Compressed Natural Gas (CNG) Tank Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By DWT (PSV below 3000 DWT, PSV above 3000 DWT), By Applications (Oil and Gas Production, Offshore Construction, Military, Others), By Type (Cargo and Support), By fuel, (Diesel, LNG, Electric, Hybrid), By Region, By Competition 2018-2028

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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 960.10 million

CAGR (2023-2028)

7.19%

Fastest Growing Segment

Data Center

Largest Market

Asia-Pacific


Market Overview

Global Compressed Natural Gas (CNG) Tank Market has valued at USD 960.10 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.19% through 2028.  The Compressed Natural Gas (CNG) Tank market refers to the sector of the global energy industry that involves the manufacturing, distribution, and utilization of specialized containers designed to store and transport compressed natural gas. Compressed natural gas, or CNG, is a cleaner and more environmentally friendly alternative to traditional fossil fuels such as gasoline and diesel. It is primarily composed of methane and is stored under high pressure within CNG tanks to maximize its energy density. The CNG tank market plays a pivotal role in the broader shift towards sustainable and eco-friendly energy solutions. These tanks are integral components of CNG-powered vehicles, including cars, trucks, buses, and even industrial equipment. They store the compressed gas safely and efficiently, allowing vehicles to operate with reduced greenhouse gas emissions and improved energy efficiency. The growth of the CNG tank market is influenced by factors such as government policies promoting cleaner energy sources, the need to meet stringent emissions standards, advancements in tank design and technology, and the expansion of CNG refueling infrastructure. As the world seeks to reduce its carbon footprint and transition towards greener transportation options, the CNG tank market is poised for continued expansion and innovation.

Key Market Drivers

Growing Demand for Clean and Sustainable Energy Sources

The global Compressed Natural Gas (CNG) tank market is being driven by the increasing demand for clean and sustainable energy sources. As concerns about environmental pollution and climate change continue to rise, there is a growing emphasis on reducing greenhouse gas emissions. CNG is considered a cleaner alternative to traditional fossil fuels like gasoline and diesel, as it produces fewer emissions when burned. This has led to a surge in demand for CNG-powered vehicles and, consequently, CNG storage solutions, such as CNG tanks.  Governments and regulatory bodies in many countries are also promoting the use of CNG as a way to meet their carbon reduction targets. Incentives, subsidies, and favorable policies are being implemented to encourage the adoption of CNG-powered vehicles, further boosting the CNG tank market.

Cost-Efficiency of CNG as a Transportation Fuel

Another key driver of the global CNG tank market is the cost-efficiency of CNG as a transportation fuel. CNG is often more affordable than gasoline or diesel, making it an attractive option for commercial fleet operators and individual vehicle owners looking to reduce their fuel expenses. With fluctuating oil prices, CNG provides a stable and cost-effective alternative, contributing to the growth of the CNG tank industry. Additionally, the infrastructure for CNG refueling stations is expanding, making it more convenient for consumers to access CNG as a fuel source. This increased accessibility further drives the adoption of CNG-powered vehicles and the demand for CNG tanks.

Environmental Regulations and Emission Standards

Stringent environmental regulations and emission standards imposed by governments worldwide are significant drivers of the CNG tank market. To comply with these standards and reduce their carbon footprint, industries and transportation sectors are increasingly turning to CNG as a cleaner fuel option. CNG tanks play a crucial role in this transition by storing and delivering natural gas to vehicles and industrial processes with lower emissions. Companies that invest in CNG technology can not only meet current regulatory requirements but also position themselves favorably for future regulations that may become even more stringent. This regulatory-driven demand for CNG tanks is expected to continue to grow.

Technological Advancements in CNG Tank Design

Advancements in CNG tank design and technology are propelling the growth of the global CNG tank market. Manufacturers are continually innovating to create tanks that are lighter, more durable, and safer. Lightweight CNG tanks, for instance, improve vehicle efficiency and reduce the overall weight, resulting in better fuel economy. Enhanced safety features in CNG tanks, such as advanced materials and pressure relief systems, increase their appeal to consumers and industries. These technological advancements not only boost the adoption of CNG-powered vehicles but also drive the replacement market as older, less efficient tanks are upgraded with newer, more advanced ones.

