CNG (compressed natural gas) is an alternative fuel which produces less emission than diesel and petrol. Rising prices of diesel and petrol will favor the global CNG tank market. This would result in consumers shifting their preference towards a cheaper and viable alternative.
Governmental concerns regarding the environment will positively affect the market. Monetary subsidies as well as CNG’s capability to reduce pollution in automobiles are factors working in its favor. Cost and placement of CNG tanks as well as the limited filling stations are a challenge for the market. Increased research on dual fuel tanks by major automobile manufacturers is likely to propel global CNG tank market.
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The global CNG tank market is divided by material, vehicle, and regions. CNG tanks are made from metals, carbon fiber, and metal fiber. Light duty vehicles (LDV), medium duty vehicles (MDV), and heavy duty vehicles (HDV) are applications of the market. Out of these, LDVs will experience a significant growth rate from 2014 to 2020 (forecast phase). This can be attributed on account of automobile manufacturers producing vehicles compatible with natural gas and CNG.
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Additionally, their demand for clean fuels in automobiles and increased vehicle efficiency will drive market demand over the next 6 years.Public transportation units in Latin America and Asia Pacific are fitted with CNG kits owing to their consumption and fast capital returns. Existing gasoline-dependent cars can be converted to dual-fuel technology by installing CNG kits, which will fuel demand for LDVs. LDVs expects to experience a 9.1% CAGR over the forecast period.
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The global CNG tank market is complicated with government policies and subsidies which differ from region to region. Asia Pacific dominates the market, accounting for approximately 45% market volume in 2013. Countries of Malaysia, Indonesia, and China are expected to be the major contributors to market revenue on account of easily disposable income. Government regulations making it mandatory to use CNG as an alternative fuel is expected to drive the market. Europe was the second largest market, followed by Central & South America.
The global CNG tank market has industry participants such as Indraprastha Gas Limited (IGL), NeoGas Inc., J-W Power Company, Trillium CNG, and GNVert.
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