Compressed Natural Gas Tanks/Cylinders Market: By Raw Material, By Type, By Application, and Geography
Compressed Natural Gas (CNG) Tanks/Cylinders Market size was valued at US$ 2,187.3 Million in 2023 and is anticipated to grow at a CAGR of 4.5 % over 2024-2030. The compressed natural gas (CNG) tanks/cylinders market refers to the industry focused on the manufacturing, distribution, and sale of storage containers specifically designed to hold compressed natural gas. Compressed natural gas is a cleaner and more environmentally friendly alternative to traditional gasoline or diesel fuels, and it is used as a fuel source for vehicles, particularly in the transportation sector. CNG tanks or cylinders are crucial components in vehicles that run on compressed natural gas, providing a safe and efficient means of storing and transporting this alternative fuel. The transportation and logistics sector majorly drives the compressed natural gas (CNG) tanks/cylinders market. The transportation sector, including public transport, commercial fleets, and individual vehicles, is a significant user of the CNG. Fleet operators and logistics companies are increasingly adopting CNG-powered vehicles to reduce fuel costs and emissions.
Moreover, aviation and marine industry also contribute the growth of the compressed natural gas (CNG) tanks/cylinders market. The aviation and maritime industries are exploring the use of CNG as a fuel for certain vehicles and vessels. This includes smaller aircraft, ferries, and ships operating in coastal or inland waters. However, CNG tanks require more space in a vehicle compared to traditional fuel tanks. This can impact vehicle design and interior space, influencing consumer preferences, which ultimately may limit the compressed natural gas (CNG) tanks/cylinders market expansion. Meanwhile, governments across the world are increasingly promoting cleaner transportation alternatives to reduce emissions and dependence on fossil fuels. Subsidies, tax benefits, and grants for CNG-powered vehicles and refueling infrastructure can create opportunities for the expansion of the market growth. Collaborations between vehicle manufacturers, refueling station providers, and energy companies accelerate the development of CNG infrastructure, making the transition more attractive to consumers. For instance, in August 2021, Hanwha Solutions Corp.’ s newly acquired tank subsidiary signed a $260 million deal with U.S. energy firm Sunbridge Energy Services to provide storage tanks for compressed natural gas (CNG).
Study Period
2024-2030Base Year
2023CAGR
4.5%Largest Market
Asia PacificFastest Growing Market
North America
The surge in construction and mining activities significantly drives the compressed natural gas (CNG) tanks/cylinders market. These industries are driven by the imperative to reduce emissions and enhance operational efficiency. CNG-powered vehicles and machinery offer a dual advantage of lowered emissions and cost-effective fuel consumption. With heavy machinery known for its fuel intensity, the shift to CNG can translate into considerable fuel cost savings over time. Furthermore, the long operational hours of construction and mining projects align well with the endurance of CNG tanks/cylinders, ensuring continuous fuel supply without frequent refueling. Moreover, the agriculture and farming sector also considered as a significant driver in the compressed natural gas (CNG) tanks/cylinders market. Agricultural vehicles, including tractors, harvesters, and other equipment, are increasingly adopting CNG technology. CNG tanks provide these vehicles with a cleaner and cost-effective fuel source.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market CAGR |
4.5% |
By Raw Materials |
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By Type |
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By Application |
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By Region |
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The compressed natural gas (CNG) tanks/cylinders market was valued at US$ 2,187.3 Million in 2023 and is anticipated to grow at a CAGR of 4.5 % over 2024-2030.
Government support and incentives and industrial and commercial applications are some of the factors that create potential opportunities for the growth of the compressed natural gas (CNG) tanks/cylinders market.
The Continuous innovation in CNG engine technology and vehicle systems is one of the major trends in the compressed natural gas (CNG) tanks/cylinders market.
Anhui Clean Energy Co., Ltd., Beijing Tianhai Industry Co., Ltd., Praxair Technologies Inc., Ullit SA, Everest Kanto Cylinder Ltd., Indoruss Synergy Pvt. Ltd., Plastic Omnium, Faber Industrie Spa, Hexagon Composites ASA, Fiba technologies, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Luxfer Holdings PLC, Quantum Fuel Systems Technologies Worldwide, Inc., Worthington Industries. are a few companies operating in compressed natural gas (CNG) tanks/cylinders market.