Increasing Adoption of CNG in Public Transportation

The increasing adoption of CNG in public transportation systems is a significant driver for the CNG tank market. Many cities and municipalities are transitioning their public bus fleets to CNG to reduce emissions and promote cleaner air quality. CNG tanks are an essential component of these vehicles, providing the fuel storage needed for daily operations. The shift towards CNG in public transportation is driven by a combination of environmental concerns, cost savings, and government incentives. As more cities embrace CNG for their buses and even taxis, the demand for CNG tanks is set to rise steadily.

Global Expansion of Natural Gas Infrastructure

The global expansion of natural gas infrastructure is another driver of the CNG tank market. As natural gas production and distribution networks grow, CNG becomes a more accessible and viable fuel option for a broader range of applications. This expansion includes the development of pipelines, liquefied natural gas (LNG) terminals, and CNG refueling stations.  With an increasing number of refueling stations available, consumers and businesses are more likely to consider CNG as a viable alternative. This infrastructure expansion not only supports the adoption of CNG-powered vehicles but also drives the demand for CNG tanks to store and transport natural gas effectively.

In conclusion, the global CNG tank market is experiencing robust growth driven by a combination of environmental concerns, cost-efficiency, regulatory support, technological advancements, increased adoption in public transportation, and the expansion of natural gas infrastructure. As the world continues to prioritize sustainability and emissions reduction, the CNG tank market is poised for continued expansion in the coming years.

Government Policies are Likely to Propel the Market

Subsidies and Incentives for CNG Adoption

Governments worldwide have implemented subsidies and incentives to promote the adoption of Compressed Natural Gas (CNG) as an alternative fuel source. These policies are designed to encourage vehicle owners and industries to transition from conventional gasoline and diesel to cleaner CNG, thereby reducing greenhouse gas emissions and air pollution. Subsidies typically involve financial assistance to offset the higher initial costs associated with purchasing CNG-powered vehicles and CNG tanks. In some regions, governments offer tax credits or rebates to individuals and businesses who invest in CNG technology. These incentives can significantly reduce the overall cost of CNG adoption, making it a more attractive option. Moreover, some governments provide grants for the installation of CNG refueling infrastructure, including CNG filling stations and storage facilities. This infrastructure support helps build a robust CNG ecosystem, further encouraging its use.

Emission Standards and Regulations

To combat air pollution and reduce greenhouse gas emissions, governments have imposed stringent emission standards and regulations that affect the global CNG tank market. These policies require vehicle manufacturers to produce vehicles that meet or exceed certain emissions thresholds, which often necessitate the use of cleaner fuels like CNG. For instance, the European Union's Euro 6 emission standard sets strict limits on nitrogen oxide (NOx) and particulate matter emissions from vehicles. To comply with these regulations, automakers increasingly offer CNG options for their vehicles. Consequently, the demand for CNG tanks has surged, as they are essential for storing and delivering natural gas to CNG-powered vehicles. Governments also introduce emissions testing and certification programs, ensuring that CNG-powered vehicles meet prescribed environmental standards. This regulatory framework not only supports the CNG tank market but also encourages innovation in tank design and technology to meet evolving standards.

Infrastructure Development

Governments play a pivotal role in CNG infrastructure development by investing in refueling stations and related facilities. This policy is instrumental in expanding the accessibility of CNG as a transportation fuel. Governments often collaborate with private enterprises to establish a network of CNG filling stations along major highways and in urban centers. In some cases, governments provide grants, low-interest loans, or tax incentives to encourage businesses to invest in CNG refueling infrastructure. This approach helps address one of the main barriers to CNG adoption: the lack of convenient refueling options. Furthermore, governments may enact regulations that require a minimum number of CNG stations to be available within a certain radius or along key transportation routes. This strategic approach ensures that CNG remains a practical and viable option for consumers and fleet operators.

