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CNG Tanks/Cylinders - Global Market Trajectory & Analytics

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  • 279 Pages
  • April 2021
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4804252
Global CNG Tanks/Cylinders Market to Reach $2.4 Billion by 2027

Amid the COVID-19 crisis, the global market for CNG Tanks/Cylinders estimated at US$1.4 Billion in the year 2020, is projected to reach a revised size of US$2.4 Billion by 2027, growing at a CAGR of 8.3% over the analysis period 2020-2027. Metal, one of the segments analyzed in the report, is projected to record a 5.2% CAGR and reach US$316.5 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Glass Fiber segment is readjusted to a revised 8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $373.3 Million, While China is Forecast to Grow at 12.4% CAGR

The CNG Tanks/Cylinders market in the U.S. is estimated at US$373.3 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$529.2 Million by the year 2027 trailing a CAGR of 12% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 7.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.

Carbon Fiber Segment to Record 9.3% CAGR

In the global Carbon Fiber segment, USA, Canada, Japan, China and Europe will drive the 8.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$531.9 Million in the year 2020 will reach a projected size of US$949.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$337.4 Million by the year 2027, while Latin America will expand at a 10.8% CAGR through the analysis period.

Select Competitors (Total 42 Featured):
  • Beijing Tianhai Industry Co., Ltd.
  • Everest Kanto Cylinder Ltd.
  • Faber Industrie Spa
  • Hexagon Composites ASA
  • Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd.
  • Luxfer Holdings PLC
  • Quantum Fuel Systems Technologies Worldwide, Inc.
  • Ullit SA
  • Worthington Industries
Frequently Asked Questions about the Global Market for CNG Tanks/Cylinders

What is the estimated value of the Global Market for CNG Tanks/Cylinders?

The Global Market for CNG Tanks/Cylinders was estimated to be valued at $1.4 Billion in 2020.

What is the growth rate of the Global Market for CNG Tanks/Cylinders?

The growth rate of the Global Market for CNG Tanks/Cylinders is 8.0%, with an estimated value of $2.4 Billion by 2027.

What is the forecasted size of the Global Market for CNG Tanks/Cylinders?

The Global Market for CNG Tanks/Cylinders is estimated to be worth $2.4 Billion by 2027.

Table of Contents


  • Influencer Market Insights
  • CNG Tank/Cylinder: a Prelude
  • Growth Forecasts Remain Robust for CNG Tank/Cylinder Market
  • Rapidly Evolving Image of CNG as The Fuel Of The Future Instigates Broad-based Opportunities
  • Exhibit 1: WTW Greenhouse Gas Emissions (in gm CO2eq/MJ) for Gasoline, Diesel, CNG, LNG, CNG from Landfill Gas, and LNG from Landfill Gas
  • Exhibit 2: Pounds of Air Pollutants (CO2, CO, NOx, SO2, Particulates, and Mercury) Per Billion BTUs of Energy for Natural Gas, Oil, and Coal
  • Steady Escalation in CNG Vehicle Sales Creates Fertile Environment
  • China, India, Iran, Pakistan, Italy, and Argentina Drive Momentum in NGV Sector Worldwide
  • Exhibit 3: Number of NGV Vehicles in Operation Worldwide by Region (as of April 2019)
  • Sizeable Investments in Refuelling Infrastructure Elevate Image of NGVs
  • Exhibit 4: Number of NGV Stations in Operation Worldwide by Region (as of April 2019)
  • Exhibit 5: Total Number of NGV Stations in Operation Worldwide for Years 2015 through 2025
  • Impact of Covid-19 and a Looming Global Recession
  • Type 3 Cylinders, Featuring Metal Liner with Composite Overwrap, Sense Robust Opportunities
  • Type 4 All-Composite Metal-Free CNG Vessels Make Big Gains
  • Type 5 Liner-Less Pressure Vessels Gear Up to Disrupt the Market
  • Exhibit 6: Type 4 Vs. Type 5 CNG Cylinders: Diesel Gallon Equivalent (DGE) Capacity Comparison
  • Type 1 & Type 2 Cylinders Remain in Contention
  • Carbon Fiber Emerges as Material of Choice in CNG Tank Construction
  • Glass Fiber Material Seeks Major Role
  • Light Vehicles Remain the Largest Consumer of CNG Cylinders
  • Heavy Duty Vehicles Exhibit Fast Paced Growth
  • CNG Conversions Spur Growth Momentum
  • Conversion Opportunity Across Diverse Vehicle Types
  • Rising Interest in Supplementing Diesel Engine with CNG: A Key Driver
  • Opportunities Rife in Inspection and Maintenance Service Verticals


  • Total Companies Profiled: 42