CNG Tanks Market worth $2.60 billion by 2031 - Exclusive Report by MarketsandMarkets

DELRAY BEACH, Fla., May 4, 2026 /PRNewswire/ -- According to MarketsandMarkets, "CNG Tanks Market by Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Glass Fiber, Carbon Fiber), Vehicle Type (Light-Duty, Medium-Duty, Heavy-Duty), Application (Fuel Tanks, Transportation Tanks) and Region - Global Forecast to 2031", The CNG tanks market is projected to reach USD 2.60 billion by 2031 from USD 1.78 billion in 2026, at a CAGR of 7.8% from 2026 to 2031.

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CNG Tanks Market Size & Forecast:

• Market Size Available for Years: 2022-2031
• 2026 Market Size: USD 1.78 billion
• 2031 Projected Market Size: USD 2.60 billion
• CAGR (2026-2031): 7.8% 

CNG Tanks Market Trends & Insights:

• The global transition to cleaner fuel alternatives together with the increasing use of natural gas vehicles (NGVs) is the main reason for the CNG tank market expansion. Modern CNG storage systems use advanced materials to create Type III and Type IV cylinders from high-strength steel and high-performance carbon fiber composites. The materials deliver essential pressure resistance together with needed durability. They also enhance strength-to-weight ratios which serve as a critical factor for both vehicle payload capacity and fuel economy.The demand for lightweight storage solutions arises from the ongoing growth of commercial fleets which include heavy-duty trucks and public transit buses that need high-capacity tanks for extended driving distances while maintaining their structural strength. The market is experiencing substantial expansion in both Asia Pacific and North America because government incentives and refueling infrastructure expansion together with new automated filament winding process development enable greater production capacity.
• Asia Pacific dominated the CNG tanks market with a share of 53.4% in terms of value in 2025.
• By tank type, the Type 4 segment is projected to grow at the highest CAGR (12.2%) during the forecast period.
• By material type, the metal segment dominated the CNG tanks market with a share of 75.1% in terms of value in 2025.
• By application, the fuel tank segment accounted for the largest share in the CNG tanks market.
• By vehicle type, the Heavy-duty Vehicle (HDV) segment is projected to register the highest CAGR of 10.0% in the CNG tanks market.
• Worthington Enterprises (US), Everest Kanto Cylinders (India), Luxfer Gas Cylinders (UK), Hexagon Composite ASA (Norway), and CIMC Enric Holding Limited (China) are star players in the CNG tanks market, given their broad industry coverage and strong operational & financial strength.
• Galileo Technologies, Steelhead Composites, Anhui Clean Energy, Jay Fe Cylinders, and Kioshi Compresion have distinguished themselves among startups and SMEs due to their well-developed marketing channels and extensive funding to build their product portfolios.

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