SCR is one of the most cost-effective and fuel-efficient technologies available for emission reduction. It can reduce NOx emissions by up to 90%, hydrocarbon and CO emissions by 50-90%, and PM emissions by 30-50%.
The Asia Pacific is projected to have the highest share in the global automotive fuel tank market.
The Asia Pacific is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the largest manufacturer of vehicles in the world. India's commercial vehicle market has been growing rapidly and contributes a significant share of the national GDP. As of 2020, the adoption of plastic fuel tanks in the Indian and Chinese automotive markets is estimated to be low. However, it is projected to increase rapidly in the future. In recent years, the automotive industry in the Asia Pacific has witnessed a significant increase in vehicle production and sales. The total number of commercial vehicles produced increased by 6.3%. Increased vehicle production is expected to boost the automotive fuel tank market in the Asia Pacific region during the forecast period.
- Growing Vehicle Production Volume
- Reduction in Vehicle Weight Leading to Advancements of Materials
- Impact of Electric Vehicle Production
- Stringent Evaporative Emission Standards
- Efforts to Build Economical Fuel Tanks Using Lightweight Materials
- High Cost of Composite Tanks and Regulatory Approvals
- Regulations Pertaining to Recycling of Shredded Fuel Tank Plastics
- Impact of COVID-19 on Fuel Tank Market
- Bellsonic Corporation
- Boyd Welding
- Crefact Corporation
- Dali & Samir Engineering Pvt. Ltd
- Hwashin Co., Ltd.
- Kongsberg Automotive
- Magna International
- Metal Tech Co., Ltd.
- SMA Serbatoi S.P.A.
- SRD Holdings Ltd.
- Textron (Kautex)
- The Plastic Omnium Group
- TI Fluid Systems
- Unipres Corporation
- Westport Fuel Systems
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Laura Wood, Senior Press Manager
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