Global Hydrogen Tank Material Market Report 2023: Sector is Expected to Reach $3.9 Billion by 2030 at a CAGR of 22.7%

DUBLIN, June 9, 2023 /PRNewswire/ -- The "Global Hydrogen Tank Material Market by Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Tank 1, Tank 2, Tank 3, Tank 4), End-use Industry (Automotive & Transportation, Industrial, Chemicals, Medical & Pharmaceuticals), Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global hydrogen tank material market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7% during the forecast period.

The hydrogen tank material market is mainly driven by increasing demand for clean energy, various government initiatives, and rising environmental awareness globally.

Metal segment accounted for the largest share, in terms of value & volume, of the overall hydrogen tank material market

Various metals (steel, aluminum, and metal alloys) are used in the manufacturing of hydrogen tanks. Steel is used in Type 1, Type 2, and Type 3 cylinders.

The metal used in hydrogen tanks increases the weight of the hydrogen cylinders, but at the same time it provides adequate protection to the cylinders. For metal and metal-lined cylinders, the life cycle of these depends on the rate of fatigue crack growth. The steel used in hydrogen tanks should have properties that meet the requirements of the finished product.

Type 3 tank type to grow with second-highest CAGR in hydrogen tank material market in terms of value during forecasted period

Composite materials are used to make Type 3 hydrogen tanks. Materials, such as woven carbon fiber or woven glass fiber are wrapped fully around the metal liners. These seamless metal liners provide about 75% to 90% of the strength to the vessel and act as an inflexible casing to hold the gas, thereby providing extra impact resistance to the product.

Type 3 hydrogen tanks are lighter as compared to Type 1 and Type 2 hydrogen tanks, which help in reducing the weight of the fuel system and vehicles, thereby increasing the load-carrying capacity of the vehicles. However, Type 3 hydrogen tanks are more expensive compared to Type 2 and Type 1 hydrogen tanks.

Automotive & transportation industry is expected to grow at a highest CAGR, in terms of both value and volume

Hydrogen tanks have gained wide acceptance in the automotive & transportation industry, because of their high performance and number of performance and advantageous properties, such as low maintenance cost, increase in fuel efficiency, and environmental-friendliness. By 2030, automotive & transportation is expected to be the largest end-use industry of hydrogen tank material market across the world.

Europe is the second-leading hydrogen tank material market in terms of both value and volume

The EU Hydrogen Strategy defines a three-phase approach to developing renewable hydrogen, which can help to decarbonize several sectors across Europe within an integrated energy system. It intends to have 747 hydrogen refueling stations in Europe by 2025.

Furthermore, according to the Hydrogen Roadmap Europe prepared for the Fuel Cells and Hydrogen Joint Undertaking, by 2030, FCEVs could account for 1 in 22 passenger vehicles (3.7 million total fleet); 1 in 12 light commercial vehicles (500,000 total fleet); 45,000 trucks and buses, 570 trains, and 3,700 hydrogen fuelling stations in Europe. This is expected to fuel the growth of hydrogen tank material in the region.

Market Dynamics

Drivers

• Increasing Demand for Clean Energy
• Government Investments and Initiatives
• Increasing Demand from Automotive, Industrial, and Other End-Use Industries
• Rising Environmental Awareness

Restraints

• Limited Availability of Hydrogen Refueling Infrastructure in Developed Economies
• High Cost of Composite Material-Based Tanks and Regulatory Approvals

Opportunities

• Development of Lightweight Transportation Tanks
• Emergence of Lightweight Composite Material-Based Hydrogen Tanks

Challenges

• Development of Electric Cars
• Fluctuating Oil Prices

Companies Mentioned

• AMS Composite Cylinders
• Avanco Group
• Beijing Tianhai Industry Co. Ltd.
• BNH Gas Tanks Llp
• Calvera Hydrogen
• Composites Advanced Technologies, LLC (Catec Gases)
• Doosan Mobility Innovation
• Everest Kanto Cylinder Ltd.
• Faber Industrie S.P.A.
• Hexagon Composites Asa
• Luxfer Group
• Mahytec
• Marine Service Nord
• Nproxx
• Plastic Omnium
• Pragma Industries
• Praxair Technology Inc.
• Quantum Fuel Systems LLC
• Shijiazhuang Enric Gas Equipment Co., Ltd.
• Steelhead Composites Inc.
• Tenaris
• UMOE Advanced Composites
• Worthington Industries, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/lm6zwo

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