Fuel tanks are the automotive components or part that is responsible for storage of fuel/gas which is used for powering the vehicle. These storage containers supply the fuel/gas to the engine in a pressurized way to reduce any incidences of faults in engine operations. Because of their significant importance for the vehicle, various vehicle manufacturers and end-consumers are demanding the availability of more durable and sustainable fuel tanks which can be used over a longer duration.
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Fuel tank market is growing due to increasing innovations in technology & development of sustainable & durable materials for their production, increase in the demand & overall production of automotive vehicles; the effects of these factors are mentioned below:
Strategic partnerships and awareness programs presented by various market players:
The market is segmented on the basis of material as plastic, metals; capacity is categorized into less than 15L, 14-45L, 45-70L, greater than 70L; fuel type as conventional fuel, alternative fuel; vehicle type as passenger cars, commercial vehicles; sales channel as OEM, aftermarket.
“According to Data Bridge Market Research, global fuel tank market is expected to reach USD 40.86 billion by 2026, growing with a substantial CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in market are Plastic Omnium; Westport Fuel Systems Inc.; Martinrea International Inc.; Kautex; TI Automotive; TOYODA GOSEI Co., Ltd.; Magna International Inc.; Kongsberg Automotive; ALLGAIER WERKE GmbH; Yachiyo Industry Co.,Ltd.; Unipres Corporation; Continental AG; FTS CO.,LTD.; SMA Serbatoi S.p.A.; POSCO; Baosteel Group Hu; Spectra Premium among others.
Automobile industry also has to provide better means to control the emissions generated from a vehicle, as the authorities of different regions impose stringent regulations regarding the environment. This has forced the automobile industry to look at various different alternatives and reduction of emission causing materials wherever possible. The manufacturers of fuel tank have adopted the opportunity available to them and started the development of products that reduce the chances of vehicle emissions due to the lighter-weight nature of their products.
Global Fuel Tank Market – Industry Trends and Forecast to 2026