Hydrogen Tank Material Market worth $3,988 million by 2030 - Exclusive Report by MarketsandMarkets™

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 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=61709332

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=61709332

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.

Browse Adjacent Market: Fibers and Composites Market Research Reports & Consulting

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/hydrogen-tank-material-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/hydrogen-tank-material.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg