DUBLIN--(BUSINESS WIRE)--The "Automotive Fuel Tank Market by Capacity (<45 L, 45 L-70 L & >70 L), Material (Aluminium, Plastic & Steel), SCR Technology, CNG Tank Type (Type 1, Type 2, Type 3 & Type 4), Propulsion Type (Hybrid, Hydrogen, ICE & NGV) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive fuel tank market is estimated to be USD 20.5 billion in 2020 and is projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%.
Government push for lightweight vehicles is likely to drive the automotive fuel tank market
The market is driven by the increasing production of passenger and commercial vehicles, rising demand for lightweight vehicles for a longer driving range, government support for alternative fuel vehicles, stringent emission norms that require minimum greenhouse gas emissions, and government initiatives pertaining to hydrogen infrastructure.
Several governments have increased investments to promote the use of lightweight vehicles. Also, governments are increasingly investing in the development of fuel-efficient vehicles and alternative fuel vehicles.
On the other hand, the growing demand for electric vehicles that do not require fuel tanks and high cost of lightweight composite fuel tanks can restrain the growth of the market. Also, the rising stringency of evaporative emission standards that require fuel tank manufacturers to reduce the permeability of fuel tanks can hamper the growth of the automotive fuel tank market.
The Type 4 CNG tank is projected to be the fastest-growing segment of the automotive fuel tank market, by CNG Tank Type, during the forecast period
CNG vehicles are similar to gasoline or diesel vehicles in terms of power, acceleration, and cruising speed. CNG has stored onboard a vehicle in a compressed gaseous state within cylinders at a pressure of 3,000-3,600 pounds per square inch. The tanks are basically of four types including Type 1, Type 2, Type 3, and Type 4 and come in different sizes depending on the specific requirements of the vehicle.
Recently, Hermes UK added 48 new CNG trucks to its fleet and now runs one of the largest natural gas vehicle fleets in the UK. According to NGV Journal, almost 85 countries across the globe use CNG-powered vehicles with more than 22.4 million vehicles and 25,000 fueling stations spread across 2,900 cities worldwide.
CNG-powered vehicles are primarily used for public transport applications. Type 1 Tanks are more economical than other tank types and thus have the largest market. Type 4 tanks are lightweight and have the fastest growing market. These tanks are used in HDVs. Owing to the lightweight of the fuel tank, vehicles equipped with Type 4 tanks have a better fuel efficiency.
Asia Oceania to be the largest market for Selective Catalytic Reduction (SCR) Tank segment of the automotive fuel tank market
Due to the increasing production of LCVs in countries such as India, Japan, and Thailand to meet the growing requirement of freight and goods transport, Asia Oceania is estimated to be the largest market for automotive SCR tank. Stringent regulations have compelled OEMs to provide factory-fitted SCR systems in light and heavy commercial vehicles.
The SCR system controls the production of NOx from diesel engines while enabling engine manufacturers to minimize PM emissions and optimize fuel consumption. Adhering to the Euro VI regulations that dictate the limits for PM and NOx emissions from passenger cars and commercial vehicles is a pressing challenge for engine and vehicle manufacturers.
According to the Diesel Technology Forum, SCR is one of the most cost-effective and fuel-efficient technologies available for emission reduction. It can reduce NOx emissions by up to 90%, hydrocarbon and CO emissions by 50-90%, and PM emissions by 30-50%.
Asia Oceania is projected to have the highest share in the global automotive fuel tank market
Asia Oceania is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the largest manufacturer of vehicles in the world. India's commercial vehicle market has been growing rapidly and contributes a significant share of the national GDP.
As of 2020, the adoption of plastic fuel tanks in the Indian and Chinese automotive markets is estimated to be low. However, it is projected to increase rapidly in the future. In recent years, the automotive industry in Asia Oceania has witnessed a significant increase in vehicle production and sales.
The total number of commercial vehicles produced increased by 6.3%. Increased vehicle production is expected to boost the automotive fuel tank market in the Asia Oceania region during the forecast period.
Market Dynamics
Drivers
- Growing Vehicle Production Volume
- Reduction in Vehicle Weight Leading to Advancements of Materials
Restraints
- Impact of Electric Vehicle Production
- Stringent Evaporative Emission Standards
Opportunities
- Efforts to Build Economical Fuel Tanks Using Lightweight Materials
Challenges
- High Cost of Composite Tanks and Regulatory Approvals
- Regulations Pertaining to Recycling of Shredded Fuel Tank Plastics
Companies Profiled
- The Plastic Omnium Group
- Textron (Kautex)
- YAPP
- TI Fluid Systems
- Yachiyo
- Unipres Corporation
- Magna International
- FTS
- SMA Serbatoi S.p.A.
- SRD Holdings Ltd.
- Metal Tech Co. Ltd.
- Hwashin Co. Ltd.
- Dali & Samir Engineering Pvt. Ltd.
- Bellsonic Corporation
- Crefact Corporation
- Asno Horie
- Donghee
- Kongsberg Automotive
- Westport Fuel Systems
- BOYD Welding
For more information about this report visit https://www.researchandmarkets.com/r/effzr9
