As per the latest report by IMARC Group, titled “Automotive Fuel Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global automotive fuel tank market size reached US$ 15.59 Billion in 2019. A fuel tank refers to a part in automobiles that is used to store the automotive fuel. Some of the essential components of automotive fuel tanks are filters, pumps, lines, fuel gauge, tanks and pumps. Most vehicles are installed with a single tank in the rear; however, the location and design of the fuel tank depend on the space available in the automobile. Modern tanks are more complex and are made up of fluoroelastomer and emissions control components, which include diaphragms, couplings, vibration isolators, hose, O-rings and other seals.
Global Automotive Fuel Tank Market Trends:
A significant increase in the sales of passenger and commercial vehicles has provided a boost to the demand for automotive fuel tanks. Besides this, due to the rising environmental concerns, the sales of electric cars have escalated, which help in reducing carbon emissions generated by traditional vehicles. This trend has led to the development of high-quality plastic fuel tanks in hybrid electric vehicles, which help in reducing the overall weight of the automobile so that it can travel for longer distances. Besides this, advancements in technology have led to the manufacturing of self-sealing fuel tanks that can automatically seal in case of damage or leak. Moreover, the leading manufacturers are investing in research and development (R&D) to design a multi-layered high-density polyethylene fuel tank using blow molding technology. This process is environment-friendly and meets the highest federal government requirements, ensuring safety and efficiency. Furthermore, the installation of steel-based tanks in various premium-category vehicles, which in turn will further drive the growth of the market. Looking forward, the market value is projected to reach US$ 21.25 Billion by 2025, expanding at a CAGR of 5.3% during 2020-2025.
- Based on the material type, the report finds that plastic dominates the market. Other major material types are aluminum and steel.
- On the basis of the capacity, the market has been categorized into less than 45 liters, 45-70 liters and above 70 liters. Amongst these, fuel tanks with 45-70 liters capacity hold the leading position in the market.
- The market has been classified based on the vehicle type into passenger vehicles, light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Passenger vehicles currently represent the most popular vehicle type.
- Based on the distribution channel, the market has been divided into OEM and aftermarket. Presently, OEM is the largest distribution channel across the globe.
- Region-wise, Asia Pacific exhibits a clear dominance in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Plastic Omnium, Kautex Textron GmBH & Co. KG, Yapp USA Automotive Systems, Inc., TI Fluid Systems plc, Yachiyo Industries Co. Limited, Magna International Inc., Martinrea International Inc., Unipres Corporation, Continental AG, Lyondell Basell Industries N.V., Allgaier WERKE GmbH, Boyd Welding LLC, Dali and Samir Engineering Pvt. Ltd., POSCO Co., Ltd. and Baosteel Group Corporation.
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