Global management consulting and marketing research firm, Lucintel has established that the global composites CNG tank market will see substantial growth over the next five years.
The market is expected to reach $282 million by the year 2017. The company has released its findings in a report titled “Growth Opportunities in Global Automotive Composites CNG Tank Market 2012-2017: Trends, Forecast and Market Share Analysis.”
The report states the Asia Pacific and European will be the major growth drivers of the market. However, it also states that the market will face challenges in the form of strict rules and testing. Governments have already placed strict rules on the storage, control, usage and transportation of gases. Another challenge is regarding safety issues when composites are used for automotive applications. Regular inspection and health monitoring systems detect changes in the performance of the tank due to change in weather. The composites tank contains a vessel that is covered by a thin non-structural liner which acts as a barrier between the composites and the gas and thus avoids leakage and any chemical degradation in the structure.
Growing demand in the NGV market is also expected to increase the demand for CNG composite tanks since they offer cost benefits. They can be custom built, lighter in weight, reduce environmental impact and help in better performance of the vehicle. These features have also helped in increasing the operating cost of the vehicle and its fuel economy.
Source: http://www.lucintel.com