CHICAGO, Feb. 21, 2020 /PRNewswire/ -- According to the new market research report "Automotive Fuel Tank Market by Capacity (<45 L, 45 L-70 L & >70 L), Material (Aluminium, Plastic & Steel), SCR Technology, CNG Tank Type (Type 1, Type 2, Type 3 & Type 4), Propulsion Type (Hybrid, Hydrogen, ICE & NGV) and Region - Global Forecast to 2027", published by MarketsandMarkets, the Automotive Fuel Tank Market is estimated to be USD 20.5 billion in 2020 and projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%.
The market is driven by increasing vehicle production, including passenger and commercial vehicles, demand for lightweight vehicles for achieving a longer driving range, government support for alternate fuels, stringent emission norms that require minimum GHG emissions, and government initiatives pertaining to hydrogen infrastructure.
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145 - Tables
50 - Figures
181 - Pages
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High Density Polyethylene to be the most widely used material for automotive fuel tanks market
Plastic fuel tanks are principally produced using High Density Polyethylene (HDPE). These tanks are lightweight and can be easily molded according to the requirements of OEMs. The demand for plastic fuel tanks is higher than metal fuel tanks, resulting in an increased demand for HDPE. Plastic fuel tanks find application in almost every vehicle segment, including passenger cars, LCVs, and HCVs. As of 2020, plastic fuel tanks are estimated to account for the largest share, in terms of both volume and value, of the global Automotive Fuel Tank Market. The demand for plastic fuel tanks is primarily driven by increasing vehicle production and the growing trend of vehicle weight reduction, which has been triggered by stringent emission norms. Also, there is an increase in the number of passenger and commercial vehicles in developing countries like India as well as developed countries like Japan.
The 45-70L capacity segment is projected to be the largest Automotive Fuel Tank Market, by capacity
The average size of an automobile fuel tank is between 40 and 70 liters. The Automotive Fuel Tank Market is classified into three main categories in terms of capacity-<45 liters, 45-70 liters, and >70 liters. Many passenger vehicles, including mini cars, hatchbacks, and mid-size sedans, fall under the category with a fuel tank capacity of less than 45 liters. Many SUVs and luxury cars have tank capacities greater than 70 liters. Among all the three segments, the largest market is for fuel tank capacity with 45-70 liters as the vehicle production for sedans and mini SUVs is growing at a fast rate in Asian and European countries like Japan, China, India, Germany, France, and Spain.
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Asia Oceania is projected to be the fastest growing Automotive Fuel Tank Market
The Asia Oceania region is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the biggest manufacturer of vehicles in the world. India's commercial vehicle market has been growing eminently and contributes a significant share to the national GDP. Moreover, growing industrialization and improving developments in infrastructure in the Asia Oceania region is driving the growth of commercial vehicles. Also, the manufacturing and production of vehicles are growing at a fast pace due to FDIs coming in countries like Thailand, Malaysia, and Vietnam. With this growth in vehicle production, the demand for automotive fuel tanks has increased in Asia Oceania.
The key players in the Automotive Fuel Tank Market include The Plastic Omnium (France), Textron-Kautex (Germany), Yapp (China), TI Fluid (UK), Yachiyo (Japan), Unipres (Japan), Fuel Total Systems (Japan), Magna International (Canada), and SMA Serbatoi S.P.A. (Italy), and among others. These companies have followed supply contracts/agreements/partnerships/collaborations/joint ventures as key strategies to gain traction in the Automotive Fuel Tank Market.
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