Global Fuel Tank Market: Need for Meeting the Regulatory Requirements of Vehicle Emissions Inducing Product Innovations

Global Fuel Tank Market

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:

• Increasing innovations in technology & development of sustainable & durable materials for their production: Automotive industry as a whole is trying to rapidly transform their production methods, as the need for manufacturing vehicles, components and any vehicle parts to be lighter in weight without compromising on their quality to perform is rising at a high pace
• Increase in the demand & overall production of automotive vehicles: Another major factor behind the rise of fuel tanks demands is the increasing rate of demands associated with automotive and the subsequent rise in its production rate of various different variants of vehicles. This expansion of the automobile demand is directly having a positive impact on all of the associated markets and the players operating in these markets, with a majority of these market players trying to come-up with various innovative product ranges to overcome their competitors

Strategic partnerships and awareness programs presented by various market players:

• In January 2019, TI Automotive announced the availability of blow-molded plastic fuel tanks to be installed in Karma Automotive’s luxury electric vehicle. TI’s leading production technology gives their product capability of being adept at handling the high vapor pressures that are associated with extended range electric vehicles. This will present various hybrid electric vehicle manufacturers with a viable product for their fuel tank requirements
• In October 2017, Delphi Technologies announced that they had organized a new initiative aimed at spreading awareness amongst consumers regarding the significance of cleaning an automotive tank before the installation of a new fuel pump. Along with this program, Delphi announced the availability of fuel tank cleaning kit helping ease the job of cleansing the fuel pumps, helping achieve it in a more effective way

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.