Double Digit Growth: Composite CNG Tank Market

The CNG tank market has witnessed double digit growths during the last decade and is expected to grow at a similar rate for the next five years (2010-15). According to Lucintel, the global composite CNG tank market for the automotive industry is forecast to reach $368.8 million by 2015.

Lucintel, a management consulting and market research firm, has analyzed the global automotive CNG tank market and has now published a comprehensive research report entitled "Growth Opportunities in Global Automotive Composite CNG Tank Market 2010-2015: Trends, Forecast and Market Analysis."

Lucintel's study finds that growth in composite materials consumption in the CNG tank industry is primarily driven by the increase in the number of natural gas vehicles produced together with increasing acceptance of composite CNG tanks. While more expensive than its traditional counterparts, the use of composites in CNG tanks is growing in applications where weight savings, fuel economy and other performance benefits are critical. Composite CNG cylinders have also been proven to be cost effective, environmentally friendly and safe solutions for in-city & intercity mass transportation systems across the globe.

The European & Asian-Pacific markets are likely to lead the way for accelerated consumption of CNG tanks - witnessing highest growth in the next 5 years primarily driven by environmental concerns. Composite CNG tank manufacturers are, as a result, heavily focusing and investing in these markets to take advantage of changing geographic demand patterns and their subsequent opportunities. Moreover, interest among Asian suppliers to cater to increasing demand in domestic and export markets is expected to increase competitiveness in the market.

Obviously, the accelerated adoption of alternative fueled vehicles will have a direct impact on the performance parts and accessories industry. The continued shift to fuels other than gasoline and diesel will hasten the tipping point in the automotive industry.

To find out more, please visit www.lucintel.com.