The automotive fuel tanks market is estimated at USD 16.6 billion in 2021 and is expected to reach USD 21.3 billion by 2026, with a CAGR of 5.1%.

The market is driven by increasing production of passenger and utility vehicles, increasing demand for light vehicles for longer range, government support for alternative fuel vehicles, strict emission standards that require minimum gas emissions greenhouse gas and government initiatives related to hydrogen infrastructure.

New York, November 17, 2021 (GLOBE NEWSWIRE) – Announces the Publication of the report “Automotive Fuel Tanks Market By Capacity, Material, CNG Tank Type, Propulsion, 2-Wheel, SCR Technology and Region – Global Forecast in 2026 “-
Several governments have increased their investments to promote the use of light vehicles. In addition, governments are investing more and more in the development of fuel efficient vehicles and alternative fuel vehicles. On the other hand, the increasing demand for electric vehicles which do not require fuel tanks and the high cost of lightweight composite fuel tanks may be holding back the growth of the market. In addition, the increasing stringency of evaporative emission standards that require fuel tank manufacturers to reduce the permeability of fuel tanks may hamper the growth of the automotive fuel tanks market.

Type 4 CNG tank is expected to be the fastest growing automotive fuel tank market segment, by CNG tank type, during the forecast period.
CNG vehicles are similar to gasoline or diesel vehicles in terms of horsepower, acceleration and cruising speed. CNG is stored on board a vehicle in a gaseous state compressed in cylinders at a pressure of 3000 to 3600 pounds per square inch.

The tanks are basically of four types including Type 1, Type 2, Type 3 and Type 4 and are available in different sizes depending on the specific requirements of the vehicle. According to NGV Journal, nearly 85 countries around the world use CNG-powered vehicles with more than 22.4 million vehicles and 25,000 service stations in 2,900 cities around the world. CNG-powered vehicles are mainly used for public transport applications. Type 1 tanks are more economical than other types of tanks and therefore have the largest market. Type 4 tanks are lightweight and have the fastest growing market. These tanks are used in HDVs. Due to the lightness of the fuel tank, vehicles equipped with type 4 tanks are more fuel efficient.

Asia-Pacific will be the largest market for the Selective Catalytic Reduction (SCR) tank segment of the automotive fuel tanks market
Due to the growing production of light commercial vehicles in countries such as India, Japan, and Thailand to meet growing freight and freight transportation needs, Asia-Pacific is considered the largest market for SCR tanks for automobiles. Strict regulations have forced OEMs to supply factory-fitted SCR systems in light and heavy commercial vehicles.
The SCR system controls the NOx production of diesel engines, while allowing engine manufacturers to minimize particulate emissions and optimize fuel consumption. Compliance with Euro VI regulations which dictate the limits for particulate matter and NOx emissions from passenger cars and commercial vehicles is an urgent 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 emissions reduction. It can reduce NOx emissions by up to 90%, hydrocarbon and CO emissions by 50-90%, and particulate emissions by 30-50%.

Asia-Pacific is expected to have the highest share of the global automotive fuel tanks market
Asia-Pacific is the largest automobile producer, given the growing demand for passenger vehicles in countries like China, India, Japan and South Korea. China is the world’s largest vehicle manufacturer.

India’s commercial vehicle market is growing rapidly and accounts for 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 expected to increase rapidly in the future. In recent years, the auto industry in Asia-Pacific has seen a significant increase in vehicle production and sales.

The total number of commercial vehicles produced increased by 6.3%. The increase in vehicle production is expected to boost the automotive fuel tank market in the Asia-Pacific region during the forecast period.
The study contains information provided by various industry experts ranging from equipment suppliers to Tier I companies and OEMs. The distribution of the primaries is as follows:
• By stakeholder: supply side – 70%, demand side – 30%
• By designation: C-level executives –11%, directors –11%, others – 78%
• By region: North America: 22%, Europe: 22%, Asia-Pacific: 56%

The automotive fuel tank market is dominated by globally established players such as Plastic Omnium Group (France), Textron – Kautex (US), Yapp (China), TI Fluid Systems (UK) and Yachiyo (Japan). The study includes an in-depth competitive analysis of these key players in the Automotive Fuel Tank market with their company profiles, an MnM view of the top five companies, recent developments and key market strategies.

Research coverage
The automotive fuel tank market has been segmented by material (aluminum, plastic and steel), capacity (70L), selective catalytic reduction tank type (Asia-Pacific, Europe, North America and rest of the world), CNG tank type (type 1, type 2, type 3 and type 4), propulsion type ( hybrid, hydrogen, ICE, NGV), region (Asia-Pacific, Europe, North America and rest of the world), Two-wheeler fuel tank region (Asia-Pacific, Europe, North America and rest of the world) and Type of fuel tank for two-wheelers (motorcycles, mopeds). The market has been projected, in terms of volume (‘000 units), while the market by component type is projected, in terms of value (million USD).

Main advantages of purchasing the report:

The report provides information on the following:
• Market Penetration: The report provides comprehensive information about the Automotive Fuel Tanks market and major industry players.
• Regulatory framework: the report provides a detailed overview of the standards leading to the application of automotive fuel tank and the effect of regulations on the market.
• Market development: The report provides comprehensive information on various automotive fuel tank technologies. The report analyzes the markets of various automotive fuel tank technologies in different countries.
• Market Diversification: The report provides exhaustive information on emerging technologies, recent developments, and investments in the global Automotive Fuel Tanks market.
• Competitive Assessment: The report offers an in-depth assessment of the strategies, services, and manufacturing capabilities of the major players in the global Automotive Fuel Tanks Market.
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