Compressed Natural Gas Tanks/Cylinders Market: By Raw Material, By Type, By Application, and Geography

Compressed Natural Gas (CNG) Tanks/Cylinders Market Size, Share, Growth, Trends, and Global Industry Analysis: By Raw Material (Glass Fiber, Carbon Fiber, Metal), By Type (Type 1, Type 2, Type 3, Type 4, and Type 5), By Application (Automotive, Marine, Military, Aerospace, Locomotive, Industrial, and Others), and Region

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).

Compressed Natural Gas (CNG) Tanks/Cylinders Market Key Developments:
  • In April 2022, Hexagon acquired 40% stake in Cryoshelter GmbH to enhance its portfolio of clean fuel solutions.
  • In November 2022, Chevron U.S.A. Inc., a subsidiary of Chevron Corporation), acquired full ownership of Beyond6, LLC (B6) and its network of 55 compressed natural gas (CNG) stations across the United States.

Compressed Natural Gas (CNG) Tanks/Cylinders Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

4.5%

Largest Market

Asia Pacific

Fastest Growing Market

North America

Compressed Natural Gas (CNG) Tanks/Cylinders Market Dynamics

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.

Compressed Natural Gas (CNG) Tanks/Cylinders Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market CAGR

4.5%

By Raw Materials

  • Glass Fiber
  • Carbon Fiber
  • Metal

By Type

  • Type 1
  • Type 2
  • Type 3
  • Type 4
  • Type 5

By Application

  • Automotive
  • Marine
  • Military
  • Aerospace
  • Locomotive
  • Industrial
  • Others  

By Region

  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA

Key Features of the Report

  • The compressed natural gas (CNG) tanks/cylinders market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

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Frequently Asked Questions

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

  • 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

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