Compressed natural gas (CNG) is known as one of the cleanest fossil fuels. Natural gas is composed mainly of methane and produces carbon dioxide and water vapor when burned. Due to the economical price of CNG, CNG vehicles are being increasingly used all across the world.
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The natural gas industry has been able to produce greater amounts of natural gas with the help of technological innovation and thereby keeping pace with the budding demand. The decreasing natural gas prices and availability of natural gas makes it a viable option as a fuel in the automotive industry, propelling the demand for CNG cylinders. Following are some of the benefits of using CNG vehicles:
• CNG vehicles have low maintenance cost
• CNG, when burnt, mixes easily and evenly in the air and emits less pollutant
• CNG is a more economical fuel compared to gasoline or diesel
The global CNG tanks market can be segmented by type, namely, Type 1, Type 2, Type 3 and Type 4. Type 1 CNG tanks are made of metal, generally, steel or aluminum. Type 2 CNG tanks are similar to Type 1 CNG tanks, except, they have thinner tank wall and a metal liner is wrapped only in the middle of cylinders with glass or carbon fiber. Type-3 CNG tanks are made up of aluminum composite material such as woven carbon or glass fiber which is wrapped fully around the metal liners. Type-4 tanks are made of gas-tight thick rubber membrane. No metal is used in the structural design of Type-4 tanks. All CNG tanks are made spherical or cylindrical in shape as this shape provides for equal distribution of stress throughout the inner area of the tank, producing the highest safety feature for high-pressure vessels.
Type 1 holds a major chunk of the overall market, whereas type 4 is projected to be the fastest growing type of CNG cylinder. The main reason for high growth of type-4 tanks is attributed to budding demand for composites in the automotive industry and gas transport applications.
The global CNG tank market is moderately fragmented. Hexagon Composites ASA (Norway), Luxfer Group (the U.K), Worthington Industries (the U.S.), Quantum Fuel Systems Technologies Worldwide Inc. (the U.S.), and so on enjoy the majority of the market share in production and manufacturing of CNG tanks/cylinders.