Research and Development Funding

Many governments allocate funds for research and development (R&D) initiatives aimed at advancing CNG tank technology. These investments support the creation of safer, lighter, and more efficient CNG tanks, which, in turn, promote the adoption of CNG as a fuel source. R&D funding can be directed towards materials research, exploring innovative tank designs, enhancing safety features, and improving manufacturing processes. These advancements not only benefit the CNG tank market but also contribute to broader goals of energy efficiency and emissions reduction. Governments may collaborate with academic institutions, research organizations, and private companies to drive innovation in CNG tank technology. This collaborative approach fosters a culture of continuous improvement and ensures that CNG remains a competitive and sustainable energy solution.

Environmental Taxation and Pricing Mechanisms

Environmental taxation and pricing mechanisms are another policy tool employed to support the global CNG tank market. These policies typically involve imposing higher taxes or fees on conventional fossil fuels like gasoline and diesel while providing tax breaks or reduced rates for cleaner alternatives like CNG. By making CNG more economically attractive compared to traditional fuels, governments encourage consumers and businesses to opt for CNG-powered vehicles. This approach not only reduces greenhouse gas emissions but also incentivizes investment in CNG tanks and infrastructure. Furthermore, some regions implement congestion pricing or toll discounts for CNG vehicles, further reducing the overall cost of CNG adoption. These pricing mechanisms are designed to promote the use of cleaner fuels in congested urban areas, improving air quality and reducing traffic-related emissions.

Sustainability and Climate Action Plans

Governments are increasingly incorporating CNG adoption into their sustainability and climate action plans. These comprehensive strategies outline a country's or region's commitment to reducing carbon emissions and mitigating the impacts of climate change. As part of these plans, governments set specific targets for the adoption of clean energy sources like CNG. They may mandate that a certain percentage of government-owned vehicles or public transportation fleets must run on CNG. This policy not only showcases government leadership in sustainability but also serves as a catalyst for CNG tank market growth. Additionally, governments may establish long-term roadmaps for transitioning to a greener transportation sector, with CNG playing a vital role. These plans often include funding allocations for CNG infrastructure development, R&D initiatives, and public awareness campaigns to educate consumers about the benefits of CNG adoption.

In conclusion, government policies around the world are instrumental in driving the growth of the global Compressed Natural Gas (CNG) tank market. Through subsidies, emissions standards, infrastructure development, R&D funding, pricing mechanisms, and sustainability plans, governments play a pivotal role in promoting CNG as a cleaner and more sustainable alternative to conventional fossil fuels. These policies not only benefit the environment but also stimulate economic growth in the CNG tank industry and related sectors.

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Key Market Challenges

Infrastructure Development and Accessibility

One of the primary challenges facing the global Compressed Natural Gas (CNG) tank market is the development of adequate infrastructure and accessibility. While CNG is considered a cleaner and more environmentally friendly alternative to traditional fossil fuels, its adoption is heavily dependent on the availability of refueling stations and distribution networks. One major hurdle is the upfront investment required to establish a network of CNG refueling stations. These stations need to be strategically located along highways, in urban areas, and near industrial centers to make CNG a practical choice for consumers and businesses. Governments and private investors must collaborate to fund and build this infrastructure, which can be a time-consuming and capital-intensive process. Accessibility is another issue, particularly in rural or Compressed Natural Gas (CNG) Tank areas where CNG refueling stations are scarce or nonexistent. As a result, individuals and businesses in such areas may be reluctant to invest in CNG-powered vehicles or equipment due to concerns about fuel availability during their journeys. Furthermore, the adoption of CNG in long-haul transportation, such as freight trucks, faces challenges related to the establishment of a comprehensive network of CNG refueling stations along major transport routes. This is essential to ensure that CNG-powered commercial vehicles can operate efficiently and without interruptions. Addressing this infrastructure challenge requires concerted efforts from governments, the private sector, and regulatory bodies. Collaboration is necessary to develop a well-connected and accessible CNG refueling network that spans urban, suburban, and rural areas. Overcoming this challenge is vital for the continued growth of the global CNG tank market.

