Automotive Fuel Tank Market to Reach $27.4 billion by 2027

“Automotive Fuel Tank Market by Capacity (70 L), Material (Aluminium, Plastic & Steel), SCR Technology, CNG Tank Type (Type 1, Type 2, Type 3 & Type 4), Propulsion Type (Hybrid, Hydrogen, ICE & NGV) and Region – Global Forecast to 2027“, The automotive fuel tank market is estimated to be USD 20.5 billion in 2020 and projected to reach USD 27.4 billion by 2027, at a CAGR of 4.2%.

The market is driven by increasing vehicle production, including passenger and commercial vehicles, demand for lightweight vehicles for achieving a longer driving range, government support for alternate fuels, stringent emission norms that require minimum GHG emissions, and government initiatives pertaining to hydrogen infrastructure.

Browse 145 market data Tables and 50 Figures spread through 181 Pages and in-depth TOC on “Automotive Fuel Tank Market”

The key players in the market include The Plastic Omnium (France), Textron-Kautex (Germany), Yapp (China), TI Fluid (UK), Yachiyo (Japan), Unipres (Japan), Fuel Total Systems (Japan), Magna International (Canada), and SMA Serbatoi S.P.A. (Italy), and among others.

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High-Density Polyethylene to be the most widely used material for automotive fuel tanks market

Plastic fuel tanks are principally produced using High-Density Polyethylene (HDPE). These tanks are lightweight and can be easily molded according to the requirements of OEMs. The demand for plastic fuel tanks is higher than metal fuel tanks, resulting in an increased demand for HDPE. Plastic fuel tanks find application in almost every vehicle segment, including passenger cars, LCVs, and HCVs. As of 2020, plastic fuel tanks are estimated to account for the largest share, in terms of both volume and value, of the global automotive fuel tank market. The demand for plastic fuel tanks is primarily driven by increasing vehicle production and the growing trend of vehicle weight reduction, which has been triggered by stringent emission norms. Also, there is an increase in the number of passenger and commercial vehicles in developing countries like India as well as developed countries like Japan.

The 45–70L capacity segment is projected to be the largest automotive fuel tank market, by capacity

The average size of an automobile fuel tank is between 40 and 70 liters. The automotive fuel tank market is classified into three main categories in terms of capacity—70 liters. Many passenger vehicles, including mini cars, hatchbacks, and mid-size sedans, fall under the category with a fuel tank capacity of fewer than 45 liters. Many SUVs and luxury cars have tank capacities greater than 70 liters. Among all the three segments, the largest market is for fuel tank capacity with 45-70 liters as the vehicle production for sedans and mini SUVs is growing at a fast rate in Asian and European countries like Japan, China, India, Germany, France, and Spain.

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Asia Oceania is projected to be the fastest-growing automotive fuel tank market

The Asia Oceania region is the largest automobile producer, given the increasing demand for passenger vehicles in countries such as China, India, Japan, and South Korea. China is the biggest manufacturer of vehicles in the world. India’s commercial vehicle market has been growing eminently and contributes a significant share to the national GDP. Moreover, growing industrialization and improving developments in infrastructure in the Asia Oceania region is driving the growth of commercial vehicles. Also, the manufacturing and production of vehicles are growing at a fast pace due to FDIs coming in countries like Thailand, Malaysia, and Vietnam. With this growth in vehicle production, the demand for automotive fuel tanks has increased in Asia Oceania.

Recent Developments:

• In November 2019, Plastic Omnium announced that, by 2020, it would install a dedicated production line of hydrogen tanks at the Herentals plant in Belgium, which currently produces fuel tanks.
• In July 2019, Plastic Omnium announced an investment worth USD 345 million in four plants for the Intelligent Exterior Systems business in the US, Slovakia, India, and Morocco and three R&D centers, including two for the Clean Energy Systems business (Belgium and China) and the extension and digitization of Ó-Sigmatech for Intelligent Exterior Systems, which opened in June 2019.
• In July 2019, Plastic Omnium opened two new R&D centers ù-Omegatech and Ä-Deltatech. Both centers are part of the Clean Energy Systems business and focus on emissions control and fuel systems, as well as new energies. The company made an investment of USD 112 million in these centers. The ù-Omegatech center opened in Wuhan, China, specializing in the development, testing, prototyping, and mechanical testing of fuel systems; it will also conduct testing and development for high-pressure hydrogen tanks. The Ä-Deltatech is close to Brussels Airport in Belgium, focusing on emission reduction and fuel systems.
• In December 2017, Plastic Omnium acquired Optimum CPV, a Belgian company based in Zonhoven, which specializes in the design and production of composite filaments for high-pressure hydrogen storage.
• In January 2018, Kautex announced the expansion of its Bonn headquarters. The new building is 4,000 m2, including 2500 m2 of seven open-plan offices, holding up to 240 employees. The building will house the sales, sales administration, design engineering, and program management teams currently based in Bonn.
• In August 2019, Textron announced that it would be reviewing strategic alternatives for its Kautex business unit, which produces fuel systems and other functional components. Textron plans to consider a range of options, including a sale, tax-free spin-off, or other transactions. The company is exploring strategic alternatives so that they can position Kautex to best serve its customers for ongoing success while simultaneously unlocking potential value for shareholders.
• In August 2018, TI Fluid Systems announced the launch of the PHEV pressurized plastic fuel tank for a leading European OEM in China. The plastic fuel tank utilizes proprietary technology to meet the new increased fuel vapor pressure requirements of HEVs. It also minimizes permeation by insertion of special components into the tank during the manufacturing process. The total lifetime units of this fuel tank are estimated at 950,000 units on the basis of customer planning volumes.

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