South Korea Vehicle CNG Tank (CNG Cylinder) Market was valued at USD 0.3 Billion in 2022 and is projected to reach USD 0.5 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
The Vehicle CNG Tank (CNG Cylinder) market in South Korea has been witnessing a rapid surge due to growing environmental concerns, fuel efficiency needs, and government initiatives. As industries and consumers increasingly seek greener alternatives to traditional fuels, compressed natural gas (CNG) has emerged as a promising solution. CNG-powered vehicles, such as buses, trucks, and passenger cars, are gaining popularity, leading to a significant demand for high-quality CNG tanks. These tanks are critical in ensuring safe storage and efficient fuel usage in vehicles.
In South Korea, the adoption of CNG vehicles is being supported by governmental policies aimed at reducing carbon emissions. The need for CNG tanks is primarily driven by various industries such as transportation, logistics, and public service. With urban areas becoming more congested, the demand for public transportation like CNG-powered buses is on the rise. This shift is not only aimed at reducing air pollution but also reducing dependency on fossil fuels. Consequently, manufacturers are focusing on providing durable, lightweight, and cost-effective CNG cylinders to meet the evolving needs of the market.
One of the most critical aspects of the Vehicle CNG Tank (CNG Cylinder) market is the emphasis on safety. CNG cylinders must comply with stringent international standards to ensure their reliability and safety during operation. In South Korea, the demand for CNG cylinders is heavily influenced by these safety regulations, which are enforced by both domestic authorities and international certification bodies. These safety standards include measures for pressure tolerance, fire resistance, and structural integrity, ensuring that CNG-powered vehicles can operate without posing a risk to public safety.
Furthermore, CNG tanks are required to have specific features such as high compression strength, resistance to corrosion, and low maintenance. The manufacturing process involves using advanced composite materials and technology to create lightweight yet strong cylinders. As the demand for CNG vehicles increases, industries require tanks that not only meet safety standards but also have higher storage capacities to support longer journeys and reduce the frequency of refueling.
In conclusion, the Vehicle CNG Tank (CNG Cylinder) market in South Korea is expected to grow substantially in the coming years. With industrial requirements leaning towards cost-efficient, safe, and durable CNG tanks, the market will continue to evolve. Industries such as transportation, logistics, and government services will continue to drive the demand for these advanced CNG storage solutions, ultimately contributing to South Korea's commitment to reducing its environmental footprint while meeting the growing fuel demands of its citizens.
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Sinomatech
Everest Kanto Cylinders
Worthington Industries
Luxfer Group
Hexagon Composites
Beijing Tianhai Industry
Rama Cylinders
Quantum Technologies
Faber Industrie
Praxair Technologies
CIMC ENRIC
Lianzhong Composites
Avanco Group
Ullit
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Vehicle CNG Tank (CNG Cylinder) Market
Type I: All Metal Cylinders
Type II: Composite Overwrapped Cylinders
Type III: Fully Wrapped Composite Cylinders
Type IV: Plastic Liner Composite Cylinders
Light-Duty Vehicles
Medium-Duty Vehicles
Heavy-Duty Vehicles
Motorhomes and Recreational Vehicles
Aluminum
Steel
Composite Materials
Hybrid Materials
Small Cylinders (up to 70 liters)
Medium Cylinders (70-150 liters)
Large Cylinders (over 150 liters)
DOT (Department of Transportation) Certified
ISO (International Organization for Standardization) Certified
TS (TSE Certification System) Certified
Other National and International Standards
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Vehicle CNG Tank (CNG Cylinder) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Vehicle CNG Tank (CNG Cylinder) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Vehicle CNG Tank (CNG Cylinder) Market, By Type
6. South Korea Vehicle CNG Tank (CNG Cylinder) Market, By Application
7. South Korea Vehicle CNG Tank (CNG Cylinder) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Vehicle CNG Tank (CNG Cylinder) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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