CHICAGO, May 29, 2023 /PRNewswire/ -- The report
"Hydrogen Tank Material Market by Material Type (Metal, Carbon
Fiber, Glass Fiber), Tank Type (Tank 1, Tank 2, Tank 3, Tank 4),
End-use Industry (Automotive & Transportation, Industrial,
Chemicals, Medical & Pharmaceuticals), Region – Global Forecast
to 2030", is projected to grow from USD
953 million in 2022 to USD 3,988
million by 2030, at a CAGR of 22.7% during the forecast
period. Hydrogen tanks are getting widely used for storage and
transportation of hydrogen gas having applications in multiple
end-use industries such as automotive & transportation,
industrial, chemicals, medical & pharmaceuticals, and many
others.
Browse in-depth TOC on "Hydrogen Tank Material
Market"
163 – Tables
52 – Figures
212 –
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Carbon fiber material segment is projected to dominate the
global hydrogen tank material market during the forecast
period.
The hydrogen tank material market has been segmented based on
the material type into metal, carbon fiber, and glass fiber. In
2022, metal segment dominated the market. During forecasted years,
carbon fiber segment is expected to show significant growth and
expected to dominate the market by 2030. Carbon fiber tanks are
categorized into Type 3 or Type 4 tanks. In high-value applications
and for higher performance, carbon fiber composite materials are
used to produce hydrogen tanks.
Type 1 segment dominated the hydrogen tank material market in
2022.
The hydrogen tank material market is segmented based on tank
types as Type 1, Type 2, Type 3, and Type 4. Type 1 tanks are
dominantly used in light-duty vehicles, whereas the Type 2, Type 3,
and Type 4 are mainly employed in the medium-duty vehicles and
heavy-duty vehicles. Type 4 segment is projected to be the
fastest-growing segment, owing to the growth of the natural
gas-powered vehicles in the automotive industry.
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Industrial end-use segment dominated the hydrogen tank
material market in 2022.
Various end-use industries such as automotive &
transportation, industrial, chemicals, medical &
pharmaceuticals, and others. In terms of value, industrial segment
dominated the market in 2022. Hydrogen tanks are used diversely in
various industrial applications, due to their properties, such as
durability, and fuel efficiency. This dominance is due to high
demand of hydrogen tanks in various applications such as metal
processing, petroleum refining, and many more.
Asia Pacific is expected to
be the largest market for hydrogen tank material market during the
forecast period.
Asia Pacific is the largest as
well as the fastest growing market for hydrogen tank material. The
significant growth of hydrogen tank material market is due to
growing demand from automotive & transportation, chemicals,
industrial, and other end-use industries. The presence of many NGVs
in the region is also fueling the market for hydrogen tank material
in the region.
The key players in the market include Worthington Industries,
Inc., (US), Luxfer Group (England), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC (US), Faber
Industrie SPA (Italy), Everest
Kanto Cylinders Ltd. (India),
Avanco Group (Germany), Praxair
Technologies, Inc. (US), and others. These manufacturers have been
adapting different organic and inorganic developmental strategies
over the past five years for their market growth.
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