Rising environmental issues and reducing emissions as well as increased government regulations and incentives is expected to drive market expansion in the near future at a CAGR of 9.80% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global CNG tanks market” that contains information from 2018 to 2032. The CNG tanks market is estimated to register a CAGR of 9.80% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global CNG tanks market— Maruti Koatsu Cylinders Ltd, Anhui Clean Energy Co., Ltd., Hexagon Composites ASA, Plastic Omnium, Praxair Technologies Inc, Worthington Industries, Everest Kanto Cylinders Ltd., NGV Technologies Inc, Ullit SA, Luxfer Group, Faber Industrie S.P.A, Indoruss Synergy Pvt. Ltd., Quantum Fuel Systems Technologies Worldwide Inc, Fiba technologies, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Beijing Tianhai Industry Co. Ltd., Avanco Group and others

Market Highlights

The global CNG tanks market is accounted to register a CAGR of 9.80% during the forecast period and is estimated to reach USD 3.9 Billion by 2032.

The CNG tanks market is propelled by the global shift towards cleaner fuels, with compressed natural gas gaining popularity for vehicles. Stringent emissions regulations and lower operating costs are driving the demand for efficient and durable CNG storage solutions, fostering market growth.

Segment Analysis

The global CNG tanks market has been segmented based raw material, propulsion, vehicle type and type.

On the basis of raw material, the market is segmented into glass fiber composites raw materials, carbon fiber composites raw materials and others. The glass fiber composites raw materials segment dominated the market in 2022. Glass fiber composites are known for their durability and have a remarkable strength-to-weight ratio.

Based on propulsion, the global CNG tanks market has been segmented into petrol and diesel. The petrol category generated the most income in 2022. The petroleum industry is under increasing pressure to reduce greenhouse gas emissions and environmental impact.

Based on vehicle type, the global CNG tanks market has been segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles. The passenger vehicles segment dominated the market in 2022. Because of growing concerns over air pollution and greenhouse gas emissions, environmentally friendly transportation choices are getting more attention.

Based on type, the global CNG tanks market has been segmented into type 1 CNG tanks, type 2 CNG tanks, type 3 CNG tanks and type 4 CNG tanks. The type 2 CNG tanks segment dominated the market in 2022. In order to cut emissions and the industry's harmful environmental effects, the transportation sector around the world is moving more and more toward fuels that are cleaner and more environmentally friendly.

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Regional Analysis

The global CNG tanks market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe CNG tanks market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The CNG tanks 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 tanks market comprises of Middle East, Africa, and Latin America.

The North America CNG tanks Market dominated this market in 2022 (45.80%). North America has an abundance of natural gas, which makes CNG a popular and reasonably priced alternative fuel. The availability of domestic natural gas sources promotes the use of CNG-powered vehicles, increasing the demand for CNG tanks.

Moreover, the second-largest market share for CNG tanks is held by Europe. For the purpose of reducing greenhouse gas emissions and other pollutants from moving cars, the European Union (EU) has put in place strict emission laws. Demand for CNG tanks is fueled by the fact that CNG-powered vehicles with CNG tanks provide a workable substitute to satisfy these strict emission criteria.

Additionally, from 2023 to 2032, the CNG tank market in Asia-Pacific is anticipated to expand at the fastest rate. Many of the countries in the APAC region are dealing with severe air pollution issues. Governments and communities are seeking for ways to reduce emissions and improve air quality. Natural gas burns more cleanly than traditional fossil fuels, making the adoption of CNG-powered vehicles—made feasible by CNG tanks—consistent with this goal.

Furthermore, the rest of the world's CNG tanks market is divided into the Middle East, Africa, and Latin America. The Latin America CNG tanks market showcases steady growth, driven by rising demand for cleaner fuel alternatives in transportation. Governments' push for reduced emissions and cost-effective fuel solutions fuels the adoption of compressed natural gas (CNG) vehicles, stimulating the market's expansion.

Key Findings of the Study

• The global CNG tanks market is expected to reach USD 3.9 Billion by 2032, at a CAGR of 9.80% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the introduction of CNG-powered vehicles, made possible by CNG tanks.


• Based on type, the type 2 CNG tanks segment was attributed to holding the largest market in 2022.


• Maruti Koatsu Cylinders Ltd, Anhui Clean Energy Co., Ltd., Hexagon Composites ASA, Plastic Omnium, Praxair Technologies Inc, Worthington Industries, Everest Kanto Cylinders Ltd., NGV Technologies Inc, Ullit SA, Luxfer Group, Faber Industrie S.P.A, Indoruss Synergy Pvt. Ltd., Quantum Fuel Systems Technologies Worldwide Inc, Fiba technologies, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Beijing Tianhai Industry Co. Ltd., Avanco Group and others