Global
vehicle fuel tanks market is anticipated to grow at a higher CAGR as vehicle
fuel tanks are storage tanks and a safe container for flammable fluids.
Recently, plastic fuel tanks are widely used by automobile industry. Steel fuel
tanks were mostly preferred by automobile industry but the rising popularity of
plastic fuel tanks and relevant advantages is slowly taking over steel fuel
tanks.
Techniques
used in manufacture of HDPE vehicle fuel tanks comprise blow molding and metal
welding from stamped sheets. Blow molding technology is widely used across
automobile industry since it is capable of obtaining low emissions of carbon.
Functionally, HDPE is versatile and can be molded into various shapes which
permit the tank to be installed smoothly over the rear axle which helps in
saving and improving crash safety. Relevantly, plastic fuel tanks are much
better in fuel emissions and are also safe during crash or brutal fatalities.
Since
HDPE vehicle fuel tanks can be molded into complex and sophisticated shapes,
car designers can use the available space for fuel tank. Characteristically,
plastic fuel tanks offer resistance against corrosion which in case of steel
tanks requires timely maintenance adding to overhead costs.
Commercial
factors such as versatility, safety features and compact nature associated with
plastic fuel tanks for automobiles/vehicles, the market value is likely to gain
traction in upcoming years. Also, the market growth witnesses a moderate growth
in steel fuel tanks and trajectory growth in plastic fuel tanks for assessment
period.
The
key driving factors responsible for the growth of vehicle fuel tanks market
includes rising rate of automotive industry, stringent regulations by
government and rise in eco-friendly fuel tanks. Additionally, growing global
production of vehicles, rising trend of vehicle weight reduction and
environmental norms pertaining to carbon emission have propelled the growth of
global market.
On
the basis of type, the vehicle fuel tanks market is segmented into high density
polyethylene plastic fuel tank and steel fuel tank. High-density polyethylene
(HDPE) dominates the market segment during the forecast period also the global
demand for HDPE is much high due to the growing demand for plastic fuel tanks.
HDPE tanks are widely segmented into monolayer, fluorinated and multilayer.
On
the basis of technology, the vehicle fuel tanks market is segmented into
multilayer technology and barrier technology. On the basis of geographic segmentation,
the vehicle fuel tank market spans North America, Latin America, Europe,
Asia-Pacific, and Middle-East & Africa. North America is anticipated to
grow at a higher CAGR. Europe and APAC regions are expected to follow the
trend. China and India are key regions for future market trends in automotive
fuel tanks due to rise in disposable income, large population, higher growth
rate of automotive industry. European regions such as Germany, France and Italy
are major commercial hubs for automobile manufacturers.
The
key players in the vehicle fuel tanks market include Kautex Textron GmbH &
Co, Benteler AG, Fuel System Solutions, Inergy Automotive Systems, Toyoda Gosei
Co Ltd, TI Automotive Ltd, YAPP Automotive Parts Co ltd, Kongsberg Automotive,
Visteon Corporation and Magna International Inc.
Comments
Post a Comment