Competition from Alternative Fuel Technologies

Another significant challenge confronting the global Compressed Natural Gas (CNG) tank market is the increasing competition from alternative fuel technologies. While CNG is known for its relatively lower carbon emissions and cost advantages compared to traditional gasoline and diesel, it faces competition from other alternative fuels, such as electricity and hydrogen. nElectric vehicles (EVs) have gained considerable traction in recent years, thanks to advancements in battery technology, an expanding charging infrastructure, and strong consumer interest. EVs offer zero tailpipe emissions and are perceived as a cleaner alternative to both CNG and traditional fossil fuels. Hydrogen fuel cell technology is another contender. Hydrogen-powered vehicles offer zero emissions and can be refueled quickly, making them attractive for certain applications, such as heavy-duty trucks and public transportation. Governments and industries are investing in hydrogen infrastructure and research, potentially diverting attention and resources away from CNG. The rise of these alternative technologies creates a competitive landscape for CNG, particularly in the passenger car and public transportation sectors. The challenge lies in demonstrating the distinct advantages of CNG, such as its lower greenhouse gas emissions and cost-effectiveness, compared to these alternatives.

To address this challenge, stakeholders in the CNG tank market need to emphasize the benefits of CNG, including its well-established infrastructure in some regions, energy efficiency, and compatibility with existing internal combustion engine technology. Continued innovation in CNG tank design, safety, and efficiency will also be crucial to maintaining its competitiveness in a rapidly evolving market for alternative fuels. Additionally, collaboration with governments and industries to develop integrated energy strategies that include CNG as a key component can help position it as a viable and sustainable choice for the future.

Segmental Insights

Glass Fiber Composites Insights

The Glass Fiber Composites segment had the largest market share in 2022 & expected to maintain it in the forecast period. Glass fiber composites are generally more cost-effective to manufacture compared to carbon fiber composites. This cost advantage is a crucial factor, especially in commercial and industrial applications where cost control is a primary concern. Fleet operators and businesses often prioritize cost savings, making glass fiber composites an attractive choice for CNG tanks. Glass fiber composites are known for their durability and safety characteristics. They offer excellent impact resistance and can withstand harsh environmental conditions and mechanical stress, making them suitable for heavy-duty and industrial applications. Safety is paramount in industries like transportation, where CNG tanks must meet stringent safety standards. Glass fiber composite CNG tanks are well-established and have a track record of compliance with industry and regulatory standards. This trust in their performance and safety features contributes to their dominance in the market. Regulatory bodies often have strict requirements for CNG tank materials, and glass fiber composites meet these standards reliably. Glass fiber composites have a history of reliable performance in the CNG tank market. Manufacturers and customers have confidence in their ability to maintain gas integrity, ensuring that CNG is stored safely and securely. This reliability is especially important in applications where any failure could have significant consequences. Glass fiber composites can be tailored to meet a wide range of application requirements, from large, heavy-duty vehicle tanks to smaller, portable containers. Their versatility allows them to serve various industries, including transportation, manufacturing, and natural gas distribution. The mass production of glass fiber composites is well-established, allowing for cost-effective manufacturing at scale. This is crucial in meeting the demands of commercial fleets and industries that require a significant number of CNG tanks. Glass fiber composites have been used in CNG tank manufacturing for a longer time than carbon fiber composites. This accumulated experience and knowledge in working with glass fiber composites contribute to their continued dominance in the market.

Passenger Insights

The Passenger segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Many individual consumers prioritize clean and environmentally friendly transportation options. CNG is perceived as a cleaner alternative to gasoline and diesel, as it produces fewer emissions when burned. This aligns with growing environmental consciousness and the desire to reduce one's carbon footprint.

