Global Compressed Natural Gas (CNG) Tanks/Cylinders Market Size, Growth Analysis and Forecast Insights
Report ID : 1305934 | Published : May 2025 | Study Period : 2023-2033 | Format : PDF + Excel
The market size of the Compressed Natural Gas (CNG) Tanks/Cylinders Market is categorized based on Type (Type 1, Type 2, Type 3) and Material (Steel, Composite, Aluminum) and Application (Transportation, Industrial, Commercial) and Capacity (Less than 20 liters, 20-40 liters, More than 40 liters) and End-User (Automotive, Marine, Power Generation) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).
The Compressed Natural Gas (CNG) Tanks/Cylinders Market size was valued at $2.5 billion in 2023 and is projected to reach $4.5 billion by 2033, growing at a CAGR of 6.0% from 2024 to 2033. This report includes various market segments and analyzes the key trends and factors influencing market growth.
The CNG (Compressed Natural Gas) tanks and cylinders market is coming up as a critical segment of the wider energy sector due to the focus on carbon friendly, eco sustainable fuel sources. CNG is gaining acceptance as a substitute in many industries because it produces less carbon emissions than ordinary fossil fuels. This transformation not only meets international ecological standards but also creates new chances for increased productivity and development in the designing and marketing of CNG storage facilities.
The CNG tank and cylinder industry's focus along with the technological progress and increased expenditure in construction allows to expect significant market growth. In particular, the adoption of CNG vehicles seems to be on the rise, especially in the automotive industry, courtesy of the government’s spending on policies and initiatives supporting cleaner energy. Also, the industrial market’s desire to harness CNG for different purposes sends a clear signal for high quality dependable storage. Therefore, the stakeholders of the two markets are able to take advantage of the circumstances which ensures safety and effectiveness in the supply of CNG tanks and cylinders.
| ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2023-2033 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2033 |
| HISTORICAL PERIOD | 2023-2024 |
| UNIT | VALUE (USD BILLION) |
| KEY COMPANIES PROFILED | Luxfer Gas Cylinders, Worthington Industries, Hexagon Composites, Faber Industrie S.p.A., Norwegian Institute of Bioeconomy Research, Cylinders Holding, MBH International, CNG Cylinders International, Aburi Composites, Tianjin Fuhai Technology, Rugged Composites |
| SEGMENTS COVERED |
By Type - Type 1, Type 2, Type 3
By Material - Steel, Composite, Aluminum
By Application - Transportation, Industrial, Commercial
By Capacity - Less than 20 liters, 20-40 liters, More than 40 liters
By End-User - Automotive, Marine, Power Generation
By Geography - North America, Europe, APAC, Middle East Asia & Rest of World. |
Compressed Natural Gas (CNG) Tanks/Cylinders Market Dynamics
The Compressed Natural Gas (CNG) Tanks/Cylinders Market is undergoing significant changes due to various dynamic factors. This section delves into the key drivers, restraints, opportunities, and challenges that are shaping the market landscape.
Market Drivers
- Technological Advancements
- Increasing Consumer Demand
- Regulatory Support
- Globalization
Market Restraints
- High Operational Costs
- Regulatory Challenges
- Market Saturation
Market Opportunities
- Emerging Markets
- Product Innovation
- Strategic Partnerships
Market Challenges
- Technological Disruptions
- Supply Chain Issues
- Changing Consumer Preferences
Compressed Natural Gas (CNG) Tanks/Cylinders Market Segmentations
Market Breakup by Type
- Overview
- Type 1
- Type 2
- Type 3
Market Breakup by Material
- Overview
- Steel
- Composite
- Aluminum
Market Breakup by Application
- Overview
- Transportation
- Industrial
- Commercial
Market Breakup by Capacity
- Overview
- Less than 20 liters
- 20-40 liters
- More than 40 liters
Market Breakup by End-User
- Overview
- Automotive
- Marine
- Power Generation
Market Breakup by Region
North America
- United States of America
- Canada
- Mexico
Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
Asia Pacific
- China
- Japan
- India
- ASEAN
- Australia
- Others
Latin America
- Brazil
- Argentina
- Mexico
- Others
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Key Players in the Compressed Natural Gas (CNG) Tanks/Cylinders Market
This report provides an in-depth analysis of both established and rising industry participants. It provides broad lists of important companies organized by the types of products they offer and other market-related factors. In addition to characterizing these companies, the report contains the year each player entered the market, which is useful for research analysis by the study's analysts.
- Luxfer Gas Cylinders
- Worthington Industries
- Hexagon Composites
- Faber Industrie S.p.A.
- Norwegian Institute of Bioeconomy Research
- Cylinders Holding
- MBH International
- CNG Cylinders International
- Aburi Composites
- Tianjin Fuhai Technology
- Rugged Composites
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