CNG Tank Cylinder Market is Predicted to Reach USD 4.31 Billion by 2032 at a CAGR of 10.20% during the forecast period 2023-2032

Market Research Future (MRFR) has published a cooked research report on the "Global CNG tank cylinder Market" that contains information from 2018 to 2032. The CNG tank cylinder market is estimated to register a CAGR of 10.20% from 2023 to 2032.

MRFR recognizes the following companies as the key players in the global CNG tank cylinder market— Faber Technologies, Hexagon Composites ASA, Luxfer Gas Cylinder, Quantum Fuel System Technologies, Everest Kanto Cylinder, and Fiba Technologies.

Market Highlights

The global CNG tank cylinder market is accounted to register a CAGR of 10.20% during the forecast period and is estimated to reach USD 4.31 billion by 2032.

Due to its low cost and environmental friendliness, compressed natural gas (CNG) is frequently employed in vehicles. Increased public awareness of natural gas-powered automobiles and government initiatives to assist green energy vehicles also contribute to the market's expansion. The business for CNG tanks is expanding favorably as more vehicles powered by natural gas are produced, hybrid vehicles are developed, and demand for lightweight storage solutions rises. However, throughout the projected period, the market's growth is anticipated to be constrained by fierce rivalry, high composite tank costs, strict regulatory clearances, and rising Adsorbed Natural Gas (ANG) usage. Furthermore, it is projected that rising demand from developing nations and CNG's low price compared to fuels made from crude oil derivatives would open up future market opportunities.

Segment Analysis

The global CNG tank cylinder market has been segmented based on Tank Type, Composite Type and Vehicle Type.

On the basis of tank type, the market is segmented into cryogenic, tube-tailored, stationary, and others. The tube-tailored tanks segment was attributed to holding the largest market share in 2022 because it is less expensive to purchase and has a variety of applications in the automotive industry.

On the basis of composite type, the market is segmented into carbon fiber, steel or aluminum alloy, metal components, glass fiber, and others. The carbon fiber segment was attributed to holding the largest market share in 2022. Cylinders constructed of carbon fiber offer the best combination of security, efficiency, and durability today.

The global CNG tank cylinder market has been segmented based on vehicle type into commercial, passenger, and others. The commercial segment was expected to hold the largest market share in 2022 because of the CNG tanks' wide range of applications and lightweight, which reduces the cost of labor and shipping.

Regional Analysis

Based on region, the global CNG tank cylinder market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe CNG tank cylinder market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The CNG tank cylinder market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World CNG tank cylinder market comprises of Middle East, Africa, and Latin America.

The North American regional sector maintained the largest market share for CNG tank cylinders. Governments in North America are progressively regulating car emissions, and CNG vehicles emit a lot less pollution than petrol or diesel vehicles. Due to this, CNG is becoming a more appealing choice for fleet operators and other companies that must adhere to emissions laws. Numerous North American countries provide tax cuts and rebates, among other incentives, to encourage the purchase of CNG automobiles. These incentives can lower the cost of CNG cars for drivers, which is one of the key factors driving growing interest in CNG vehicles.

Moreover, the Europe market has been persistently growing over the forecast period. Many European countries provide financial incentives, like as tax reductions and refunds, to encourage the purchase of CNG vehicles. As a result, demand for CNG cars and, indirectly, CNG tank cylinders is increasing. More CNG refueling stations are available in Europe, making it simpler for drivers to locate locations to refill their CNG cars. Additionally, this is boosting the demand for CNG cars and tank cylinders.

Additionally, due to a shift in customer preference for CNG-powered cars brought on by government initiatives. All commercial and passenger cars in Delhi must comply with the National Green Tribunal's demand to switch to compressed natural gas, and the rest of the nation is expected to do the same. India's small number of petrol stations is a major barrier to the market's expansion. China (21.9%) and India (12.4%) are the top two producers of natural gas cars worldwide, according to data from the IANGV. Players in CNG-fueled automobiles are offered significant chances in the Asian nations of Pakistan, Thailand, and Uzbekistan. The Asia Pacific market will benefit from a growing emphasis on environmentally friendly energy sources.

Furthermore, the rest of the world's CNG tank cylinder market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the regions because of stringent laws governing diesel-powered cars, growing GHG concerns, and government backing for the usage of LNG vehicles.

Key Findings of the Study

• The global CNG tank cylinder market is expected to reach USD 4.31 billion by 2032, at a CAGR of 10.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global Due to the region's growing need for natural gas, particularly in countries like India, China, and Japan.


• Based on vehicle type, the commercial vehicle segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.


• Faber Technologies, Hexagon Composites ASA, Luxfer Gas Cylinder, Quantum Fuel System Technologies, Everest Kanto Cylinder, and Fiba Technologies.