DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/ltk3nw/growth) has announced the addition of the "Growth Opportunities for Composite CNG Tanks in Global Automotive Industry 2015-2020: Trend, Forecast, and Competitive Analysis" report to their offering.
The composite CNG tank market is forecast to grow at a CAGR of 10.2% from 2015 to 2020.
Composite CNG tanks are much lighter than their conventional counterparts, resulting in weight savings and more fuel storage capacity while providing an additional improvement in fuel economy of vehicles. The growth of the composite CNG tank market in the automotive industry is also driven by a rising number of natural gas vehicles. The demand for natural gas-powered vehicles is increasing, as most of the countries are focusing on reduction of carbon emission, and this demand is also accelerated by the availability of low-cost natural gas as compared to gasoline and diesel.
Europe is expected to remain the largest market due to an increase in NGV population as well as high demand for lightweight tanks. In terms of regional market, North America is expected to depict the highest growth over the next five years and will remain a preferred destination for global giants owing to the development of new NGV vehicles backed by huge natural gas exploration activities.
For market expansion, the report suggests innovation and new product development, where the unique characteristics of CNG tanks can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and the development of low-cost solutions for end users. Emerging trends, which have a direct impact on the dynamics of the industry, include development of Type-V tanks wholly made of composite materials and evaluation of large tow carbon fiber for cost reduction.
The major players participating in this industry are Hexagon Composites, Luxfer Gas Cylinders, Faber Industrie, Beijing Tianhai Industry Co., Ltd. (BTIC), MCS International, xperion, and Quantum Technologies.
Key Topics Covered:
1. Executive Summary
2. CNG Tanks for Automotive Industry Background and Classification
3. Market Trend and Forecast Analysis
4. Competitor Analysis
5. Growth Opportunity and Strategic Analysis
6. Company Profiles of Leading Players
7. Customer Analysis
- Beijing Tianhai Industry Co.Ltd. (BTIC)
- Faber Industrie
- Hexagon Composites
- Luxfer Gas Cylinders
- MCS International
- Quantum Technologies
For more information visit http://www.researchandmarkets.com/research/ltk3nw/growth