CNG Tank/Cylinder Market Worth $3500 Million by 2020

DALLAS, March 23, 2015 /PRNewswire/ --

The report, "CNG Tank/Cylinder Market by Type (Type-1, Type-2, Type-3, Type-4), by Materials (Metal, Glass Fiber, Carbon Fiber), by End Use (Light Duty, Medium Duty, Heavy Duty), & Region - Trends and Forecast to 2020" defines and segments the CNG tank market with analysis and forecasting of the consumption unit and value. The global CNG Tanks/Cylinders Market is projected to grow at a CAGR of 10% to 11% to reach $3500 Million in terms of value by 2020.

Browse 79 Market Data Tables and 49 Figures spread through 160 Pages and in-depth TOC on "CNG Tank/Cylinder Market".
 

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CNG tanks/cylinders are mostly manufactured using various materials such as metals, glass fiber and carbon fiber.

Increase in demand from developing countries and environmental regulations 

Rising environment awareness and increasing pollution concerns in the developing countries has risen the CNG consumption. CNG being the cheaper transportation fuel than petrol and diesel is being widely used in developing countries like Iran, Pakistan, Argentina, India, etc. Rising cost of transportation fuels has helped the CNG market.

Global warming is an environmental issue that deals with the potential for global climate change due to increased levels of atmospheric greenhouse gases. These gases include carbon dioxide, methane, nitrogen oxide, and some engineered chemicals such chlorofluorocarbons. While most of these gases occur in the atmosphere naturally, levels have been increasing due to the widespread burning of fossil fuels by growing human populations. The reduction of greenhouse gas emissions has become a primary focus of environmental programs in countries around the world. CNG, on the other hand is known the cleanest of the fossil fuels, which helps to reduce the emissions of pollutants into the atmosphere. Burning CNG in the place of other fossil fuels emits fewer harmful pollutants, and an increased reliance on CNG can potentially reduce the emission of many of these most harmful pollutants in the atmosphere. Rise in the use of CNG would help the market of CNG tank to grow.

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Growth of Natural Gas Vehicle 

The lower cost of natural gas and the lower emissions of natural gas engines are driving the natural gas vehicle market. In 2013, total NGV population was 20 million which is expected to reach 35 million in next 3 years.

The major challenges dominating CNG tanks market are limited refueling stations, 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 CNG tanks/cylinders are the few challenges to the growth of this industry

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