Lucintel Anticipates Global Composite CNG Tanks Market for Automotive Industry to Reach $524 Million by 2019
Irving, TX, May 24, 2014 --(PR.com
)-- The global composite CNG tanks market for automotive industry is expected to reach an estimated value of $524 million by 2019 with a double digit growth over the next five years. The major driver of composite CNG tanks market for automotive industry is development and growth of the natural gas powered vehicles. Emergence of CNG as a low-cost fuel compared to gasoline and diesel helps to drive the demand for CNG powered vehicles, which is likely to further intensify the demand for CNG tanks. Composite CNG tanks are much lighter than their conventional counterparts, resulting in weight savings with more fuel storage capacity, while providing an additional improvement in fuel economy of vehicles.
Lucintel, a leading global management consulting and market research firm, has analyzed the global composite CNG tanks market for automotive industry by segments and region, and has come up with a comprehensive research report “Growth Opportunities for Composite CNG Tank in Global Automotive Industry 2014-2019: Trends, Forecast, and Market Analysis” This report provides an analysis of the global composite CNG tanks market for automotive industry including analysis of the market trend, the competitive landscape, company profiles, mergers and acquisitions, emerging trends, and key drivers of industry growth. The study also includes global forecasts for composite CNG tanks through 2019, segmented by four regions and end user applications such as heavy duty vehicles and light duty vehicles. The composite CNG tank market is also segmented by types of tanks such as type-II, type-III, and type-IV.
On the basis of its comprehensive research, Lucintel forecasts that composite CNG tanks for automotive industry will grow significantly during 2014-2019. CNG tank market for heavy duty vehicles will witness strong growth by 2019 due to introduction of new CNG powered vehicles and switch to CNG fuel by major fleet owners. Manufacturers are continuously adopting new strategies to gain market share in this industry. In recent years, type-IV has emerged as the largest segment among different types of CNG tanks for automotive industry. Luxfer Gas Cylinders, Hexagon Composites, Worthington Cylinders, Faber Industrie and Beijing Tianhai Industrial Co. are among the major suppliers of composite CNG tank for global automotive industry. Innovation and development in the area of CNG powered vehicles is further expected to boost the demand of CNG tanks.
The biggest challenges prevailing in the composite CNG tanks market are limited refueling stations, particularly for the fleet operators, and relatively higher price compared to traditional steel tanks. Rising price of raw materials such as fiber, resin, and other components used in manufacturing of composite CNG tanks are the few challenges to the growth of the industry. Regular innovation of products is very important for companies to sustain their successful position in the market.
For a detailed table of contents and pricing information on these timely, insightful reports, contact Lucintel at +1-972-636-5056 or via email at email@example.com. Lucintel provides Market Research Reports, Strategic Growth Consulting and Due Diligence services to clients around the world. To learn more, visit www.lucintel.com. You can also contact them through Live Chat in its website to answer your questions in real time.