1.Executive Summary |
2.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market Introduction |
2.1.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market - Taxonomy |
2.2.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market - Definitions |
2.2.1.Raw Materials |
2.2.2.Type |
2.2.3.Application |
2.2.4.Region |
3.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market By Raw Materials, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Glass Fiber |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Carbon Fiber |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Metal |
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
6.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market By Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Type 1 |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Type 2 |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Type 3 |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Type 4 |
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
6.5. Type 5 |
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.5.3. Market Opportunity Analysis |
7.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Automotive |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Marine |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Military |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Aerospace |
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
7.5. Locomotive |
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
7.6. Industrial |
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.6.3. Market Opportunity Analysis |
7.7. Others |
7.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.7.3. Market Opportunity Analysis |
8.Global Compressed Natural Gas (CNG) Tanks/Cylinders Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Compressed Natural Gas (CNG) Tanks/Cylinders Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. Raw Materials Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Glass Fiber |
9.1.2.Carbon Fiber |
9.1.3.Metal |
9.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Type 1 |
9.2.2.Type 2 |
9.2.3.Type 3 |
9.2.4.Type 4 |
9.2.5.Type 5 |
9.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Automotive |
9.3.2.Marine |
9.3.3.Military |
9.3.4.Aerospace |
9.3.5.Locomotive |
9.3.6.Industrial |
9.3.7.Others |
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Compressed Natural Gas (CNG) Tanks/Cylinders Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Raw Materials Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Glass Fiber |
10.1.2.Carbon Fiber |
10.1.3.Metal |
10.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Type 1 |
10.2.2.Type 2 |
10.2.3.Type 3 |
10.2.4.Type 4 |
10.2.5.Type 5 |
10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Automotive |
10.3.2.Marine |
10.3.3.Military |
10.3.4.Aerospace |
10.3.5.Locomotive |
10.3.6.Industrial |
10.3.7.Others |
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Compressed Natural Gas (CNG) Tanks/Cylinders Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Raw Materials Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Glass Fiber |
11.1.2.Carbon Fiber |
11.1.3.Metal |
11.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Type 1 |
11.2.2.Type 2 |
11.2.3.Type 3 |
11.2.4.Type 4 |
11.2.5.Type 5 |
11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Automotive |
11.3.2.Marine |
11.3.3.Military |
11.3.4.Aerospace |
11.3.5.Locomotive |
11.3.6.Industrial |
11.3.7.Others |
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Compressed Natural Gas (CNG) Tanks/Cylinders Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Raw Materials Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Glass Fiber |
12.1.2.Carbon Fiber |
12.1.3.Metal |
12.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Type 1 |
12.2.2.Type 2 |
12.2.3.Type 3 |
12.2.4.Type 4 |
12.2.5.Type 5 |
12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Automotive |
12.3.2.Marine |
12.3.3.Military |
12.3.4.Aerospace |
12.3.5.Locomotive |
12.3.6.Industrial |
12.3.7.Others |
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Compressed Natural Gas (CNG) Tanks/Cylinders Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Raw Materials Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Glass Fiber |
13.1.2.Carbon Fiber |
13.1.3.Metal |
13.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Type 1 |
13.2.2.Type 2 |
13.2.3.Type 3 |
13.2.4.Type 4 |
13.2.5.Type 5 |
13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Automotive |
13.3.2.Marine |
13.3.3.Military |
13.3.4.Aerospace |
13.3.5.Locomotive |
13.3.6.Industrial |
13.3.7.Others |
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.Anhui Clean Energy Co., Ltd. |
14.2.2.Beijing Tianhai Industry Co., Ltd. |
14.2.3.Praxair Technologies Inc |
14.2.4.Ullit SA |
14.2.5.Everest Kanto Cylinder Ltd. |
14.2.6.Indoruss Synergy Pvt. Ltd. |
14.2.7.Plastic Omnium |
14.2.8.Faber Industrie Spa |
14.2.9.Hexagon Composites ASA |
14.2.10.Fiba technologies |
14.2.11.Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. |
14.2.12.Luxfer Holdings PLC |
14.2.13.Quantum Fuel Systems Technologies Worldwide, Inc. |
14.2.14.Worthington Industries |
15. Research Methodology |
16. Appendix and Abbreviations |
Key Market Players