North America Fuel Tank Market, By Tank Capacity (Less Than 45 L, 45L -70L, and More Than 70L), CNG Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Plastic, Aluminum, Steel, Others), Weight (Less Than 7KG, 7KG to 10 KG, More Than 70KG), Fuel Type (LPG/CNG, Diesel, Gasoline), Propulsion Type (Natural Gas, Hydrogen, Internal Combustion Engine (ICE), Hybrid), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Hybrid Vehicle) – Industry Trends and Forecast to 2030.
North America Fuel Tank Market Analysis and Size
Growing industrialization and significant growth in the manufacturing and sales of automobiles in the North American region is a major factor that will likely influence the growth of the fuel tank market positively. Manufacturers in this region are substituting metal fuel tanks with plastic fuel tanks to reduce the vehicle's overall weight. Plastic fuel tanks have numerous advantages over metal fuel tanks, which is growing their popularity in the fuel tank market.
Data Bridge Market Research analyses that the fuel tank market is expected to reach USD 3,847.73 million by 2030, which was USD 2,726.46 million in 2022, at a CAGR of 4.40% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
North America Fuel Tank Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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Tank Capacity (Less Than 45 L, 45L -70L, and More Than 70L), CNG Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Plastic, Aluminum, Steel, Others), Weight (Less Than 7KG, 7KG to 10 KG, More Than 70KG), Fuel Type (LPG/CNG, Diesel, Gasoline), Propulsion Type (Natural Gas, Hydrogen, Internal Combustion Engine (ICE), Hybrid), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Hybrid Vehicle)
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Countries Covered
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U.S., Canada, and Mexico in North America
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Market Players Covered
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TI Fluid Systems (U.K.), Yachiyo Industry Co., Ltd. (Japan), Magna International Inc. (Canada), Plastic Omnium (France), Unipres Corporation (U.S.), Kautex (Germany), ContiTech AG (Germany), SMA Serbatoi SpA (Italy), FTS CO.,LTD. (Japan), Crefact Corporation (U.S.), Boyd Welding LLC (U.S.), Elkamet Kunststofftechnik GmbH (Germany), Salzburger Aluminium Group (Austria), Central Precision Limited (U.K.), Arrow Radiators (Melksham) Ltd (U.K.), A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany), PIOLAX, Inc (Japan)
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Market Opportunities
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Market Definition
A fuel tank is a safe container for flammable fluids, often diesel or gasoline. The fuel tank term is normally applied to part of an engine system in which fuel is propelled, stored, or released (pressurized gas) into an engine. Fuel tanks range in complexity and size from small plastic tanks of butane lighter to multi-chambered cryogenic space shuttle external tanks.
North America Fuel Tank Market Dynamics
Drivers
- Increasing usage of 45 to 70-liter capacity fuel tanks in automobile
Growing usage of 45 to 70-liter capacity fuel tanks in the automobile is anticipated to propel the growth of the fuel tank market in the forecast period. Most of the new models launched by manufacturers over the last few years had a minimum tank capacity of 45 to 70 liters because they have a greater mileage range and are appropriate for long journeys. As a result of this, it boosts the market growth.
- Growing demand and sales for commercial vehicles widen the market scope
Increasing demand and sales for commercial vehicles in the market are expected to propel the growth of the fuel tank market in the forecast period of 2023 to 2030. This is mainly attributed to the growth in the e-commerce sector resulting in the growth and development of the construction and logistics industries. As a result of this factor, the demand for the fuel tank is likely to boost market growth.
Opportunities
- Growing focus of manufacturers to improve vehicle efficiency
Recent automobiles need advanced materials for fuel tank production to improve fuel economy while retaining performance and safety. Lightweight materials have lot of potential for enhancing vehicle efficiency because they need minimum energy to accelerate a lighter product than a heavy one. One-quarter of the U.S. fleet uses lightweight components for fuel tank production. As a result of all these factors, manufacturers in the fuel tank market are highly focused on using lightweight materials to improve vehicle efficiency, which will likely create lucrative opportunities for market growth.
