The CNG, RNG, and hydrogen tanks market is projected to grow from USD 2.5 billion in 2023 to USD 5.6 billion by 2030, at a CAGR of 10.7% during the forecast period. Due to stringent environmental regulations and government incentives for alternate fuels and fueling infrastructure, the transportation industry is expected to increase demand for alternative fuel vehicles such as CNG, RNG, and hydrogen fuels. The lack of required refueling infrastructure for RNG and hydrogen in developing countries, as well as the high cost of composite material tanks and regulatory approvals, are major factors impeding market growth. Demand for lightweight transportation tanks, as well as the emergence of lightweight composite material-based CNG systems, will, however, support market growth.
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Major manufacturers in the CNG, RNG, and hydrogen tanks market are based in North America and Europe. Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (India), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), and Faber Industrie SpA (Italy) are among a few leading players operating in the CNG, RNG, and hydrogen tanks market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the CNG, RNG, and hydrogen tanks market further.
Hexagon Composites ASA (Norway)
Hexagon Composites ASA is a leading global supplier of composite pressure cylinders. The company comprises four business segments that include hexagon purus, hexagon ragasco, hexagon agility & hexagon digital wave, and agility fuel solutions. The establishment designs and manufactures high-pressure cylinders for trucks, buses, and light-duty vehicles and low-pressure composite cylinders for LPG, used for cooking, heating, and recreation worldwide, and for forklift trucks in select market areas. The company’s high-pressure composite cylinders are mainly used for CNG, compressed biogas, and compressed hydrogen gas (CHG). Its primary market is North America, Europe, South America, and Southeast Asia.
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Quantum Fuel Systems LLC. (US)
Quantum Fuel Systems LLC. is the leader in the innovation, development, and production of CNG fuel storage systems and packaged fuel storage systems. The company is also engaged in the integration ofintegrating vehicle systems technologies, such as engine and vehicle control systems and derivatives. It sells storage tanks and packaged fuel system modules for CNG applications and provides engineering design and support to OEMs through the fuel storage systems segment. The company also provides low low-emission and solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles as well asspecialty vehicles, and modular, transportable hydrogen fueling stations. The company has operations and affiliations in the US, Canada, and India, among other countries.
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Everest Kanto Cylinders Ltd. (India)
Everest Kanto Cylinders Ltd. (Mumbai) has its operations and subsidiaries in China and Dubai. The company manufactures and sells high-pressure gas cylinders and has total seven manufacturing plants in India, Dubai, China, and the US. It provides high-pressure cylinders for compressed industrial gases, such as like hydrogen, argon, nitrogen, and oxygen. The company produces a wide range ofmany CNG cylinders and is the first mover in the APAC Asia Pacific CNG cylinders market. These cylinders are lightweight and powerful. The CNG cylinders produced for vehicles comply with international and national leve produced for vehicles comply with international and national safety standards. The company has a strong customer relationship with OEMs (Honda, Suzuki, Tata Motors Ltd., Toyota, and Swaraj Mazda) for CNG cylinders.
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