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Global CNG Tanks Market to Reach USD 2.60 Billion by 2031 as Lightweight Storage Demand Accelerates

globenewswire.com
WOR Worthington Enterprises is mentioned as a prominent company in the global CNG tanks market, indicating its involvement in this sector. The article does not provide specific positive or negative performance indicators for the company. LXFR Luxfer Group is listed as a prominent company in the global CNG tanks market. The article does not offer specific details about its performance or outlook within this market. CAT Composite Advanced Technologies is mentioned as a prominent player in the CNG tanks market. The article does not provide specific details on its performance or future prospects.

Global CNG Tanks Market to Reach USD 2.60 Billion by 2031 as Lightweight Storage Demand Accelerates Dublin, July 20, 2026 (GLOBE NEWSWIRE) -- The "CNG Tanks Market by Tank Type, Material Type, Vehicle Type, Application and Region - Global Forecast to 2031" has been added to ResearchAndMarkets.com's offering.

The global CNG tanks market is estimated at USD 1.78 billion in 2026 and is projected to reach USD 2.60 billion by 2031, registering a compound annual growth rate of 7.8% during the forecast period. Market expansion is being supported by increasing use of compressed natural gas storage systems in the automotive industry, demand for lower-emission transportation, government support for Bio-CNG, and continued investment in natural gas infrastructure.

Type 3 CNG tanks are expected to record the second-fastest growth among tank types during the forecast period. Their combination of performance, safety, weight reduction, structural integrity, and cost efficiency supports adoption across commercial vehicle fleets. Manufactured with carbon fiber or glass fiber composites and a metallic liner, Type 3 cylinders provide a higher storage volume-to-weight ratio than conventional metallic cylinders. They are also less expensive to manufacture than fully composite CNG tanks, making them an attractive option for fleet operators seeking operational efficiency. Growing demand for lightweight CNG storage in medium- and heavy-duty trucks is expected to strengthen this segment.

Glass fiber composites to register the second-highest CAGR by value

Glass fiber composite materials are projected to post the second-highest CAGR by value during the forecast period. Their lower cost compared with carbon fiber, combined with strength, durability, and corrosion resistance, supports their use in cost-sensitive fleet applications and commercial vehicles. Material availability and relatively accessible production processes are also encouraging wider adoption, particularly in developing economies where demand for affordable, lightweight CNG storage solutions is increasing.

Medium-duty vehicles emerge as a significant CNG tank market segment

The medium-duty vehicle segment is expected to register the second-highest CAGR by value, driven by expanding use in urban logistics, distribution, public transportation, intra-city services, and last-mile delivery. Medium-duty vehicles frequently operate over long daily distances on predetermined routes, enhancing the economic viability of CNG. Regulatory pressure to reduce urban pollution is also encouraging fleet operators to adopt cleaner fuel systems. As a result, CNG-powered medium-duty vehicles are becoming increasingly important for balancing environmental compliance with operational performance.

Fuel tank applications benefit from wider natural gas vehicle adoption

By application, the fuel tank segment is projected to grow at the second-highest CAGR by value. The expansion reflects the increasing integration of onboard CNG storage systems into passenger and commercial vehicles. Rising natural gas vehicle adoption is increasing demand for safe, efficient compressed gas storage, while the focus on reducing vehicle emissions and fuel costs is encouraging original equipment manufacturers and fleet operators to implement CNG-based fuel systems. Adoption is advancing across both established and emerging markets.

Middle East & Africa positioned for robust market growth

The Middle East & Africa is expected to register the second-highest regional CAGR by value during the forecast period. Growth is being supported by energy diversification initiatives, efforts to reduce reliance on traditional fuels, extensive natural gas reserves, and investments in gas infrastructure. Increasing urbanization and demand for cost-effective fuel alternatives are also contributing to natural gas vehicle adoption. Government programs promoting cleaner fuels and lower emissions are positioning the region as a prospective market for CNG tanks used in transportation and industrial applications.

Competitive landscape and leading CNG tank companies

The report analyzes the business profiles, solutions, services, growth strategies, product offerings, market shares, and recent developments of established manufacturers. It also evaluates upcoming startups operating across the CNG tanks market ecosystem.

Prominent companies covered include Worthington Enterprises (US), Luxfer Group (US), Hexagon Composites ASA (Norway), EKC (India), CIMC Enric Holdings Limited (China), Time Technoplast (India), Faber Industrie SPA (Italy), Composite Advanced Technologies (US), Quantum Fuel System LLC (US), Rama Cylinders (India), Beijing Tianhai Walnal Industry Co., Ltd. (China), Lianyungang Zhungfu Lianzhong Composite Group (China), Luxi New Energy Equipment (China), SinoCleansky (China), and Jay Fe Cylinders Limited (India).

Research coverage

The CNG tanks market research categorizes the industry by tank type, including Type 1, Type 2, Type 3, and Type 4; material type, including metal, carbon fiber composites, and glass fiber composites; vehicle type, including light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles; and application, including fuel tanks and transportation tanks. Regional analysis covers America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

The study examines the principal factors influencing market growth, including drivers, restraints, challenges, and opportunities. It also provides insights into upcoming technologies, research and development activities, product launches, lucrative regional markets, untapped geographies, investments, services, and recent industry developments. Competitive analysis addresses the market shares, growth strategies, and portfolios of leading participants.

Key Attributes

Companies Profiled

For more information about this report visit https://www.researchandmarkets.com/r/w8twjf

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