Recent Research Explores the Global Fuel Tank Market by 2021Posted by swapnil on May 24th, 2019 Market growth is primarily driven by increasing vehicle production across the globe and the rising demand for lightweight automotive solutions. Additionally, developed regions such as Europe and North America have introduced stringent evaporative emission norms, which have accelerated the demand for plastic fuel tanks in these regions. The overall Fuel Tank Market is expected to grow from USD 13.2 billion in 2017 to USD 17.38 billion by 2021, at a CAGR of 5.58% from 2016 to 2021. The fuel tank is a container or reservoir to carry the fuel used by the vehicle. Fuel is stored in the tank and is supplied to an engine through a fuel pump. Apart from the fuel tank, there are also other tanks that are equipped in a vehicle depending on the requirement, namely, SCR and CNG tank. The selective catalytic reduction is an advanced emission control technology that injects a liquid reductant into the exhaust stream of the diesel engine. This liquid agent is generally called diesel exhaust fluid (DEF). The DEF is carried in a tank called the SCR tank located under chassis or frame of a vehicle. CNG can be used in place of gasoline or diesel fuel in automobiles. The tank in which compressed natural gas is stored is known as CNG tank. Asia-Oceania is also estimated to be the largest market for automotive fuel tanks during the forecast period. This can be credited to the presence of countries such as China, which is the largest vehicle producer in the world, and India, which is emerging as a key automobile production hub for OEMs. Furthermore, the region is the largest vehicle producer in the world; this trend is expected to continue during the forecast period. The 45 L–70 L segment of the automotive fuel tank market is estimated to account for the largest market share, in terms of value. This can be attributed to the high installation rate of fuel tanks in the 45 L–70 L range. Fuel tanks falling under this range find application in both, passenger cars and light commercial vehicles (LCVs). Asia-Oceania is estimated to be the largest market for 45 L–70 L fuel tanks, owing to the high demand for mid-segment passenger cars in the region. Target Audience:
High-density polyethylene fuel tank market is estimated to be the largest market during the forecast period High-density polyethylene (HDPE) is the key component of the plastic fuel tank. The global demand for HDPE is very high, owing to the considerable demand for plastic fuel tanks. The primary advantages of the plastic fuel tank are that it is anti-corrosive, lightweight, flexible, and impact-resistant. HDPE market is estimated to be the largest owing to their high penetration in developed regions such as North America and Europe. The changing preferences of buyers and the increasing technology adoption rate in Asia-Oceania have accelerated the demand for HDPE fuel tanks in the region. Like it? Share it! More by this author |