United States Automotive for Composite CNG Tanks Market was valued at USD 0.4 Billion in 2022 and is projected to reach USD 0.9 Billion by 2030, growing at a CAGR of 10.4% from 2024 to 2030.
The "Automotive for Composite CNG Tanks Market" is rapidly expanding as the automotive industry seeks more sustainable solutions to reduce carbon emissions. Compressed Natural Gas (CNG) has emerged as a cleaner alternative to traditional gasoline and diesel. The use of composite CNG tanks in vehicles is driving this shift, as they offer lightweight, durable, and cost-effective storage options. These tanks, typically made from carbon fiber and fiberglass, allow for higher pressure storage, making them ideal for CNG use in vehicles. As a result, the automotive industry is increasingly turning to composite CNG tanks to meet evolving environmental regulations and consumer demand for greener options.
The demand for composite CNG tanks is being propelled by various industries that are looking for reliable, environmentally friendly solutions. For example, public transportation companies are adopting CNG-powered buses to cut down on pollution in urban areas. Similarly, the commercial trucking sector is utilizing these tanks to reduce fleet emissions while maintaining operational efficiency. As the global push for cleaner energy sources continues, industries such as logistics, transportation, and even municipalities are incorporating CNG-powered vehicles into their fleets. This growing adoption is creating a significant market opportunity for manufacturers specializing in composite CNG tanks.
In addition to industry adoption, regulatory pressures are also driving the need for composite CNG tanks. Government policies aimed at reducing greenhouse gas emissions and improving air quality have led to stricter emission standards for vehicles. As a result, automakers are increasingly looking for efficient, safe, and durable solutions to meet these standards. Composite CNG tanks not only comply with these regulations but also offer additional benefits such as longer service life, corrosion resistance, and the ability to withstand high pressures, which are essential for storing compressed natural gas.
In summary, the automotive sector's shift toward composite CNG tanks is influenced by a combination of environmental concerns, regulatory requirements, and the need for cost-effective solutions. As more industries embrace alternative fuels, the "Automotive for Composite CNG Tanks Market" will continue to grow, offering manufacturers significant opportunities to innovate and meet the evolving needs of the market.
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Beijing Tianhai Industry
Faber Industrie
Hexagon Composites
Luxfer Gas Cylinders
MCS International
Quantum Technologies
Xperion
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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 US Automotive for Composite CNG Tanks Market
Type 1: Steel
Type 2: Composite overwrapped
Type 3: Fully wrapped composite
Type 4: Type 1 composite
Passenger Vehicles
Light Commercial Vehicles (LCV)
Heavy-Duty Vehicles (HDV)
Public Transportation (Buses)
Filament Winding
Resin Transfer Molding (RTM)
Vacuum-Assisted Resin Infusion (VARI)
Autoclave Process
Low-Pressure Tanks (up to 20 MPa)
Medium-Pressure Tanks (21 MPa to 27 MPa)
High-Pressure Tanks (above 27 MPa)
Automotive Manufacturers
Fuel Providers
Aftermarket Services
Research and Development (R&D) Facilities
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Automotive for Composite CNG Tanks 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. US Automotive for Composite CNG Tanks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Automotive for Composite CNG Tanks Market, By Type
6. US Automotive for Composite CNG Tanks Market, By Application
7. US Automotive for Composite CNG Tanks Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Automotive for Composite CNG Tanks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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