CNG is often more cost-effective than traditional fuels, making it an attractive option for cost-conscious consumers. The lower operating costs associated with CNG-powered passenger vehicles, especially in regions with favorable pricing and incentives, make them an economically appealing choice.

Numerous governments around the world actively promote the use of CNG in passenger vehicles through incentives, subsidies, and supportive policies. These measures can include tax breaks, rebates, reduced vehicle registration fees, and access to carpool lanes for CNG-powered vehicles. In regions where air quality and emissions reduction are top priorities, governments may offer additional incentives to encourage the adoption of CNG passenger vehicles as part of broader sustainability and clean transportation initiatives.

The availability of a well-established CNG refueling infrastructure is a significant driver for passenger vehicle adoption. Urban areas and regions with an extensive network of CNG filling stations make it convenient for consumers to choose CNG-powered cars, as they have access to refueling options. As governments and private entities invest in expanding CNG refueling infrastructure, it further encourages consumers to consider CNG as a practical and accessible fuel source for their daily commute.

Automakers offer a variety of CNG-powered passenger vehicle models, including sedans, hatchbacks, and compact cars. This diverse range of options allows consumers to choose CNG vehicles that suit their preferences and needs. The availability of CNG options from reputable automobile manufacturers enhances consumer confidence in the technology's reliability and safety.

Stringent environmental regulations and emissions standards in many regions have motivated automakers to offer CNG-powered passenger vehicles to meet compliance requirements. CNG's lower emissions profile makes it a favorable choice for car manufacturers looking to reduce their corporate average fuel economy (CAFE) and emissions targets.

Unlike commercial fleets or heavy-duty vehicles, which often involve complex decision-making processes and longer procurement cycles, individual consumers can make relatively quick decisions to purchase CNG-powered passenger vehicles. This streamlined decision-making process can contribute to the rapid adoption of CNG in the passenger vehicle segment.

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Regional Insights

Asia-Pacific:

Asia-Pacific had the largest market for CNG tanks in the global market share in 2022. This is due to the growing demand for natural gas vehicles in countries such as China, India, and Indonesia. China is the largest market for CNG tanks in Asia-Pacific, followed by India and Indonesia.

North America:

North America had the second-largest market for CNG tanks in 2022. This is due to the increasing adoption of natural gas vehicles in the United States and Canada. The United States is the largest market for CNG tanks in North America, followed by Canada.

Europe:

Europe had the third-largest market for CNG tanks in 2022. This is due to the increasing government regulations to reduce greenhouse gas emissions in the European Union. Germany is the largest market for CNG tanks in Europe, followed by Italy and France.

Recent Developments

  • In January 2023, Worthington Industries announced that it had received a USD10 million investment from the Clean Energy Fund to support the development of its next-generation CNG tank technology.
  • In February 2023, Luxfer Gas Cylinders announced that it had received a USD 10.70 million investment from the European Investment Bank to support the expansion of its CNG tank manufacturing capacity in Europe.
  • In March 2023, Quantum Fuel Systems LLC announced that it had received a USD 5 million investment from the U.S. Department of Energy to support the development of its next-generation CNG tank technology for heavy-duty vehicles.
  • In April 2023, Hexagon Composites ASA announced that it had received a USD 9.37 million investment from the Norwegian government to support the development of its CNG tank technology for marine applications.
  • In May 2023, Praxair Technology announced that it had received a USD 20 million investment from the California Energy Commission to support the development of its next-generation CNG tank technology for light-duty vehicles.

