Automotive Fuel Tank Market Trends

Growth Drivers

• Growing Demand for Plastic Tanks – as many automotive fuel tanks are made of laminated plastic with a barrier layer plastic that has become the main material used by manufacturers of fuel tanks. For instance, as per 2019 statistics, in Europe, and United States, ~90% and ~75% of all fuel tanks are made of plastic. The rising demand for plastic fuel tanks is expected to boost the automotive fuel tank market in the projected time period.

• Increasing Penetration of Cars – for instance, globally car sales grew to over 65 million automobiles in 2021.
• Rising Sales of Commercial Vehicles – which were found to be more than 26 million in 2021.
• Domination of Gasoline Powered Vehicles – for instance, in the United States, the gasoline station sector recorded a gross output of about USD 101 billion in 2020.

Challenges

• Possibility of the Fuel Tank is Deformation Owing to its Viscosity
• Concern about Exposure of Steel and Aluminum Fuel Tanks to Temperature and Corrosion
• Concern about Developing Efficient & Affordable Tanks

The global automotive fuel tank market is segmented and analyzed for demand and supply by material type segment into ferroalloys, aluminum alloys, and plastics. Amongst these segments, the plastics segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing penetration of plastic fuel tanks in the truck market owing to a variety of forms and configurations and easy installation along with the surge in the sales of trucks worldwide. For instance, in 2020, more than 2.5 million trucks were sold in United States.