- Surging acquisition between market players to provide better product offerings
Surging acquisitions between market players to manufacture blow and injection molded products will likely generate ample market growth opportunities. For instance, Tank Holding, a US-based rotational molding company, acquired Semco Plastic Company for an undisclosed amount in 2022. With this acquisition, the company's strategy is to spend on adjacent plastic processing technologies while working towards providing better product offerings.
Restraints/ Challenges
- Growing usage of the advanced technological system
The growing penetration of electric vehicles day-by-day in the market is a major factor restraining the fuel tank market growth. The sales of electric vehicles are also likely to increase in upcoming years because of the growing demand for zero-emission vehicles. As a result, this reduces the demand for the fuel tank factor and hampers the growth of the fuel tank market in the forecast period.
- High cost associated with composite fuel tanks
The high cost of composite fuel tanks, such as carbon fiber composite-based fuel tanks, is likely to hamper the market's growth. Carbon fiber composite-based fuel tanks are relatively more expensive than other fuel tanks because of the cost of carbon fiber, which accounts for about 40 percent of the overall tank cost.
This fuel tank market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fuel tank market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2021, TI Fluid Systems, the automotive fluid systems technology supplier, introduced fluid handling products for fuel systems in Hyundai Santa FE SUV hybrid electric vehicle. This Hyundai HEV application demonstrates the ability of the company to improve systems with lightweight solutions for enhanced electric vehicle mode efficiency.
- In 2021, TI Fluid Systems declared to launch a new generation of plastic fuel tanks capable of managing high-pressure demand in hybrid electric vehicles. This plastic fuel tank launched in volume production on Magotan and Passat plug-in hybrid electric vehicle models, with a planned adoption across a wide range of global platforms.
Fuel Tank Market Scope
The fuel tank market is segmented on the basis of tank capacity, CNG tank type, material type, weight, fuel type, propulsion type, sales channel and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Tank Capacity
- Less Than 45 L
- 45L -70L
- More Than 70L
CNG Tank Type
- Type 1
- Type 2
- Type 3
- Type 4
Material Type
- Plastic
- Aluminum
- Steel
- Others
Weight
- Less Than 7KG
- 7KG to 10 KG
- More Than 70 KG
Fuel Type
- LPG/CNG
- Diesel
- Gasoline
Propulsion Type
- Natural Gas
- Hydrogen
- Internal Combustion Engine (ICE)
- Hybrid
Sales Channel
- OEM
- Aftermarket
Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Hybrid Vehicle
Fuel Tank Market Regional Analysis/Insights
The fuel tank market is analysed and market size insights and trends are provided by country, tank capacity, CNG tank type, material type, weight, fuel type, propulsion type, sales channel and vehicle type as referenced above.
The countries covered in the fuel tank market report are U.S., Canada and Mexico in North America.
The U.S. dominates the North American fuel tank market because of the growing demand for passenger vehicles in this region. Furthermore, rising concern among vehicle manufacturers towards less-weight fuel tank that results in lessening the vehicle's overall weight will further increase the market growth in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Fuel Tank Market Share Analysis
The fuel tank market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fuel tank market.
Some of the major players operating in the fuel tank market are:
- TI Fluid Systems (U.K.)
- Yachiyo Industry Co., Ltd. (Japan)
- Magna International Inc. (Canada)
- Plastic Omnium (France)
- Unipres Corporation (U.S.)
- Kautex (Germany)
- ContiTech AG (Germany)
- SMA Serbatoi SpA (Italy)
- FTS CO., LTD. (Japan)
- Crefact Corporation (U.S.)
- Boyd Welding LLC (U.S.)
- Elkamet Kunststofftechnik GmbH (Germany)
- Salzburger Aluminium Group (Austria)
- Central Precision Limited (U.K.)
- Arrow Radiators (Melksham) Ltd (U.K.)
- A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany)
- PIOLAX, Inc (Japan)
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