According to a market research study published by Contrive Datum Insights, The goal of switching to cars that don’t put out any pollution is to improve China’s air quality, cut CO2 emissions, and make the country less reliant on energy from other countries.
Farmington, Jan. 24, 2023 (GLOBE NEWSWIRE) — The Global CNG Cylinders Market Was Estimated To Be Worth USD 1.5 Billion In 2022 And Is Expected To Reach USD 2.6 Billion By 2030, Expanding at a CAGR Of 5.9% From 2023 Until 2030. Compressed natural gas, which is often stored in high-pressure cylinders, is the most common type of fuel in cars. CNG is put into a cylinder, which usually has a pressure of about 250 bars. How much the CNG cylinders weigh could mean a lot of different things. CNG cylinders need to have a strong frame so that they can safely hold the high-pressure gas. You can buy compressed natural gas in cylinders that come in many shapes and sizes and can be used for many different things.
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Recent Developments:
- On 30 April 2019, Faber Industries has achieved the 0.75kg/I weight for type-1 cylinder. This weight reduction has lead OEM to pursue trades between weight and robustness of tank.
- On 29 March 2021, Hexagon Composites business company Hexagon Ability has bagged an order for CNG trucks from global logistics deliver company Ups. This order will lead to establishment of sustainable fleets in environmental and economic sense.
Segment Analysis:
Carbon fiber-wound composite cylinders are more likely to work well than cylinders made of a single metal, like aluminium or steel. It can hold more gas than the same-sized metal cylinders, is 50% lighter, doesn’t rust, and doesn’t hurt the environment. Carbon fibre cylinders are the safest, most efficient, and longest-lasting on the market. Carbon fibre cylinders can improve a vehicle’s range, payload, and handling, and they can also use less fuel.
Carbon fibre is now being used by a number of companies to make LNG cylinders. For instance, in 2020, Hyosung Advanced Materials Corp. added a third line to its South Korean plant that could make 2,500 tonnes of PAN carbon fibre per year. According to the company, the ambitious goal of this expansion is to meet the demand for carbon fibre used in fuel tank cylinders for compressed natural gas and hydrogen vehicles, which usually reach 350-700 operating pressure. Hyosung Advanced Materials thinks that its TANSOME high-strength, high-strain carbon fibres will be an important part of the safe operation of type III and type IV cylinder pressure vessels.
Regional Outlook:
The goal of switching to cars that don’t put out any pollution is to improve China’s air quality, cut CO2 emissions, and make the country less reliant on energy from other countries. Several types of businesses have already seen more sales of cars that run on LNG. Maruti Suzuki India Limited sold more compressed natural gas cars than ever before in the fiscal year 2019-20. (CNG). In all of India, the company was able to sell 106,443 CNG cars.
Since the BS-VI Emissions Standards will go into effect on April 1, 2020, many programmes have been set up to encourage the use of IGL or the switch from diesel. In 2020, India’s Minister of Petroleum and Natural Gas introduced the country’s first long-distance compressed natural gas bus. This was part of a plan led by Indraprastha Gas Limited. Agility Fuel Solutions made a fuel system for buses that uses composite cylinders and gives CNG buses more than twice as much range. This system is used to power buses all over the United States. Before the programme, CNG buses in India could only go 350 km. Now, each of the five buses in the programme can go nearly 1,100 km.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.9% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 2.6 Billion |
| By Material | Steel, Glass Fiber, Carbon Fiber, Aluminum, Others |
| By Vehicle | Light Duty, Medium Duty, Heavy Duty, Others |
| By Companies | Hexagon Agility, Worthington Industries, 3M, Luxfer Group, Cobham Limited, Quantum Fuel Systems Technologies, CNG United, REL Inc, Time Technoplast Ltd, Steelhead Composites |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Rising sales of LNG vehicles as an alternative to diesel-based vehicles
Countries all over the world work together to fight climate change by setting ambitious goals to cut GHG emissions. The EU has made it a rule that emissions must be 40% lower in 2030 than they were in 1990. One of the most important parts of EU economies is the use of fossil fuels in road transportation.
Because oil is so important to the transportation industry, it is the single biggest source of greenhouse gas emissions in Europe. About 73% of all GHG emissions from transportation come from cars and trucks. This is because more than 95% of Europe’s 308,3 million cars and trucks run on fuels made from oil. At the same time, there are a lot of low-emission alternatives to oil that can make transportation less reliant on oil and cut greenhouse gas emissions from driving. More than 2 million cars and trucks in the EU run on natural gas right now. They are helped by a network of 4041 stations that sell CNG and LNG.
Need for regular maintenance
As part of their maintenance, CNG fuel systems need to have their CNG storage tanks checked often to make sure they are safe. CNG tanks can be hurt by things on the road, which makes them less safe. Corrosion and cracking can happen when some things come in contact with other things. Because these tanks are under 3,600 pounds per square inch (psi) of pressure, even small damage could make the quality of the tank go down a lot, which would be a serious threat. Because of these things, tanks should be checked every three years (36 months) or every 36,000 miles in an authorised service centre.
Key Segments Covered:
Top Market Players:
Hexagon Agility, Worthington Industries, 3M, Luxfer Group, Cobham Limited, Quantum Fuel Systems Technologies, CNG United, REL Inc, Time Technoplast Ltd, Steelhead Composites, and others.
By Material
- Steel
- Glass Fiber
- Carbon Fiber
- Aluminium
- Other
By Vehicle
- Light Duty
- Medium Duty
- Heavy Duty
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- CNG Compressors Market – The CNG Compressor Market Share is expected to exceed USD 5,072.6 million by 2030, at a CAGR of 5% during the forecast period. North America provided the largest market share for the global CNG compressor market because of the high use of natural gas as an alternative fuel for automobiles, heavy vehicles, and generators.
- Automotive Forging Market – The Global Automotive Forging Market Size Was Valued At USD 40.49 Billion In 2021. The Market Is Projected To Grow From USD 45.49 Billion In 2022 To USD 67.75 Billion By 2029, Exhibiting A CAGR Of 5.10% During The Forecast Period. Asia Pacific (APAC) is expected to be the largest and fastest-growing segment.
- Automotive Semiconductor Market– The Global Automotive Semiconductor Market Size Was Valued At USD 53.06 Billion In 2021. The Market Is Projected To Grow From USD 59.22 Billion In 2023 To USD 103.85 Billion By 2029, Exhibiting A CAGR Of 8.4% During The Forecast Period. In 2021, the safety segment had the biggest share of the market, and this is likely to stay the case over the next few years.
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