Natural gas (CNG) production is increasing every year. Even though the compound average growth rate has shown a downturn, production is growing. The usage of CNG is increasing in automotive day by day with an environmental concern to reduce the greenhouse effect. This would help the CNG vehicles population and hence CNG tanks population to grow in the coming next few years. Global CNG tanks/ cylinders market value is expected to be $1,563.23 Million growing at a CAGR of 9.65% by 2020.
Following are the types of tanks available in the market:
- Type-1
- Type-2
- Type-3
- Type-4
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Type-1 tank is usually made up of metals, mostly steel. Type-2, type-3 and type-4 are made up of composites. The distinguishing difference between type-2, type-3 and type-4 is the way the composite is wrapped around the tank. The materials used in the manufacturing of these tanks are as follow:
- Metals
- Glass fiber composites
- Carbon fiber composites
CNG have the following benefits over other alternative transportation fuel:
- Low cost
- Eco-friendly
- Keeps vehicle engine clean
- Increase the performance of vehicle
- Widely available in nature
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CNG tanks/cylinders are employed in different end-use based on the requirement. Light-duty vehicles, medium-duty vehicles and heavy-duty vehicles are the major end-user of the CNG tanks/cylinders. The versatile nature of CNG allows building-specific performance of the vehicle’s engine with high average per kilometer.
Asia-Pacific is the largest market for CNG tanks/cylinders and accounted for nearly half of the global demand. The CNG tanks/cylinders market in this region is expected to increase aggressively in the next five years, due to the growing economies of China, India, and other countries which would result in increased demand for CNG tanks/cylinders. Due to presence of growing economies such as China and India, Asia-Pacific dominates the CNG tanks/cylinders market.
Some of the leading market players in the CNG tanks/cylinders industry include Hexagon composites ASA (Norway), Luxfer group (U.K), Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd (China), Worthington Industries (U.S.), Quantum technologies (U.S.), and others.
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The global compressed natural gas (CNG) market size is expected to reach USD 269.7 billion By 2027 according to a new study by Polaris Market Research.
There are several properties of Compressed Natural Gas (CNG) that makes it a better alternative for IC engines.
It diffuses quickly in air, its higher ignition temperature leads to reduced delay in auto ignition, has comparatively high-octane number, maintenance cost is comparatively lower and the most important is the lower emission of carbon dioxide compared to other fossil fuels.
These advantages have been crucial in driving the overall compressed natural gas market over the past five to six years.
The increasing focus on production of Compressed Natural Gas (CNG) compared to crude oil and recent discoveries of shale reserves are some of the aspects that have resulted in greater availability scenarios for compressed natural gas as transportation fuel along with other fuels.
Supply of CNG is becoming more and more diverse across the globe along with becoming increasingly flexible.
