Vehicle Fuel Tank Market to Witness Increasing Production of Vehicles and Stringent Regulations by Government Till 2021 | Million Insights
FELTON, California, July 2, 2018 /PRNewswire/ --
Global Vehicle Fuel Tank Market is anticipated to grow at a higher CAGR as vehicle fuel tanks are storage tanks and a safe container for flammable fluids. Recently, plastic fuel tanks are widely used by automobile industry. Steel fuel tanks were mostly preferred by automobile industry but the rising popularity of plastic fuel tanks and relevant advantages is slowly taking over steel fuel tanks.
Techniques used in manufacture of HDPE vehicle fuel tanks comprise blow molding and metal welding from stamped sheets. Blow molding technology is widely used across automobile industry since it is capable of obtaining low emissions of carbon. Functionally, HDPE is versatile and can be molded into various shapes, which permit the tank to be installed smoothly over the rear axle, which helps in saving and improving crash safety. Relevantly, plastic fuel tanks are much better in fuel emissions and are safe during crash or brutal fatalities.
Since HDPE vehicle fuel tanks can be molded into complex and sophisticated shapes, car designers can use the available space for fuel tank. Characteristically, plastic fuel tanks offer resistance against corrosion, which in case of steel tanks requires timely maintenance adding to overhead costs.
Commercial factors such as versatility, safety features and compact nature associated with plastic fuel tanks for automobiles/vehicles, the market value is likely to gain traction in upcoming years. In addition, the market growth witnesses a moderate growth in steel fuel tanks and trajectory growth in plastic fuel tanks for assessment period.
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The key driving factors responsible for the growth of vehicle fuel tank market includes rising rate of automotive industry, stringent regulations by government and rise in eco-friendly fuel tanks. Additionally, growing global production of vehicles, rising trend of vehicle weight reduction and environmental norms pertaining to carbon emission have propelled the growth of global market.
On the basis of type, the vehicle fuel tank market is segmented into high density polyethylene plastic fuel tank and steel fuel tank. High-density polyethylene (HDPE) dominates the market segment during the forecast period also the global demand for HDPE is much high due to the growing demand for plastic fuel tanks. HDPE tanks are widely segmented into monolayer, fluorinated and multilayer.
On the basis of technology, the vehicle fuel tank market is segmented into multilayer technology and barrier technology. On the basis of geographic segmentation, the vehicle fuel tank market spans North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. North America is anticipated to grow at a higher CAGR. Europe and APAC regions are expected to follow the trend. China and India are key regions for future market trends in automotive fuel tanks due to rise in disposable income, large population, higher growth rate of automotive industry. European regions such as Germany, France and Italy are major commercial hubs for automobile manufacturers.
The key players in the vehicle fuel tank market include Kautex Textron GmbH & Co, Benteler AG, Fuel System Solutions, Inergy Automotive Systems, Toyoda Gosei Co Ltd, TI Automotive Ltd, YAPP Automotive Parts Co ltd, Kongsberg Automotive, Visteon Corporation and Magna International Inc.
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