CNG Cylinders Market to Grow with a CAGR of 5.22% through 2029

Increasing environmental regulations & emphasis on cleaner fuels, Technological Advancements in CNG Cylinder Manufacturing and Rising Adoption of CNG vehicles are likely to drive the market in the forecast period.

According to TechSci Research report, “CNG Cylinders Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, Global CNG Cylinders Market was valued at USD 1.67 billion in 2023 and is anticipated to reach USD 2.29 Billion in 2029 with a CAGR of 5.22% through the forecast period. The Global CNG Cylinders Market is experiencing a surge in demand in the forecast period. The global CNG cylinders market is significantly driven by the escalating environmental regulations and a growing emphasis on cleaner fuels. Governments and regulatory bodies worldwide are implementing stringent emissions standards to combat air pollution and reduce greenhouse gas emissions. CNG, being a cleaner-burning alternative to gasoline and diesel, emits fewer pollutants, such as nitrogen oxides and particulate matter, and produces lower carbon dioxide emissions. This makes it an attractive option for countries and cities striving to improve air quality and meet climate targets. As environmental concerns intensify, many regions are incentivizing the adoption of CNG vehicles through subsidies, tax benefits, and other financial incentives. This push towards cleaner fuel options aligns with global efforts to transition to sustainable energy sources and reduce reliance on fossil fuels. Consequently, the demand for CNG cylinders, which store and transport compressed natural gas, is on the rise. The implementation of stricter emissions regulations is encouraging automotive manufacturers and fleet operators to switch to CNG-powered vehicles. This shift is further supported by the development of advanced technologies that enhance the efficiency and performance of CNG engines. As more vehicles are designed to run on CNG, the need for high-quality, reliable CNG cylinders becomes critical. The global CNG cylinders market is driven by the increased focus on environmental regulations and the adoption of cleaner fuels. The transition to CNG is supported by regulatory measures and incentives aimed at reducing emissions, which in turn boosts the demand for CNG cylinders.

Browse over XX Market data Figures spread through XX Pages and an in-depth TOC on "Global CNG Cylinders Market” 

Based on Vehicle Type, Commercial vehicles segment held the largest Market share in 2023. CNG offers substantial cost savings for commercial fleets compared to gasoline or diesel. The lower price of natural gas translates into reduced fuel expenses, which is particularly advantageous for high-mileage commercial vehicles such as trucks and buses. Additionally, CNG engines generally incur lower maintenance costs due to cleaner combustion, which reduces wear and tear on engine components. This combination of fuel and maintenance savings significantly lowers the total cost of ownership for commercial vehicle operators. Commercial vehicles, including buses and delivery trucks, are major contributors to urban air pollution and greenhouse gas emissions. Governments worldwide are imposing stricter emissions regulations to address these environmental concerns. CNG, being a cleaner alternative, produces fewer pollutants such as nitrogen oxides and particulate matter, and has lower carbon dioxide emissions compared to diesel. This makes CNG an attractive option for fleet operators seeking to comply with regulatory standards and contribute to improved air quality. Commercial fleets benefit from the scale of CNG adoption. Fleet operators often have centralized refueling and maintenance facilities, which simplifies the logistics of integrating CNG infrastructure. The higher volume of fuel consumption by commercial fleets makes the investment in CNG infrastructure more economically viable, leading to increased availability and convenience of refueling stations. Many governments offer incentives and subsidies for the adoption of CNG in commercial vehicles, further driving market dominance. These incentives can include tax breaks, grants for infrastructure development, and reduced tolls or fees for CNG-powered vehicles.  

In terms of region, Europe is the fastest growing region in Global CNG Cylinders, driven by a combination of regulatory support, environmental awareness, and advancements in CNG technology. The European Union's commitment to reducing greenhouse gas emissions has spurred significant investments in alternative fuel sources, including compressed natural gas (CNG). As governments implement stringent emissions regulations, the demand for cleaner transportation options has surged, making CNG an attractive alternative to traditional fuels. This favorable regulatory environment is encouraging both manufacturers and consumers to adopt CNG solutions. The rising awareness of environmental issues among consumers is propelling the growth of the CNG cylinders market in Europe. With increasing concerns about air quality and climate change, more individuals and businesses are seeking sustainable transportation options. CNG vehicles are recognized for their lower emissions compared to petrol and diesel counterparts, making them a compelling choice for environmentally conscious consumers. As public awareness grows, the market for CNG cylinders is expected to expand rapidly to meet this demand. The European market is also witnessing significant advancements in CNG technology, which are enhancing the efficiency and safety of CNG cylinders. Innovations in materials and manufacturing processes have led to the development of lighter, stronger, and more durable cylinders, making them more appealing to vehicle manufacturers and consumers alike. These technological improvements not only increase the operational efficiency of CNG vehicles but also contribute to their safety and reliability, further driving market growth. The expansion of CNG refueling infrastructure across Europe is playing a crucial role in supporting the market's growth. Governments and private companies are investing in the establishment of more CNG filling stations, making it easier for consumers to refuel their vehicles. This improved accessibility is likely to increase the adoption of CNG vehicles, thereby boosting the demand for CNG cylinders. As the infrastructure continues to grow, it will further reinforce consumer confidence in transitioning to CNG as a viable fuel option. Europe’s position as the fastest-growing region in the Global CNG Cylinders Market is underpinned by a confluence of supportive regulations, heightened environmental awareness, technological advancements, and improved refueling infrastructure. As these factors continue to evolve, the demand for CNG cylinders is expected to rise significantly, positioning Europe as a leader in the adoption of clean and sustainable transportation solutions. This growth presents numerous opportunities for manufacturers and stakeholders looking to capitalize on the burgeoning CNG market.

Major companies operating in the Global CNG Cylinders Market are:

• Luxfer Gas Cylinders (Luxfer Inc.)
• Hexagon Composites ASA
• Faber Industrie SpA
• NPROXX B.V.
• Everest Kanto Cylinder Limited
• Linde plc
• Beijing Tianhai Industrial Co., Ltd
• ELAFLEX US Inc. 

Download Free Sample Report

Customers can also request 10% free customization on this report.

“The Global CNG Cylinders Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global CNG cylinders market presents a substantial opportunity driven by rising environmental regulations, growing adoption of CNG vehicles, and increasing demand for cleaner energy solutions. Expanding infrastructure in emerging markets and advancements in cylinder technology further enhance market potential. As governments and businesses prioritize sustainability and cost-efficiency, the demand for high-quality CNG cylinders is expected to increase. Innovations in composite materials and digital monitoring systems offer additional growth avenues. The market is poised for significant expansion as CNG becomes a preferred alternative fuel, creating opportunities for manufacturers, infrastructure developers, and technology providers.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“CNG Cylinders Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Type 1 CNG Cylinders, Type 2 CNG Cylinders, Type 3 CNG Cylinders, Type 4 CNG Cylinders), By Raw Material (Metals, Glass Fiber, Carbon Fiber), By Vehicle Type (Passenger Vehicles, Commercial Vehicles) By Region & Competition, 2019-2029F”, has evaluated the future growth potential of Global CNG Cylinders Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global CNG Cylinders Market.

Contact

Techsci Research LLC

420 Lexington Avenue,

Suite 300, New York,

United States- 10170                   

Tel: +13322586602

Email: [email protected]

Website: www.techsciresearch.com