Fuel Tank Market by Material, Capacity, Region 2021

1. MarketsandMarkets Presents • Fuel Tank Market by Material, Capacity, Region 2021 https://www.marketsandmarkets.com/Market-Reports/automotive-fuel-tank-market-23737735.html

2. The global Automotive Fuel Tank Marketis expected to grow from USD 13.25 billion in 2018 to USD 17.38 billion by 2021 at a CAGR of 5.58%. The rising global vehicle production, growing trend of vehicle weight reduction, and norms pertaining to evaporative emissions have fueled the demand for automotive fuel tanks across the globe. 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 fuel tank, there are also other tanks that are equipped in a vehicle depending on the requirement, namely, SCR and CNG tank. 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 as 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. Get The PDF Brochure For This Report: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23737735

3. The high-density polyethylene (HDPE) segment of the automotive fuel tank market is estimated to have the highest growth potential. It is projected to grow at a promising CAGR during the forecast period. This growth can be attributed to HDPE’s proven benefits of vehicle weight reduction and low cost. Upcoming fuel-efficiency standards, such the Corporate Average Fuel Economy (CAFE) standards, are propelling the demand for plastic fuel tanks, which are manufactured using HDPE. These fuel tanks offer various advantages, such as higher corrosion resistance, better fire resistance, and better crash test performance, than conventional steel and aluminum fuel tanks. These factors are estimated to drive the demand for HDPE fuel tanks in coming years. 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. Request Sample of the report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=23737735

4. 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 global fuel tank market ecosystem consists of raw material manufacturers such as ArcelorMittal (Luxembourg), Hebei Iron and Steel Group (China), Baosteel Group Corporation (China), Posco Co. Ltd.  (South Korea), and Tata Steel Ltd. (India). It also includes automotive fuel tank manufacturers such as The Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG (Germany), YAPP Automotive Parts Co. Ltd. (China), and TI Automotive Inc. (U.K.), vehicle manufacturers such as General Motors (U.S.), BMW (Germany), Toyota Motors (Japan), and Hyundai Motors (South Korea). Don’t miss out on business opportunities in Fuel Tank Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

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