CNG Tank Market Analysis

Tank Type (Type 1, Type 2, Type 3, Type 4)

The type 1 segment in the CNG tank market is estimated to gain a robust revenue share of 38% in the coming years owing to increasing demand for these tanks from developing countries such as India, Brazil, Iran, and China. Type 1 tanks are most commonly used in bulk transportation as they are known to be the safest owing to their thickness.

Moreover, since Type 1 can withstand a range of pressures, it is perfect for long-term storage at CNG filling stations and in industries where CNG is required on-site, such as, for heating or to operate machinery. Along with this, type 1 tanks are cheaper than their other counterparts, which is another factor evaluated to drive the growth of this market segment shortly.

Vehicle (Light, Medium, Heavy-Duty Vehicle)

CNG tank market from the light segment is set to garner a notable share shortly driven by a growing number of people expected to purchase cars, backed by their growing disposable income. Moreover, people’s preference for cost-cutting solutions for fuel is growing, along with their growing awareness regarding the adverse effects of fuels on the environment. Since CNG is lighter than petrol, it burns cleaner and increases a vehicle's ability to navigate through dense urban traffic, and reduces transport and labor costs.

Our in-depth analysis of the global CNG tank market includes the following segments: