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CNG Tank Market

CNG Tank Market: Information by Type (Type 1, Type 2, Type 3, Type 4), Capacity (Below 40Ltr, 40Ltr to 45Ltr), Vehicle Type, and Region — Forecast till 2027

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Market Overview

The CNG tank market was valued USD 1,275.94 million in 2019 and is projected to reach USD 2,587.86 million by 2027, with a CAGR of 9.5%.

Compressed natural gas (CNG) tanks are used for storing CNG in vehicles.Over the last few years, the energy sector has been transitioning towards cleaner energy sources, which is expected to hamper the oil and gas industry. However, in recent times, the demand for oil and gas has been witnessing a significant surge to an extent where oil and gas producing facilities are damaging the environment. For instance, the U.S. has around 1.3 million oil and gas facilities; over 12 million people live within half a mile of these facilities, and most of them are exposed to water and air pollution.

Governments across the globe are actively working to reduce greenhouse gas emissions (GHG). Europe leads the shift by agreeing to reduce GHG emissions by at least 85–90%. In line with this, the European Union (EU) and several other governments are undertaking initiatives to support the use of methane-based fuels in transportation through subsidies, tax breaks, and regulations.

Automobile manufacturers have been focusing on sophisticated emission control technologies, which is responsible for the increasing number of cleaner vehicles on the road across the globe. Automakers have made notable investments in developing automobiles that run on a diverse range of fuel sources such as CNG and hydrogen fuels, among others. Some examples of vehicles running on CNG include Honda Civic GX CNG and Opel Zafira CNG. Furthermore, governments are promoting the use of CNG in public transport. For instance, Ostrava, Czech Republic, signed a contract with DopravniPodnik Ostrava a.s. for 18 CNG buses.

CNG is one of the most viable alternative fuel sources as it is cost-effective, eco-friendly, and non-carbon emitting. Customers are increasingly taking cognizance of CNG and its advantages, which is encouraging CNG vehicle tank manufacturers to market their products as eco-friendly.

Target-based goals for reducing greenhouse emissions are providing impetus to the use of cleaner fuel alternatives. For instance, the U.S. government’s Vehicle Technologies Office has set a target to reduce petroleum use by 2.5 billion gallons a year by 2025, which highlights the importance of alternative fuels in the country.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2017-2027
: 9.5 %
Fastest Growing Market
: North America
Largest Market
: North America
Market Size
: 2587.86
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Market Dynamics

rnments are supporting the shit to EVs by developing associated infrastructure such as charging stations. To date, the number of EV charging stations already surpasses that of CNG fueling stations, although EV technology is relatively newer.

The existing infrastructure does not have the capacity for efficient transportation of CNG. Thus, pipelines and storage trucks and tanks have to be laced with metal hydrides or other suitable materials to enable CNG transportation and storage. These storage requirements become cost-intensive in case of refitting cars with CNG tanks; for instance, a CNG car costs around 7–10% more than a petrol-powered car.CNG fueling stations cost more than EV charging stations. A 240-volt charger, including installation, costs approximately USD 2,000, and the cost for residential CNG fueling stations is about 50% higher than the electric charging points, further hampering the market growth.

Figure: Electric Car Deployment

Source: International Energy Association, 2018

Regional Analysis

Asia Pacific Accounts for More than Half of the Overall CNG Tanks Market Share

Asia-Pacific holds more than 58% of sharesin the CNG tanks market on account of supportive government schemes and lower EV penetration in countries like India, Thailand, Indonesia, and Malaysia. As compared to the Asia-Pacific (excluding China), Europe and North America have greater EV penetration.

China and India are significant contributors to APAC’s flourishing CNG tank market. As per the U.S. Energy Information Administration, the natural gas consumption of non-OECD countries such as China, India, Bangladesh, Thailand, and Vietnam are projected to outpace regional production by 2050. Developed economies in the region such as Japan, South Korea, Australia, and New Zealand are projected to record comparatively low demand for natural gas during the forecast period. The high consumption will positively influence the CNG tank manufacturing in the region. As per the International Energy Agency, CNG’s share of transportation in China was around 6% and will reach up to 20% until 2030.