Key Market Players

  • National Iranian Gas Company 
  • Indraprastha Gas Limited
  • ENGIE SA
  • Exxon Mobil Corporation.
  • BP p.l.c.
  • TotalEnergies
  • Chevron Corporation
  • Eni S.p.A.
  • ANGI Energy Systems, Inc. 
  • TGT Fuel Technologies India Pvt. Ltd

By Raw Material

By Propulsion

By Vehicle Type

By Type

By Region
  • Glass Fiber Composites
  • Carbon Fiber Composites
  • Others
  • Petrol
  • Diesel
  • Passenger
  • Light Commercial
  • Heavy Commercial
  • Type 1 CNG Tanks
  • Type 2 CNG Tanks
  • Type 3 CNG Tanks
  • Type 4 CNG Tanks
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Compressed Natural Gas (CNG) Tank Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Compressed Natural Gas (CNG) Tank Market, By Raw Material:

o   Glass Fiber Composites

o   Carbon Fiber Composites

o   Others   

  • Compressed Natural Gas (CNG) Tank Market, By Propulsion:

o   Petrol

o   Diesel  

  • Compressed Natural Gas (CNG) Tank Market, By Vehicle Type:

o   Passenger

o   Light Commercial

o   Heavy Commercial Vehicles  

  • Compressed Natural Gas (CNG) Tank Market: By Type:

o   Type 1 CNG Tanks

o   Type 2 CNG Tanks

o   Type 3 CNG Tanks

o   Type 4 CNG Tanks

  • Compressed Natural Gas (CNG) Tank Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Compressed Natural Gas (CNG) Tank Market.

Available Customizations:

Global Compressed Natural Gas (CNG) Tank market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
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Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

2.    Key Market Segmentations

3.    Research Methodology

3.1.  Objective of the Study

3.2.  Baseline Methodology

3.3.  Formulation of the Scope

3.4.  Assumptions and Limitations

3.5.  Sources of Research

3.5.1.     Secondary Research

3.5.2.     Primary Research

3.6.  Approach for the Market Study

3.6.1.The Bottom-Up Approach

3.6.2.The Top-Down Approach

3.7.  Methodology Followed for Calculation of Market Size & Market Shares

3.8.  Forecasting Methodology

3.8.1.Data Triangulation & Validation

4.    Executive Summary

5.    Voice of Customer

6.    Global Compressed Natural Gas (CNG) Tank Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Raw Material (Glass Fiber Composites, Carbon Fiber Composites, Others),

6.2.2.    By Propulsion (Petrol, Diesel),

6.2.3.    By Vehicle Type (Passenger, Light Commercial, Heavy Commercial Vehicles),

6.2.4.  By Type (Type 1 CNG Tanks, Type 2 CNG Tanks, Type 3 CNG Tanks, Type 4 CNG Tanks)

6.2.5.    By Region

6.2.6.    By Company (2022)

6.3.  Market Map

7.    North America Compressed Natural Gas (CNG) Tank Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Raw Material

7.2.2.    By Propulsion

7.2.3.    By Vehicle Type

7.2.4.    By Type

7.2.5.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Compressed Natural Gas (CNG) Tank Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Raw Material

7.3.1.2.2.           By Propulsion

7.3.1.2.3.           By Vehicle Type

7.3.1.2.4.           By Type

7.3.2.    Canada Compressed Natural Gas (CNG) Tank Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Raw Material

7.3.2.2.2.           By Propulsion

7.3.2.2.3.           By Vehicle Type

7.3.2.2.4.           By Type

7.3.3.    Mexico Compressed Natural Gas (CNG) Tank Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Raw Material

7.3.3.2.2.           By Propulsion

7.3.3.2.3.           By Vehicle Type

7.3.3.2.4.           By Type  

8.    Europe Compressed Natural Gas (CNG) Tank Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Raw Material

8.2.2.    By Propulsion

8.2.3.    By Vehicle Type

8.2.4.    By Type

8.2.5.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Compressed Natural Gas (CNG) Tank Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Raw Material

8.3.1.2.2.           By Propulsion

8.3.1.2.3.           By Vehicle Type

8.3.1.2.4.           By Type  

8.3.2.    United Kingdom Compressed Natural Gas (CNG) Tank Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Raw Material

