The Automotive Fuel Tank Industry Is Expected To Reach Nearly US$ 53.8 Bn By 2032

Posted on 2022-10-28 by Fact.MR in Automotive // 0 Comments

The global automotive fuel tank market is expected to reach nearly US$ 54 Bn, expanding at a CAGR of 6% from 2022 to 2032, concludes a recently revamped Fact.MR study. Increasing trade activities coupled with industrialization are boosting commercial vehicle sales, thus opening up potential growth opportunities for automotive fuel tank manufacturers in the future years.

From 2017 to 2021, the industry expanded at a CAGR of 5%. As the COVID-19 pandemic raged, prospects dipped significantly, as mandatory lockdowns led to shutdowns in the automotive manufacturing domain. A decrease in demand resulted from the enforcement of social distancing measures, which led to a contraction in manufacturing capacities. Prospects began to improve in 2021, as these restrictions were lifted.

The plastic automotive fuel tank has witnessed robust demand due to its flexible design, which is tailored to customer requirements owing to the growth in emerging technologies such as artificial intelligence in products as well as the growth in automotive. Furthermore, plastic is expected to retain its competitive advantage over steel and aluminum for manufacturing automotive fuel tanks for many years to come.

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Key Takeaways from the Market Study

Global automotive fuel tank market to be valued at US$ 30 Bn by 2022-end.
By 2032, the segment of fuel tanks up to 45 liters to expand at a CAGR of 6.3% through 2032
Automotive fuel tanks for passenger cars to accumulate a revenue share of 40%
By material, plastic automotive fuel tank sales to accelerate at a CAGR of 7% from 2022-2032
The U.S accounts for 45% of global automotive fuel tank market revenue
K to accumulate a revenue share of 42% in the automotive fuel tank landscape
China and India to collectively expand at approximately 17% CAGR from 2022-2032

“Ascending demand from the low-carbon, lightweight and flexible plastic fuel tanks in the automotive industry are expected to boost consumption of automotive fuel tanks throughout the forecast period,” says a Fact.MR analyst.

What Factors Contribute to the growth of Automotive Fuel Tanks in the U.S.?

With keeping in mind the safety of the environment and climate, the growth of automotive fuel tanks in the U.S. can be regarded as growing steadily. The membrane and carbon composite automotive fuel tanks have started to help in the manufacturing of different fuel cells for heavy cars. The integration of hydrogen in the fuel cells has been the major aim of this membrane and carbon composite fuel tanks, which in return helped to stimulate the market growth.

The production of plastic fuel tanks has also helped to follow the rules and regulations of the U.S government in regards to emission control and safety, which has also become one of the major driving factors behind the growth of automotive fuel tanks in the market of this region.

The production of EVAL automotive fuel tanks has also become another major factor in the growth of fuel tanks in the market U.S as it has the capability to combine the mechanical properties of HDPE and the chemical properties of EVAl. This combination can help the fuel tank to become chemically resistant and it can have a remarkable barrier for the gas making the tank water-resistant. A market share of 45% is projected for the U.S market.

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Competitive Landscape

Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable manufacturers to benefit sales and growth in the automotive industry.

A new generation of plastic fuel tanks will be developed by TI Fluid Systems in 2021 to meet the stringent pressure requirements within hybrid electric vehicles (HEVs). A plastic fuel tank developed in conjunction with Volkswagen China has recently been deployed on the Passat and Magotan plug-in hybrid electric vehicles (PHEVs), and this technology is set to be applied to a greater range of platforms globally.

In May 2021, TI Fluid Systems introduced the new Integrated Thermal Manifold assembly (ITMa). The firm provides a modular, lightweight, blow-molded plastic manifold to streamline complex line designs and replace multiple line bundle assemblies of thermal loops. The system is essential for heating and cooling next-generation electric vehicles.

Key Companies Profiled:

Compagnie Plastic Omnium SA
Magna International Inc.
Yachiyo Industry Co. Ltd.
Kautex Textron GmbH & Co. KG
TI Fluid Systems
YAPP Automotive Systems Co. Ltd.
Martinrea International Inc.
Industries Spectra Premium Inc.

Key Segments Covered in the Automotive Fuel Tank Industry Report

By Material Type

Plastic Automotive Fuel Tank
Steel Automotive Fuel Tank
Aluminium Automotive Fuel Tank

By Capacity

Less than 45 L Automotive Fuel Tank
45 – 75 L Automotive Fuel Tank
Above 75 L Automotive Fuel Tank

By Sales Channel

Automotive Fuel Tank Sales via OEMs
Automotive Fuel Tank Sales via Aftermarket

By Vehicle Type

PC Automotive Fuel Tank
LCV Automotive Fuel Tank
HCV Automotive Fuel Tank

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Key Takeaways from the Market Study

What Factors Contribute to the growth of Automotive Fuel Tanks in the U.S.?

Competitive Landscape

Key Segments Covered in the Automotive Fuel Tank Industry Report

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