Composite CNG Tanks Market Report

Market Highlights

“The composite CNG tanks market size was US$ 0.9 billion in 2024 and is likely to grow at a decent CAGR of 4.5% in the long run to reach US$ 1.2 billion in 2031.”

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Market Dynamics

Introduction

Composite CNG (Compressed Natural Gas) tanks are used to store natural gas under high pressure, primarily for vehicles and industrial purposes. Unlike traditional metal tanks, these are made by combining lightweight yet strong materials such as carbon fiber, fiberglass, and resin, which are wrapped around a metal or polymer liner. This design makes the tanks significantly lighter while ensuring they remain durable and safe. Their lightweight nature helps reduce vehicle weight, leading to better fuel efficiency. Additionally, these tanks offer improved safety due to their resistance to impacts and lower risk of rupturing. As a result, they are increasingly used in cars, buses, and trucks, helping promote cleaner transportation by supporting the use of CNG, an eco-friendly fuel option.

Segment Analysis

By Application Type

“Transportation is expected to drive the demand for composite CNG tanks, and gas carrier & storage is projected to grow at a faster rate in the coming years.”

The composite CNG tanks market is segmented into transportation and gas carrier & storage. The transportation application is expected to be the key driver of demand for composite CNG tanks in the coming years. As governments worldwide push for cleaner fuel alternatives and enforce stricter emission regulations, more vehicles are shifting toward CNG-powered solutions. This shift is particularly noticeable in buses, trucks, and passenger cars, where CNG offers lower emissions and fuel cost savings. Additionally, government incentives promoting eco-friendly vehicles are further boosting adoption.

By Pressure Vessel Type

“Type IV tanks are expected to account for the largest share of spending in the Composite CNG Tanks market.”

The composite CNG tanks market is segmented into type II, type III, and type IV. Type IV composite CNG tanks are expected to witness the fastest growth in the market over the next six years, due to their lightweight design, durability, and corrosion resistance. Their ability to withstand high pressure makes them ideal for storing CNG and hydrogen fuel, making them a popular choice across automotive, aerospace, and industrial applications. As the demand for clean energy and fuel-efficient transportation continues to rise, more companies are investing in Type IV tanks due to their superior performance and reliability, solidifying their position as the market leader.

Regional Analysis

“The Asia-Pacific region is projected to remain the dominant market throughout the forecast period, and Europe is expected to experience the fastest growth rate over the next six years.”

Rapid industrialization, rising energy industries investments, and strong government support for clean fuel initiatives are the factors driving healthy demand for the composite CNG tanks in the Asia-Pacific region. The region’s increasing adoption of CNG-powered vehicles and expansion of natural gas infrastructure are further fueling their dominance. On the other hand, Europe is projected to experience the fastest growth, led by the stricter environmental regulations, rising use of hydrogen as a clean fuel, and significant investments in renewable energy infrastructure.

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Key Players

The competitive landscape of composite CNG tanks is different than that of metal tanks for the same. Composite tanks are a unique category that requires extraordinary technological capabilities along with huge capital investments, a major reason why many metal tank manufacturers are not in the composite tanks category. The following are the key players in the composite CNG tanks market.

• Hexagon Composites ASA
• Luxfer Holdings PLC
• Worthington Industries, Inc.
• ILJIN Composites Co., Ltd.
• Sinoma Science & Technology Co., Ltd.
• Forvia SE
• CIMC Enric Holdings Limited
• Quantum Fuel Systems LLC
• Beijing Tianhai Industry Co., Ltd.
• Shenyang Gas Cylinder Safety Technology Co., Ltd.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at [email protected].

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The composite CNG tanks market is segmented into the following categories. 

Composite CNG Tanks Market, by Application Type

• Transportation
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Vehicle Type Analysis: Cars, Light-duty Vehicles, Buses, and Trucks)
• Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Composite CNG Tanks Market, by Pressure Vessel Type

• Type-II Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Type-III Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Type-IV Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Composite CNG Tanks Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s composite CNG tanks market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across industries. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]