CNG Cylinders Market Size & Growth Analysis to 2030

The global CNG cylinders market has been projected to grow at the CAGR of 12.3% market during 2020-2027. Increasing government initiatives to reduce the carbon foot prints fueling the investment in supply and distribution infrastructure for compressed natural gas to increase the adoption of natural gas as the vehicle fuels. Besides this, governments across the globe are adopting stringent emission norms for vehicles which in turn is influencing the automobiles manufacturers the develop bi-fuel vehicles. Thus, growth in number of natural gas vehicles along with increasing availability of CNG fuel is driving the adoption of CNG vehicles which in turn is fueling the demand for CNG cylinders over the forecast period. Moreover, increasing consumer awareness about associated advantages of improved vehicle efficiency of using CNG as fuel is anticipated to increase the adoption of CNG as fuel which is subsequently projected to propel the demand for CNG cylinders over the forecast period (2020-2027).

Market Insights:

Demand for CNG cylinders is expected to gain thrust with growth in number of natural gas vehicles along with rapid development in supply and distribution infrastructure of compressed natural gas (CNG). Growing inclination among major economies to reduce carbon footprints inclining economies to shift to natural gas to meet their energy demand. Increasing government initiatives such as subsidies on natural gas vehicles (NGV) and tax benefits coupled with increasing awareness among consumers about associated advantages such as improved vehicle fuel efficiency increasing the adoption of CNG as alternative fuel to the conventional fuels such as diesel and gasoline. This in turn is anticipated to drive the demand for CNG cylinders over the forecast period. Furthermore, increasing sales of Bi-fuel vehicles is increasing the adoption of natural gas vehicles which in turn is fueling the demand for CNG cylinders over the forecast period. Besides this, advancement in technology facilitating the development of light weight Type 4 CNG cylinders made up of carbon fiber. Increasing popularity of light weight carbon fiber cylinders is further projected to propel the adoption of CNG cylinders over the forecast period.

Asia Pacific is estimated to be the largest market for CNG cylinders in 2019 and anticipated to continue its dominance over the forecast period. High demand for natural gas vehicles owing to rapid growth in disposable income of middle class especially in China, India and South Korea is anticipate to drive the demand for the CNG cylinders in the region. China is projected to be the largest consumer of CNG cylinders in the region and anticipated to witness high growth in demand for CNG cylinders over the forecast period (2020-2027). Furthermore, growing inclination of various governments in the region driving the economies to shift to natural gas as the major source for their energy requirements which in turn is fueling the demand for CNG cylinders in the region. Key players in the market are investing research and development for the new product development along with increasing their market penetration in key consuming economies.

Market Segment Insights:

The global CNG cylinders market for the purpose of this study is studied for material, type and application. Metal, glass fiber and carbon fiber are the prime CNG cylinders material considered in the material segmentation. In addition, type 1, type 2, type 3 and type 4 are the key types of CNG cylinders. Based on the application light passenger vehicles, medium duty/heavy duty (MD/HD) Buses, Medium duty/heavy duty (MD/HD) Trucks and other (Autos) are considered in application segmentation.

Global CNG Cylinders Market Segmentation:

By Material, 2018–2027 ($ Million)

• Metal
• Glass Fiber
• Carbon Fiber

By Type, 2018–2027 ($ Million)

• Type 1
• Type 2
• Type 3
• Type 4

By Application, 2018–2027 ($ Million)

• Light Passenger Vehicles
• Medium duty/heavy duty (MD/HD) Buses
• Medium duty/heavy duty (MD/HD) Trucks
• Others (Autos)

By Geography, 2018-2027 ($ Million)

• North America
• Europe
• Asia Pacific
• Latin America (LATAM)
• Middle East and Africa (MEA)

Regional Insights:

For the purpose of this study, the global CNG cylinders market is regionally categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa markets. These regional markets are further sub-segmented into top country level markets that majorly determine the regional industry trends. Among the considered regional markets, Asia Pacific is estimated to be the largest market for CNG Cylinders. High demand for automobiles coupled with increasing supply and distribution infrastructure of CNG in the region are projected to drive the demand for CNG cylinders in the region over the forecast period.

Market Competition Assessment:

The major players currently operating in the global CNG cylinders market Sinomatech, Avanco Group, Beijing Tianhai Industry, CIMC ENRIC, Everest Kanto Cylinders, Faber Industries, and others.

List of Key Companies:

• Sinomatech
• Avanco Group
• Beijing Tianhai Industry
• CIMC ENRIC
• Everest Kanto Cylinders
• Faber Industries
• Hexagon Composites
• Luxfer Group
• Quantum Technologies
• Rama Cylinders
• Worthington Industries

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Key Questions Answered by CNG Cylinders Market Report

• Global cng cylinders market forecasts from 2020-2027
• Regional cng cylinders market forecasts from 2020-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country level forecasts from 2020-2027 covering 15 major countries from aforementioned regions
• CNG Cylinders submarket forecasts from 2020-2027 covering the market by material, by type, by application, and geography
• Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to cng cylinders market
• Analysis of the key factors driving and restraining the growth of the global, regional and country level cng cylinders markets from 2020-2027
• Competitive Landscape and market positioning of top 10 players operating in the cng cylinders market