Automotive Fuel Tank Market Research Report- Forecast to 2030

Automotive Fuel Tank Market Report Information, segmented by Material (Plastic, Steel & Aluminum), Capacity (<45L, 45L-70L & >70L), Vehicle Type (Passenger Car, and Commercial Vehicle), and region (North America, Europe, Asia Pacific, and ROW) | Forecast 2030

ID: MRFR/AM/4119-HCR | February 2021 | Region: Global | 100 pages         

Automotive Fuel Tank Market

Automotive Fuel Tank Market size is anticipated to register a CAGR of 5.65% between 2021 and 2027 to reach an approximate value of USD 23.3 billion by 2027.

Segmentation

By Material Plastic Steel Aluminum
By Capacity <45L 45L-70L & >70L
By Vehicle Type Passenger Car Commercial Vehicle

Key Players

  • Plastic Omnium Group (France)
  • Kautex Textron GmbH Co. KG. (Germany)
  • YAPP Automotive Parts Co. Ltd. (China)
  • TI Automotive Inc. (U.K.)
  • Magna International (Canada)
  • Unipres Corporation (Japan)
  • Continental (Germany)
  • Lyondell Basell (Netherlands)
  • Yachiyo (Japan)
  • Allgaier Automotive (Germany)
  • Boyd Welding (Florida)
  • Dali Samir Engineering (India)
  • Martinrea International (Canada)
  • Posco co. Ltd (South Korea)
  • Baosteel group corporation (China).

Drivers

  • growth in the automotive industry
  • Increase in sales of passenger and commercial vehicles
  • Innovation in fuel tank technology
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Automotive Fuel Tank Market Overview


The Automotive Fuel Tank Market Size is expected to grow at a 5.65% CAGR by the end of the Automotive Fuel Tank Market Analysis. Growing demand, increased vehicle production, rapid urbanization, and increased investments in the development of lightweight vehicles with improved fuel efficiency and longer driving range are projected to drive demand for the Automotive Fuel Tank Industry. In a vehicle, the fuel tank is used to hold flammable liquids. It is mostly used in the section of the engine where it is kept, propelled, and released. The gasoline tank size varies according to the vehicle type. The size of the fuel tank can vary, from a little plastic tank to a multi-chambered tank which varies the Automotive Fuel Tank Market Demand. Filling, storing, venting, and feeding fuel into the engine are some of the most common purposes of a fuel tank. The vehicle's efficiency is determined by the size and capacity of the fuel tank. A larger fuel tank will extend the travel distance, but it will also take up more room and add to the vehicle's overall weight. As a result, the gasoline tank is designed with the vehicle's trade-off design in mind. The capacity of the gasoline tank varies based on the vehicle model. The material used in the manufacturing of fuel tanks is chosen with care, taking into account the tank's weight. Fuel tanks are made of a variety of materials, including plastic, steel, and aluminum. Aluminum is the most extensively utilized material due to its lightweight.


COVID 19 Analysis


The Automotive Fuel Tank Market Share is critical to the global economy's development. During the second and third quarters of 2020, however, the COVID-19 epidemic impacted the whole automotive supply chain on a worldwide scale, affecting new car sales in FY 2020. Vehicle production (including LDV and HDV) is expected to drop by 19.6%. Due to lockdowns and shutdowns of manufacturing facilities in many areas of the world, the pandemic posed an unpredictable recovery path for the car industry. During COVID-19, the automotive sector faced four key challenges: a shortage of car parts, a drop in new vehicle sales, the closure of manufacturing sites, and a drop in working capital. Because the Automotive Fuel Tank Market Trends are dependent on car production, the outbreak is predicted to have an impact on this market during the Automotive Fuel Tank Market Forecast. According to various industry experts, the recovery may regain momentum by the second half of 2021, as demand for passenger cars, light commercial vehicles, and heavy commercial vehicles is expected to grow, while subsequent growth in two-wheeler sales across regions in 2021 is expected to drive the two-wheeler fuel Automotive Fuel Tank Market Revenue.


Market Dynamics



  • Drivers


Expansion in the Automotive Fuel Tank Market and Automotive Fuel Tank Industry, innovation in fuel tank technology, a rise in sales of passenger and commercial vehicles in emerging economies, increased safety, and other factors are driving the Automotive Fuel Tank Market Growth. As the number of passengers and commercial cars on the road rises, so will the Automotive Fuel Tank Market Demand for gasoline tanks in vehicles. In comparison to commercial vehicles, the passenger car category is predicted to dominate the Automotive Fuel Tank Market, increasing in demand for gasoline tank capacities ranging from 45 to 70 liters. Fuel tank makers utilize materials that are both sustainable and durable, resulting in greater passenger safety. The increasing safety of fuel tanks will result in future Automotive Fuel Tank Market Growth. In recent years, the automobile industry has seen a consistent increase in car production and sales. Global vehicle production was predicted to be 92.2 million units. Increased population, improving socioeconomic conditions, economic expansion, and infrastructure development are all factors contributing to increased vehicle production.



