CNG Tank/ Cylinder Market Worth $1,563.23 Million by 2020

DALLAS, July 20, 2015 /PRNewswire/ --

The report, "CNG Tanks/Cylinders Market by Raw material (Metal, Glass fiber, and Carbon fiber), by Type (Type 1, Type 2, Type 3, and Type 4), by Vehicle type (Light duty, Medium duty & Heavy duty vehicles) & by Region-Global Forecasts to 2020, published by MarketsandMarkets, The market report defines and segments the CNG tanks/cylinders market with analysis and forecasting of the consumption unit and value,  the CNG Tank/ Cylinder Market is estimated to reach $1,563.23 Million by 2020.

Browse more than 70 market data Tables with more than 50 Figures spread through 155 Pages and in-depth TOC on "CNG Tanks/Cylinders Market".

http://www.marketsandmarkets.com/Market-Reports/cng-tank-cylinder-market-237731610.html
Early buyers will receive 10% customization on this report.

There are different types of CNG tanks/cylinders in the market such as Type 1, Type 2, Type 3, and Type 4.

CNG tanks/cylinders are produced and manufactured using the materials such as metals, glass fiber and carbon fiber.

Demand from developing countries increases as and environmental regulations 

Global warming is a major environmental issue which is induced by increased levels of greenhouse gases in the atmosphere. These gases include carbon dioxide, methane, nitrogen oxide, and some engineered chemicals such as chlorofluorocarbons. While most of these gases occur naturally in the atmosphere, the levels of these gases have been increasing due to the burning of fossil fuels. The reduction of greenhouse gas emissions has become a major concern in countries all around the world.

For Further Inquiries: http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=237731610

As pollution level rises and people become more aware of environment issues, CNG consumption has risen in developing countries. CNG is an environment friendly fuel. Use of CNG in place of other fossil fuels emits fewer harmful pollutants, thereby, reducing the concentration of pollutants in the atmosphere. The exploration and production of gasoline and diesel are harmful and pose risk to the environment but natural gas is considered as an alternative fuel for the enhancement of sustainable development because it reduces carbon emissions, slows down global warming, and lessens greenhouse gas emissions. This ultimately pushes the demand for CNG tanks.

Over the years, the wide gap between oil and natural gas prices has led to fuel conversions and this has helped the CNG market to grow. In developing countries such as China, India, and Pakistan, CNG is widely used as an alternative fuel because these countries are highly dependent on other countries for oil to meet its daily demand.

Growth of Natural Gas Based Vehicles 

The lower cost of natural gas, increased environmental awareness, and increased demand from Asia-Pacific region is driving the CNG tanks/cylinders market. The decreasing natural gas prices and abundant availability of natural gas makes it a viable option as an alternate fuel for automobiles. This is propelling the demand for CNG and, consequently, for CNG cylinders.

Limited refueling infrastructures, and higher prices of composite cylinders, are some of the factors that hinder the growth of the CNG tanks/cylinders. Rising price of raw materials such as metals, glass fiber, carbon fiber, and other components used in manufacturing of CNG tanks/cylinders are the few challenges inhibiting the growth of the CNG tanks/cylinders market.

Browse Related Reports:

Composites Market by Type (Carbon Composites, Glass Composites and Aramid Composites), by Manufacturing technology (Layup, Filament winding, Injection molding, Pultrusion, Compression Molding etc.) , by Resin Type (Thermoplastics Composites and Thermosets Composites), by Application (Automotive, Aerospace & Defense, Electronics & Semiconductor, Wind, Construction, Pipe & Tanks, Marine and others), and by Region - Global Trends and Forecasts to 2020
http://www.marketsandmarkets.com/Market-Reports/composite-market-200051282.html

Carbon Fiber Market & Carbon Fiber Reinforced Plastic (CFRP) Market by Type, Fiber size, & Region; CFRP Market by (Type, Manufacturing processes/semi- finished product, Resin, Application and Region) - Global Forecast to 2019
http://www.marketsandmarkets.com/Market-Reports/carbon-fiber-composites-market-416.html

About MarketsandMarkets

MarketsandMarkets is world's No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Contact:
Mr. Rohan
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252
Tel: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/chemical
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets

SOURCE MarketsandMarkets