With the rising environmental issues such as climatic changes and depleting ozone layer, many nations across the globe have deployed CNG in power production. Global warming which is a major environmental issue because of the increased level of greenhouse gases. These gases occur naturally in the atmosphere and reductions of these gases have been a major concern globally. The rising level of these gases is due to the burning of fossil fuels. CNG (Compressed Natural Gas) is a fuel which can be used in place of gasoline, diesel fuel, and propane/LPG. Over the years the wide gap between oil and natural gas has resulted in fuel conversions and has driven the market of CNG cylinders. Countries like China, India, and Pakistan use CNG as an alternative fuel as these countries are dependent on other countries for oil to meet their needs. The CNG usage in place of fossil fuel emits less harmful pollutants, in turn, reduces the concentration of pollutants in the atmosphere. The factors like increasing gasoline and diesel fuel prices, reducing the cost of natural gas, rising environmental concern, and rising demand in Asia-Pacific is making CNG a viable option for the automotive industry.
AMA Research have segmented the market of Global CNG Cylinders market by Type, Application and Region. On the basis of Type, Metal are dominating the market in the year 2020
On the basis of geography, the market of CNG Cylinders has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Increase in the number of green fleet and development of type V tanks.
Increasing number of natural gas vehicles (NGVs), Lower prices of natural gas than gasoline and diesel and Increasing consumerís environmental awareness.
High demand in developing countries due to low-cost CNG against increasing prices of other transportation fuels.
- Increase in the price of composite cylinders
- Limited refueling infrastructure.
In addition to the aforementioned factor, Increasing number of natural gas vehicles (NGVs)
is expected to propel the growth of the market over the forecast period.
The key Manufacturers profiled in the study are Beijing Tianhai Industry (China), Quantum Tech (United States), Luxfer Group (U.K), Lianzhong Composites (China), Ullit (United States), Worthington Industries (United States), CIMC ENRIC (U.K), Faber Industries (United States), Praxair Tech. (United States) and Everest Kanto Cylinders (India). A lot of United States players are profiled in the research study indicating a strong market dependence.