Irving, TX (PRWEB) June 29, 2012
The global composites CNG tank market experienced solid growth during the last decade and is expected to grow in double digits to reach approximately $282 million in revenue by 2017. Growth in the natural gas vehicles market has provided a platform for greater use of CNG tanks in the automotive industry.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis of the composites CNG tank market and presents its findings in “Growth Opportunities in Global Automotive Composites CNG Tank Market 2012-2017: Trends, Forecast and Market Share Analysis.”
The European and Asia Pacific (APAC) markets are expected to lead the accelerated consumption of CNG tanks. This study enables manufacturers and other industry players to focus and invest in this market to take advantage of changing demand and subsequent opportunities.
The industry must face certain challenges related to stringent qualification testing. Extensive government rules are in place to control the use, storage, and transportation of gases. The safety issues related to composites also continue to be an area of concern for automotive applications. Structural inspection and a health monitoring system also detect conditional changes that can decrease a tank’s performance.
The composites tank is a vessel wrapped in thin, non-structural liner providing a barrier between the gas and the composites that prevents leakage and chemical degradation of the structure. Increasing demand in the NGV market also drives the demand for composites CNG tanks due to the total life cycle cost benefit.
The use of CNG tanks was primarily driven by environmental concerns in Europe and gradually started to spread all over the world, both in developed and developing countries. The composite CNG tanks are anticipated to succeed in future automotive industry because of their inherent characteristics, custom size, lower environmental impact, form and weight savings, resulting in better performance and an ultimate positive effect on the lifetime of the entire vehicle. It also has added advantages such as greater vehicle range, improved fuel economy, and lower operating cost.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk (at) lucintel (dot) com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency. To learn more, visit http://www.lucintel.com