Lucintel, a leading global management consulting and market research firm, has conducted a detailed analysis on the composite CNG tanks market and presents its findings in “Growth Opportunities for Composite CNG Tanks in Global Automotive Industry 2014-2019: Trend, Forecast, and Competitive Analysis.”

The report analyses the composite CNG tanks market for all the four regions and analyses the risk factors and growth opportunities and resolves that it will reach $524 million by 2019 with a double digit growth over the next five years. It also segments the market by region (NA, Europe, APAC, and ROW), type of tanks (Type-II, Type-III, and Type-IV), by applications (Light-duty and Heavy-duty vehicles), and composites consumption by fiber type (carbon and glass fiber).

Growth in the natural gas vehicles has driven the composite CNG tanks in the automotive industry. Composite CNG tanks are lightweight which results into fuel efficiency of the vehicles which drive the market. Europe has been the top region in terms of total CNG tanks demand whereas ROW saw the highest growth rate due to rapidly increasing demand for alternative fuel powered vehicles and small base phenomena. Heavy duty vehicle is expected to generate huge demand for composite CNG tanks as fleet operators are switching towards CNG powered vehicles to reduce the operating cost. Significant growth in demand for type-IV tank is expected due to the high pressure requirement to store an increasingly greater volume of gas, which also reduces the overall cost of transportation for fleet operators.

In terms of regional market, North America is expected to remain a preferred destination for global giants owing to the development of new NGV vehicles, backed by huge natural gas exploration activities that are likely to increase the demand for CNG tanks.