New York City, New York, Nov. 27, 2017 (GLOBE NEWSWIRE) -- A recent market research report by Persistence Market Research attributes the rapid pace of industrialization and the thriving automotive industry in emerging economies as the key force driving the global market for automotive fuel tanks. The report states that the market will register a robust 7.0% CAGR over the period between 2017 and 2025. The report is titled “Automotive Fuel Tanks Market: Global Industry Analysis 2012–2016 and Forecast 2017–2025.”
Of the key materials used for manufacturing automotive fuel tanks for vehicles that run on conventional fuel, including a variety of metals and plastic, the report states that the plastic segment governs the market presently. In 2017, sales of nearly 79,054 units of plastic fuel tanks were registered. This number is expected to rise to 128,350.0 units by the end of 2025. In terms of revenue opportunity, the segment of plastic fuel tanks is projected to register a promising 7.2% CAGR over the report’s forecast period.
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However, the high base-cost of plastic fuel tanks could be a challenge for the overall market, restraining their adoption, especially in regions such as Latin America, Asia Pacific, and Middle East and Africa where the consumer is mostly cost-sensitive than the consumer in developed economies across regions such as North America and Europe. It has been observed that in Latin America, metal fuel tanks are more preferred owing to their low cost. Therefore in these regions, the market for automotive fuel tanks made from metal could outweigh the overall scope of development of plastic fuel tanks segment.
In terms of the type of fuel for which fuel tanks are manufactured, the segment of conventional fuel accounted for nearly 94% of the overall market in 2016. The segment will continue to have a sharp impression on the overall development of the global automotive fuel tank market in the next few years as well.
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From a geographical standpoint, the report states that the market in Asia Pacific could account for nearly 50% of the overall market in 2017, led mostly by the fast-paced economic development of countries such as India and China and the massive rise in sales of vehicles in these countries. The market for automotive fuel tanks in the region is expected to rise to a valuation of US$20 bn by 2025.
The vendor landscape of the global automotive fuel tank market is also examined in depth in the report. Along with details pertaining to the recent developments in the market, the report also includes detailed business profiles of some of the leading companies in the market. The report states that the leading vendors in the market are investing massive funds towards the development of innovative materials for automotive fuel tanks. This trend is expected to lead to the development of advanced plastics that could lead fuel tanks than are self-sealing, recyclable, corrosion resistant, and are much more durable in harsh climatic conditions.
Some of the leading companies operating in the global automotive fuel tank market profiled in the report are Westport Fuel Systems Inc, Kautex Textron GmbH & Co KG, Magna International Inc, Benteler International AG, Plastic Omnium SA, YAPP Automotive Parts Co., Allgaier Werke Gmbh, Kongsberg Automotive, Donghee Industrial Co. Ltd., Toyoda Gosei Co., Ltd., Visteon Corporation, TI Automotive Ltd, Futaba Industrial Co. Ltd., Fts Co. Ltd., Sma Serbatoi Spa, Northside Industries, Hwashin Co., Ltd., Martinrea International Inc., Spectra Premium Inc., and Yachiyo Industry Co., Ltd.
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