According to the latest report by IMARC Group, titled “Automotive Fuel Tank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global automotive fuel tank market size witnessed an upward growth during 2013-2018. A fuel system in vehicles stores and supplies diesel or gasoline that is required to run the engine. The key components involved in the fuel system are fuel gauge, filters, injectors, pumps, tanks and lines. Amongst these, the fuel tank is a reservoir that is designed for safely storing fuel. Traditional tanks are fitted with a sending unit – that notifies the amount of fuel present. Whereas, modern tanks are more complex and are produced with various fluoroelastomer and emissions control components, which include diaphragms, couplings, vibration isolators, hose, O-rings and other seals. Although the location and design of a fuel tank depend on the space available in an automobile, most vehicles are installed with a single tank in the rear.
Global Automotive Fuel Tank Market Trends:
Over the past few years, there has been a rise in the global sales of passenger and commercial vehicles, which is providing a boost to the production volume of automotive fuel tanks. Besides this, due to an increase in environmental concerns, there has been a rise in the demand for electric vehicles that help in reducing carbon emissions generated by traditional vehicles. This trend has led to the increasing 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. However, as plastic is not an environment-friendly material, manufacturers in the industry have been investing in R&D activities to develop novel production processes and grades of steel to offer an advantageous combination of mass, cost and sustainability in fuel tanks. For instance, the installation of steel-based tanks in various premium-category vehicles is anticipated to perform efficiently in terms of ultra-low evaporative emissions. Steel is also compatible with different types of fuels, including diesel, gasoline, alcohol and biodiesel, which would further drive the growth of the market in the near future. Attributing to the aforementioned factors, the market is projected to grow at a steady CAGR of around 4% during 2019-2024.
Market Summary:
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