8.3.2.2.2.           By Propulsion

8.3.2.2.3.           By Vehicle Type

8.3.2.2.4.           By Type

8.3.3.    Italy Compressed Natural Gas (CNG) Tank Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Raw Material

8.3.3.2.2.           By Propulsion

8.3.3.2.3.           By Vehicle Type

8.3.3.2.4.           By Type  

8.3.4.    France Compressed Natural Gas (CNG) Tank Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Raw Material

8.3.4.2.2.           By Propulsion

8.3.4.2.3.           By Vehicle Type

8.3.4.2.4.           By Type  

8.3.5.    Spain Compressed Natural Gas (CNG) Tank Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Raw Material

8.3.5.2.2.           By Propulsion

8.3.5.2.3.           By Vehicle Type

8.3.5.2.4.           By Type  

9.    Asia-Pacific Compressed Natural Gas (CNG) Tank Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Raw Material

9.2.2.    By Propulsion

9.2.3.    By Vehicle Type

9.2.4.    By Type

9.2.5.    By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.    China Compressed Natural Gas (CNG) Tank Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Raw Material

9.3.1.2.2.           By Propulsion

9.3.1.2.3.           By Vehicle Type

9.3.1.2.4.           By Type  

9.3.2.    India Compressed Natural Gas (CNG) Tank Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Raw Material

9.3.2.2.2.           By Propulsion

9.3.2.2.3.           By Vehicle Type

9.3.2.2.4.           By Type  

9.3.3.    Japan Compressed Natural Gas (CNG) Tank Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Raw Material

9.3.3.2.2.           By Propulsion

9.3.3.2.3.           By Vehicle Type

9.3.3.2.4.           By Type  

9.3.4.    South Korea Compressed Natural Gas (CNG) Tank Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Raw Material

9.3.4.2.2.           By Propulsion

9.3.4.2.3.           By Vehicle Type

9.3.4.2.4.           By Type  

9.3.5.    Australia Compressed Natural Gas (CNG) Tank Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Raw Material

9.3.5.2.2.           By Propulsion

9.3.5.2.3.           By Vehicle Type

9.3.5.2.4.           By Type  

10. South America Compressed Natural Gas (CNG) Tank Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Raw Material

10.2.2. By Propulsion

10.2.3. By Vehicle Type

10.2.4. By Type

10.2.5. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Compressed Natural Gas (CNG) Tank Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Raw Material