  • Restraints


The increasing market penetration of electric cars is one of the significant restrictions on the Automotive Fuel Tank Market Revenue. Electric car sales are projected to increase in the future as demand for zero-emission vehicles grows. Electric car technology has gotten more economical over time, with numerous governments providing tax breaks and other incentives to encourage the adoption of electric vehicles. The adoption rate of electric vehicles has increased as a result of a considerable increase in financial support from governments in the form of tax rebates, subsidies, and legislation to promote eco-friendly automobiles. Furthermore, advances in battery and charging technology, as well as lower battery prices, have spurred the demand for electric vehicles. As a result, higher production and sales of electric vehicles may cause the automobile gasoline tank industry to decline. Currently, these vehicles may have a minor impact on the gasoline tank industry. However, these vehicles are projected to have a significant impact on the future Automotive Fuel Tank Market Size and Automotive Fuel Tank Market Share.



  • Technology Analysis


To retain normal vehicle size, weight, and driving range, alternative fuel cars use gaseous materials such as CNG, LNG, and hydrogen, which require sturdy, safe, and lightweight tanks. Traditional alternative fuel tanks are built of low-grade steel, and the gas can migrate into the metal over time, making it brittle and causing the tank to leak. HDPE plastic fuel tanks are lightweight and safe to use in automobiles, contributing significantly to the vehicle's overall weight reduction. When compared to battery electric vehicles, the introduction of fuel cell technology has provided an efficient alternative for achieving a high driving range of roughly 500 km and a shorter refilling time.


Segment Overview


The Automotive Fuel Tank Market Report has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market segments are as follows:


Based on the material, the market is segmented as follows:



  • Plastic

  • Steel

  • Aluminum


Based on the capacity, the market is segmented as follows:



  • <45L

  • 45L-70L

  • >70L


Based on the region, the market is segmented as follows:



  • North America

  • Asia-Pacific

  • Europe

  • The Rest of the World (RoW)


Regional Classification


During the projected period, Asia Pacific is expected to lead the market because OEMs in emerging economies are concentrating on the manufacturing of lightweight components that would improve vehicle efficiency. To minimize the total weight of the vehicle, many manufacturers use aluminum in the fabrication of gasoline tanks. The market will develop due to an increase in demand for lightweight fuel tanks in emerging economies. Because customers are becoming increasingly concerned about their safety, North America is likely to be the second-largest market. People are more likely to purchase vehicles that have enhanced safety features. The market will expand in response to the increased need for enhanced safety technology. Due to a rise in commercial vehicle production, Europe is predicted to be the third-largest market. During the projection period, Germany is expected to lead the European market.


Competitive Landscape


Due to their developed goods and a network of many automobile manufacturers, the automotive fuel tank industry is heavily dominated by a few companies that hold more than 70% of the market share. New material and design developments are anticipated to assist market leaders to expand their market share, while new and minor companies may expand their market presence. The major Automotive Fuel Tank Market Key Players are as follows:



  • Plastic Omnium Group

  • Kautex Textron GmbH & Co. KG.

  • YAPP Automotive Parts Co. Ltd.

  • TI Automotive Inc.

  • Magna International

  • Unipres Corporation

  • Continental

  • Lyondell Basell

  • Yachiyo

  • Allgaier Automotive

  • Boyd Welding

  • Dali and Samir Engineering

  • Martinrea International

  • Posco co. Ltd.

  • Baosteel group corporation


Recent Developments


TI Fluid Systems, a supplier of automotive fluid systems technology, has introduced new fuel system fluid handling products for the Hyundai Santa FE SUV hybrid electric car, which will debut (HEV). This Hyundai HEV app showcases the company's ability to optimize systems with lightweight solutions for better EV mode efficiency.


At its subsidiary in Zhongshan, Guangdong Province, China, Yachiyo strengthened its position with local automakers. In the fiscal year, the company increased its development and sales strength in the Chinese market by hiring more people.


Report Overview


The report looks at the driving drivers, restrictions, and possibilities in the Automotive Fuel Tank Market, as well as industry trends and essential success criteria. The study also includes qualitative market analysis, such as a comprehensive demand and capacity analysis of the Automotive Fuel Tank Industry, as well as market investment analysis. The document profiles the major firms and research institutes involved in this field. It depicts the major companies' competitive landscape as well as all of their significant growth plans. The study also looks at the entire value chain of the market, as well as Automotive Fuel Tank Market Trends, with an emphasis on market timelines and technology roadmaps, as well as market and product life cycle analysis during the Automotive Fuel Tank Market Analysis.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030 : Significant Value
  CAGR   Substantial CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Technology, By End Market, By Application, By Vehicle type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG. (Germany), YAPP Automotive Parts Co. Ltd. (China), TI Automotive Inc. (U.K.), Magna International (Canada), Unipres Corporation (Japan), Continental (Germany), Lyondell Basell (Netherlands), Yachiyo (Japan), Allgaier Automotive (Germany), Boyd Welding (Florida), Dali and Samir Engineering (India), Martinrea International (Canada), Posco co. Ltd (South Korea), Baosteel group corporation (China).
  Key Market Opportunities   Innovation in fuel tank technology
  Key Market Drivers

  • growth in the automotive industry
  • Increase in sales of passenger and commercial vehicles


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    Frequently Asked Questions (FAQ) :

    The presence of OEMs in the APAC region is forecasted to reinforce the region in the forecast period.

    The robust income potential of the market is estimated to diversify favorably in the coming years.

    A 5.65% CAGR is projected to open up new areas for growth in the forecast period.

    Continental (Germany), Lyondell Basell (Netherlands), Allgaier Automotive (Germany), Unipres Corporation (Japan), and Yachiyo (Japan) are the contenders in the market.

    The advance in fuel tank technology is projected to enhance the market share in the forecast period.