The report, now available on ASDReports, "Fuel Tank Market by Material (HDPE, Steel & Aluminum), Capacity (<45L, 45L-70L & >70L), & by Region (Asia-Oceania, Europe, North America & ROW), Automotive CNG Tank Market by Region, and Automotive SCR Market by Region - Global Trends & Forecast to 2021", The global automotive fuel tank market is projected to grow at a CAGR of 5.58% from 2016 to 2021, to reach a market size of USD 17.38 Billion by 2021. Factors such as the increasing vehicle production and recent trend of vehicle weight reduction are fueling the demand for lightweight plastic fuel tanks, thereby driving the automotive fuel tank market.
High-density polyethylene fuel tanks: The largest market
High-density polyethylene (HDPE) is the key component of the plastic fuel tank. The global demand for HDPE is very high, owing to the considerable demand for plastic fuel tanks. Plastic fuel tanks are broadly segmented into three types: monolayer, fluorinated, and multilayer. The primary advantages of the plastic fuel tank are that it is anti-corrosive, lightweight, flexible, and impact-resistant. HDPE fuel tanks are estimated to account for the largest share of the global fuel tank market in 2016, owing to their high penetration in developed regions such as North America and Europe. The changing preferences of buyers and the increasing technology adoption rate in Asia-Oceania have accelerated the demand for HDPE fuel tanks in the region.
Asia-Oceania: The fastest-growing market
Asia-Oceania has emerged as a hub for automotive production in recent times, owing to changing consumer preferences, increasing per capita income of the middle class population, and cost advantages for OEMs. The region is known for producing compact and cost-effective cars, and given the advantages it offers, such as low production cost, easy availability of economic labor, lenient emission and safety norms, and government initiatives for foreign direct investment (FDI), the region has witnessed higher growth than the matured markets of Europe and North America. According to MarketsandMarkets analysis, global automotive production is projected to grow at a CAGR of 5.40% from 2016 to 2021, with Asia-Oceania leading the production. These factors would accelerate the demand for automotive fuel tanks in the region, enabling the market to grow at the highest CAGR from 2016 to 2021.
The report studies various globally established automotive fuel tank manufacturers. Major market players include The Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG. (Germany), YAPP Automotive Parts Co. Ltd. (China), and TI Automotive Inc. (U.K.).