10.3.1.2.2.         By Propulsion

10.3.1.2.3.         By Vehicle Type

10.3.1.2.4.         By Type  

10.3.2. Argentina Compressed Natural Gas (CNG) Tank Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Raw Material

10.3.2.2.2.         By Propulsion

10.3.2.2.3.         By Vehicle Type

10.3.2.2.4.         By Type  

10.3.3. Colombia Compressed Natural Gas (CNG) Tank Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Raw Material

10.3.3.2.2.         By Propulsion

10.3.3.2.3.         By Vehicle Type

10.3.3.2.4.         By Type  

11. Middle East and Africa Compressed Natural Gas (CNG) Tank Market Outlook

11.1.             Market Size & Forecast        

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Raw Material

11.2.2. By Propulsion

11.2.3. By Vehicle Type

11.2.4. By Type

11.2.5. By Country

11.3.             MEA: Country Analysis

11.3.1. South Africa Compressed Natural Gas (CNG) Tank Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Raw Material

11.3.1.2.2.         By Propulsion

11.3.1.2.3.         By Vehicle Type

11.3.1.2.4.         By Type  

11.3.2. Saudi Arabia Compressed Natural Gas (CNG) Tank Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Raw Material

11.3.2.2.2.         By Propulsion

11.3.2.2.3.         By Vehicle Type

11.3.2.2.4.         By Type  

11.3.3. UAE Compressed Natural Gas (CNG) Tank Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Raw Material

11.3.3.2.2.         By Propulsion

11.3.3.2.3.         By Vehicle Type

11.3.3.2.4.         By Type  

11.3.4. Kuwait Compressed Natural Gas (CNG) Tank Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Raw Material

11.3.4.2.2.         By Propulsion

11.3.4.2.3.         By Vehicle Type

11.3.4.2.4.         By Type  

11.3.5. Turkey Compressed Natural Gas (CNG) Tank Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Raw Material

11.3.5.2.2.         By Propulsion

11.3.5.2.3.         By Vehicle Type

11.3.5.2.4.         By Type  

12. Market Dynamics

13. Market Trends & Developments

14. Competitive Landscape

14.1.   National Iranian Gas Company 

14.1.1.    Business Overview

14.1.2.   Key Revenue and Financials  

14.1.3.   Recent Developments

14.1.4.   Key Personnel/Key Contact Person

14.1.5.   Key Product/Services Offered

14.2.   Indraprastha Gas Limited

14.2.1.    Business Overview

14.2.2.   Key Revenue and Financials  

14.2.3.   Recent Developments

14.2.4.   Key Personnel/Key Contact Person

14.2.5.   Key Product/Services Offered

14.3.   ENGIE SA

14.3.1.    Business Overview

14.3.2.   Key Revenue and Financials  

14.3.3.   Recent Developments

14.3.4.   Key Personnel/Key Contact Person

14.3.5.   Key Product/Services Offered

14.4.   Exxon Mobil Corporation.

14.4.1.    Business Overview

14.4.2.   Key Revenue and Financials  

14.4.3.   Recent Developments

14.4.4.   Key Personnel/Key Contact Person

14.4.5.   Key Product/Services Offered

14.5.   BP p.l.c.

14.5.1.    Business Overview

14.5.2.   Key Revenue and Financials  

14.5.3.   Recent Developments

14.5.4.   Key Personnel/Key Contact Person

14.5.5.   Key Product/Services Offered

14.6.   TotalEnergies

14.6.1.    Business Overview

14.6.2.   Key Revenue and Financials  

14.6.3.   Recent Developments

14.6.4.   Key Personnel/Key Contact Person

14.6.5.   Key Product/Services Offered

14.7.   Chevron Corporation

14.7.1.    Business Overview

14.7.2.   Key Revenue and Financials  

14.7.3.   Recent Developments

14.7.4.   Key Personnel/Key Contact Person

14.7.5.   Key Product/Services Offered

14.8.   Eni S.p.A.

14.8.1.    Business Overview

14.8.2.   Key Revenue and Financials  

14.8.3.   Recent Developments

14.8.4.   Key Personnel/Key Contact Person

14.8.5.   Key Product/Services Offered

14.9.   ANGI Energy Systems, Inc. 

14.9.1.    Business Overview

14.9.2.   Key Revenue and Financials  

14.9.3.   Recent Developments

14.9.4.   Key Personnel/Key Contact Person

14.9.5.   Key Product/Services Offered

14.10.TGT Fuel Technologies India Pvt. Ltd

14.10.1.                 Business Overview

14.10.2.                Key Revenue and Financials  

14.10.3.                Recent Developments

14.10.4.                Key Personnel/Key Contact Person

14.10.5.                Key Product/Services Offered

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Compressed Natural Gas (CNG) Tank Market was USD 960.10 million in 2022.

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The Glass Fiber Composites segment had the largest market share in 2022 & expected to maintain it in the forecast period. Glass fiber composites are generally more cost-effective to manufacture compared to carbon fiber composites. This cost advantage is a crucial factor, especially in commercial and industrial applications where cost control is a primary concern. Fleet operators and businesses often prioritize cost savings, making glass fiber composites an attractive choice for CNG tanks.

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The Passenger segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Many individual consumers prioritize clean and environmentally friendly transportation options. CNG is perceived as a cleaner alternative to gasoline and diesel, as it produces fewer emissions when burned. This aligns with growing environmental consciousness and the desire to reduce one's carbon footprint.

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Increasing adoption of natural gas vehicles and technological advancements are the major drivers of the Global Compressed Natural Gas (CNG) Tank Market.

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Srishti Verma

Business Consultant
Press Release

Compressed Natural Gas (CNG) Tank Market to Grow with a CAGR of 7.19% through 2028

Sep, 2023

Increasing adoption of natural gas vehicles and technological advancements are likely to drive the market in the forecast period.

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