CNG Tanks Market worth $2.60 billion by 2031 - Exclusive Report by MarketsandMarkets - Seite 2

180 - Tables
100 - Figures
280 - Pages

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The market for CNG tanks is significantly influenced by the presence of various global and regional manufacturers. Companies such as Worthington Enterprises (US), Luxfer Group (US), Hexagon Composites ASA (Norway), EKC (India), CIMC Enric Holdings Limited (China), Time Technoplast (India), Faber Industrie SPA (Italy), Composite Advanced Technologies (US), Quantum Fuel System LLC (US), Rama Cylinders (India), Beijing Tianhai walnal Industry Co., Ltd. (China), Lianyungang Zhungfu Lianzhong Composite Group (China), Luxi New Energy Equipment (China), SinoCleansky (China), and Jay Fe Cylinders Limited (India) are offering a wide range of compressed natural gas (CNG) tanks. The availability of these quality products from numerous reliable suppliers facilitates market growth, as various industries show increasing interest in utilizing compressed natural gas (CNG) tanks.

By material type, the carbon fiber composites segment is expected to grow at the highest CAGR in the CNG tanks market during the forecast period.

The carbon fiber composites segment is projected to grow at the highest CAGR in the CNG tanks market during the forecast period, driven by the increasing shift toward lightweight, high-performance storage solutions that enhance vehicle efficiency and range. Unlike conventional materials, carbon fiber composites enable significant weight reduction, which is critical for improving payload capacity in commercial vehicles and extending driving range in both light- and heavy-duty applications. This trend is gaining traction globally, with manufacturers such as Hexagon Composites and Luxfer Gas Cylinders expanding production of Type IV cylinders to meet rising demand from mobility and transport sectors. Stringent emission-reduction targets in regions such as Europe and the growing adoption of alternative-fuel fleets in the United States are accelerating the transition toward advanced composite tanks. The segment is also benefiting from ongoing innovations in filament winding, resin systems, and liner technologies, which are improving durability, safety, and lifecycle performance while gradually reducing overall costs, making carbon fiber composites increasingly viable for large-scale deployment.

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