Rising Vehicle Production to Drive the Demand for Automotive Fuel Tank Market

September 3, 2018 | Author: | Posted in Automotive

The report “Fuel tank Market by Material (Plastic, Steel & Aluminum), Capacity (<45L, 45L-70L & >70L), & by Region (Asia-Oceania, Europe, North America & ROW), Automotive CNG Tank Market by Region, and Automotive SCR Market by Region – Global Trends & Forecast to 2021″, The global automotive fuel tank market is projected to grow at a CAGR of 5.58% from 2016 to 2021, to reach a market size of USD 17.38 Billion by 2021. Factors such as the increasing vehicle production and recent trend of vehicle weight reduction are fueling the demand for lightweight plastic fuel tanks, thereby driving the automotive fuel tank market.

Browse 84 market data tables with 59 figures spread through 161 pages and in-depth TOC on “Fuel Tank Market by Material (Plastic, Steel & Aluminum), Capacity (<45L, 45L-70L & >70L), & by Region (Asia-Oceania, Europe, North America & ROW), Automotive CNG Tank Market by Region, and Automotive SCR Market by Region – Global Trends & Forecast to 2021” 

High-density polyethylene fuel tanks: The largest market

High-density polyethylene (HDPE) is the key component of the plastic fuel tank. The global demand for HDPE is very high, owing to the considerable demand for plastic fuel tanks. Plastic fuel tanks are broadly segmented into three types: monolayer, fluorinated, and multilayer. The primary advantages of the plastic fuel tank are that it is anti-corrosive, lightweight, flexible, and impact-resistant. HDPE fuel tanks are estimated to account for the largest share of the global fuel tank market in 2016, owing to their high penetration in developed regions such as North America and Europe. The changing preferences of buyers and the increasing technology adoption rate in Asia-Oceania have accelerated the demand for HDPE fuel tanks in the region.

The global automotive fuel tank market is projected to grow at a CAGR of 5.58% from 2016 to 2021, to reach a market size of USD 17.38 Billion by 2021. The rising global vehicle production, growing trend of vehicle weight reduction, and norms pertaining to evaporative emissions have fueled the demand for automotive fuel tanks across the globe.

The 45 L–70 L segment of the automotive fuel tank market is estimated to account for the largest market share, in terms of value. This can be attributed to the high installation rate of fuel tanks in the 45 L–70 L range. Fuel tanks falling under this range find application in both, passenger cars and light commercial vehicles (LCVs). Asia-Oceania is estimated to be the largest market for 45 L–70 L fuel tanks, owing to the high demand for mid-segment passenger cars in the region.

The primary objective of the study is to define and segment the global market on the basis of material, capacity, and region. This report also studies the global selective catalytic reduction (SCR) and compressed natural gas (CNG) tank markets on the basis of region (Asia-Oceania, Europe, North America, and the Rest of the World). Additionally, it includes detailed information and qualitative insights into factors influencing the growth of this market and opportunities offered by various segments to stakeholders.

The research methodology used in the report involves various secondary sources, including paid databases and directories. Experts from related industries and suppliers have been interviewed to understand the trends prevailing in the automotive fuel tank market. Country-level model mapping has been conducted for vehicles manufactured in the particular country.

The bottom-up approach has been used to estimate the market size, in terms of volume. This country-wise market volume is then multiplied with the country-wise average OE price of fuel tanks of each material type in every country considered in the region. This results in the country-wise market size, in terms of value. The summation of the country-wise market size, in terms of value, gives the regional market size, and further summation of the regional-level market size provides the global automotive fuel tank market size. The figure below illustrates the break-up of the profile of industry experts who participated in primary discussions.

Asia-Oceania: The fastest-growing market

Asia-Oceania has emerged as a hub for automotive production in recent times, owing to changing consumer preferences, increasing per capita income of the middle class population, and cost advantages for OEMs. The region is known for producing compact and cost-effective cars, and given the advantages it offers, such as low production cost, easy availability of economic labor, lenient emission and safety norms, and government initiatives for foreign direct investment (FDI), the region has witnessed higher growth than the matured markets of Europe and North America. According to MarketsandMarkets analysis, global automotive production is projected to grow at a CAGR of 5.40% from 2016 to 2021, with Asia-Oceania leading the production. These factors would accelerate the demand for automotive fuel tanks in the region, enabling the market to grow at the highest CAGR from 2016 to 2021.

The report studies various globally established automotive fuel tank manufacturers. Major market players include The Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG. (Germany), YAPP Automotive Parts Co. Ltd. (China), and TI Automotive Inc. (U.K.).

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