Shifting consumer preference towards CNG powered vehicles due to government efforts drives the regional market growth. The National Green Tribunal in India has mandated all commercial and passenger vehicles in Delhi to convert to CNG, and the rest of the country is expected to follow suit. A prime hindrance concerningthe market growth in India is the limited number of fueling stations. As per reports by the International Association for Natural Gas Vehicles (IANGV), China (21.9%) and India (12.4%) are the world’s leading countries in natural gas vehicles. Asian countries of Pakistan, Thailand, and Uzbekistan are offering lucrative opportunities to the players in CNG fueled vehicles. The rise of Uzbekistan in terms of natural gas vehicles is phenomenal; the percentage of NGVs in Uzbekistan over the total number of vehicles was 40.8% in 2018.

CNG Tank Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of CNG Tank Market

  1. Faber Industrie S.p.A
  2. Hexagon Composites ASA
  3. Luxfer Gas Cylinders
  4. Ullit SA
  5. Worthington Industries, Inc.
  6. Owens Corning
  7. Andy-Tec
  8. Quantum Fuel Systems LLC.
  9. NGV Technology
  10. Everest Kanto Cylinder Limited
  11. We R CNG
  12. Beijing Tianhai Industry Co. Ltd.
  13. Rama Cylinders Private Limited
  14. Ratermann Manufacturing
  15. American CNG
  16. Elpigaz
  17. Energia Alliance
  18. Waco Switches & Sensors
  19. AMETEK, Inc.
  20. Hy-Lok Europe B.V.
  21. TomasettoAchille Spa
  22. Omkar Brass Industries

Report Scope

Report Metric Details
CAGR 9.5%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Type
    1. Type 1 (All Metal)
    2. Type 2 (Metal with Wire or Hoop Wrapped)
    3. Type 3 (Fully Wrapped Composite)
    4. Type 4 (Full Composite)
  2. By Vehicle Type
    1. Passenger Car
    2. Commercial Vehicle
      1. Light Commercial Vehicle
      2. Heavy Commercial Vehicle
  3. By Capacity
    1. Below 40Ltr
    2. 40Ltr to 45Ltr
    3. 50Ltr to 55Ltr
    4. 55Ltr to 60Ltr
    5. 60Ltr to 65Ltr
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

CNG Tank Market Segmentation

By Type

  • Type 1 (All Metal)
  • Type 2 (Metal with Wire or Hoop Wrapped)
  • Type 3 (Fully Wrapped Composite)
  • Type 4 (Full Composite)

By Vehicle Type

  • Passenger Car
  • Commercial Vehicle
    • Light Commercial Vehicle
    • Heavy Commercial Vehicle

By Capacity

  • Below 40Ltr
  • 40Ltr to 45Ltr
  • 50Ltr to 55Ltr
  • 55Ltr to 60Ltr
  • 60Ltr to 65Ltr

By Region

North America

  • The U.S.
  • Canada
  • Mexico


  • Germany
  • France
  • Russia
  • The U.K.
  • Italy
  • Portugal
  • Poland
  • Spain
  • The Rest of Europe


  • Japan
  • China
  • India
  • South Korea
  • Australia
  • Indonesia
  • The Philippines
  • Malaysia
  • The Rest of APAC

Latin America

  • Brazil
  • Argentina
  • The Rest of Latin America

The Middle East

  • The UAE
  • Saudi Arabia
  • The Rest of ME


  • South Africa
  • Nigeria
  • The Rest of Africa

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the CNG Tank Market?
CNG Tank Market size will grow at approx. CAGR of 9.5% during the forecast period.
Some of the top prominent players in CNG Tank Market are, Faber Industrie S.p.A, Hexagon Composites ASA, Luxfer Gas Cylinders, Ullit SA, Worthington Industries, Inc., Owens Corning, Andy-Tec, Quantum Fuel Systems LLC., NGV Technology, Everest Kanto Cylinder Limited, We R CNG, Beijing Tianhai Industry Co. Ltd., Rama Cylinders Private Limited, Ratermann Manufacturing, American CNG, Elpigaz, Energia Alliance, Waco Switches & Sensors, AMETEK, Inc., Hy-Lok Europe B.V., TomasettoAchille Spa,Omkar Brass Industries, etc.
In the CNG Tank Market, North America has established itself as the market leader with a significant market share.
The North America region is projected to exhibit the highest rate of growth in the CNG Tank Market.
The global CNG Tank Market report is segmented as follows: By Type, By Vehicle Type, By Capacity
Price Starts From
USD 995

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