The global hydrogen tank material market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7% during the forecast period. The market research report explores hydrogen tank material market size, revenue, production, consumption, and CAGR, using reliable research methods for accuracy. The report also covers technological advancements, pricing trends, consumer behavior, and investment opportunities, helping businesses make smart decisions and stay competitive. Hydrogen storage tanks are high-pressure vessels that are getting widely used to store hydrogen at a specified atmospheric pressure and temperature. These tanks are primarily used in stationary, on-board fuel tanks along with bulk transportation applications. Different types of Department of Transportation (DOT)-certified cylinders/tanks are used in these vehicles to store hydrogen fuel. These tanks are spherical or circular, that provides equal stress distribution in the inner area of tanks, thereby providing premier safety to the vessel.
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Carbon fiber material segment is projected to dominate the global hydrogen tank material market during the forecast period.
The hydrogen tank material market has been segmented based on the material type into metal, carbon fiber, and glass fiber. In 2022, metal segment dominated the market. During forecasted years, carbon fiber segment is expected to show significant growth and expected to dominate the market by 2030. Carbon fiber tanks are categorized into Type 3 or Type 4 tanks. In high-value applications and for higher performance, carbon fiber composite materials are used to produce hydrogen tanks.
Type 1 segment dominated the hydrogen tank material market in 2022.
The hydrogen tank material market is segmented on the basis of tank types as Type 1, Type 2, Type 3, and Type 4. Type 1 tanks are dominantly used in light-duty vehicles, whereas the Type 2, Type 3, and Type 4 are mainly employed in the medium-duty vehicles and heavy-duty vehicles. Type 4 segment is projected to be the fastest-growing segment, owing to the growth of the natural gas-powered vehicles in the automotive industry.
Industrial end-use segment dominated the hydrogen tank material market in 2022.
Various end-use industries such as automotive & transportation, industrial, chemicals, medical & pharmaceuticals, and others. In terms of value, industrial segment dominated the market in 2022. Hydrogen tanks are used diversely in various industrial applications, due to their properties, such as durability, and fuel efficiency. This dominance is due to high demand of hydrogen tanks in various applications such as metal processing, petroleum refining, and many more.
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Asia Pacific is expected to be the largest market for hydrogen tank material market during the forecast period
Asia Pacific is the largest as well as the fastest growing market for hydrogen tank material. The significant growth of hydrogen tank material market is due to growing demand from automotive & transportation, chemicals, industrial, and other end-use industries. The presence of a large number of NGVs in the region is also fueling the market for hydrogen tank material in the region.
Hydrogen Tank Material Companies
One of the key factors driving the hydrogen tanks and thereby hydrogen tank material market is the rising demand for renewable energy. Due to the fact that it emits no greenhouse gases when used to create electricity or fuel automobiles, hydrogen is regarded as a clean energy source. There is a greater need for hydrogen storage options and solutions due to the rise in the popularity of hydrogen fuel cells and many other hydrogen-based technologies. One such solution is the use of hydrogen storage tanks. These tanks offer a secure and effective method of storing and moving hydrogen gas. Cryogenic liquid tanks, compressed gas cylinders, and metal hydride tanks are some examples of available tanks.
The hydrogen tanks has variety of uses, including refueling hydrogen-powered cars and storing the gas for usage in power plants and other industrial activities. As governments across the world are focusing on the reduction of greenhouse gas emissions and encouraging the use of renewable energy, the market for hydrogen tanks is anticipated to expand significantly in the upcoming years. The need for hydrogen tanks is also being fueled by improvements in hydrogen storage technologies, which make storing and transporting hydrogen more efficient and affordable. These factors are driving the market for hydrogen storage tank materials across the globe.
Companies working in the hydrogen tank material market have adopted expansions, partnerships, joint ventures, agreements, new product/technology launches, contracts, acquisitions, and mergers & acquisitions to strengthen their market share in the global glass mat market from 2018-2023. For instance, in October 2022, Worthington Industries entered into a partnership with Innovair Group to bring the best quality cylinders to Canada.
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Major market players in hydrogen tank material market are Worthington Industries, Inc. (US), Luxfer Group (England), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC (US), Faber Industrie SPA (Italy), Everest Kanto Cylinders Ltd. (India), Avanco Group (Germany), Praxair Technologies, Inc. (US), and others.
Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, hydrogen, oxygen, and other industrial gases. It operates through four major business segments: steel processing, consumer products, building products, and sustainable energy solutions. The sustainable energy solutions segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment for various end-use applications, such as consumer products, alternative fuels, industrial products, and energy.
Luxfer Group is one of the key players in materials technology dealing with the manufacturing, design, and supply of high-performance materials, gas cylinders, and components. It is an operating unit of Luxfer Holdings PLC. The companyâs area of expertise covers the metallurgical and chemical properties of magnesium, zirconium, carbon, and rare earths. It has 19 manufacturing plants operating in seven countries across the world. The gas cylinder division manufactures products made from composites and aluminum using technically advanced processes.
Jul 19, 2019 (AB Digital via COMTEX) -- Wheat Gluten Market – Segmental Analysis
The global wheat gluten market is segmented on the basis of form and application.
Among these, the bakery & confectionery segment is expected to account for the largest market share in the global wheat gluten market during the forecast period.
The major key players in the wheat gluten market are-
According to the intensive analysis by Market Research Future (MRFR), the global market for wheat gluten has been observing high demand in the past few years and is estimated to reach USD 4593.5 million by 2023.
In addition, emerging applications in end-use industry and increasing consumer preference for meat-free diets are anticipated to drive the market growth.
