With exceptionally booming adoption for SUVs, MPVs, and sedans, plastic will remain at the forefront of demand in global automotive fuel tank market. At the highest estimated CAGR over 2017-2022, plastic automotive fuel tank sales are expected to equate the revenue within the range of US$ 28-30 Bn towards 2022 end. Aluminum and steel automotive fuel tanks will continue to lose opportunities owing to incompatibility in terms of lightweight, fuel efficient vehicle economy.
Although low-priced, steel or other metals fail to offer the design freedom and flexibility that often accompanies plastics. Plastic based automotive fuel tank is almost 30% lightweight than metal based automotive fuel tank, contributing significantly to the lightweight vehicular trend in the automotive space. Moreover, plastic automotive fuel tank covers better impact protection and conveniently integrates within the automotive system architecture. A myriad attributes are expected to allow plastic to maintain the lead over steel and aluminum to be used in manufacturing of automotive fuel tanks.
A shift from metal automotive fuel tank to plastic automotive fuel tank has been witnessed since the recent past. Plastic automotive fuel tank offers flexible design using which customizations can be made according to customer requirement. Moreover, features such as light weight, high durability and high corrosion resistance of plastic automotive fuel tank have fuelled the adoption of plastic automotive fuel tank as a sought after, reliable fuel carrying source. However, steel automotive fuel tank still remains an ideal option while using bio-diesel and diesel owing to its low evaporative emission requirements coupled with high stiffness and inherent strength during changing pressurized applications.
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Key stakeholders in the automotive fuel tank market are focusing on developing novel products in a bid to achieve sustenance in the competitive marketplace. Manufacturers are actively engaged in manufacturing of self-sealing automotive fuel tank that can self seal during damage, avoiding leakage of flammable liquids. Self-sealing automotive fuel tank contain multiple membranes that absorb fuel. These layers swell and expand after coming in contact with fuel in turn causing the broken layer to swell consequently sealing the puncture. This promising safety feature of self-sealing automotive fuel tank is likely to witness high customer demand in the years to follow.
Significant rise in sales and manufacturing of vehicles continue to remain instrumental in driving sales of automotive fuel tank. BRIC (Brazil, Russia, India and China) countries are witnessing a substantial growth in their automotive sector on the back of growing demand from customers for passenger cars. Moreover, rising trading activities coupled with growing industrialization have spurred the demand for commercial vehicles, in turn providing potential avenues of growth for automotive fuel tank manufacturers. Moreover, stakeholders are targeting China, one of the world’s biggest automotive market owing to its enormous fiscal stimulus. Likewise, OEMs are entering India and China in a bid to seize massive growth potential offered by these countries. This is likely to fuel sales of automotive fuel tank in the emerging revenue pockets of Asia Pacific in the coming years.
Increasing government regulations on carbon dioxide emissions from vehicles in a bid to reduce environmental damage has resulted in rising manufacturing and growing adoption of electric vehicles. According to the report by International Energy Agency (IEA), more than one million electric vehicles were sold in 2017 that represents a 56 percent increase from 2016. Under the IEA New Policies Scenario, the number of electronic vehicles are estimated to touch 125 million by end of 2030. The increase in number of electric vehicles is expected to limit the sales of automotive fuel tank, in turn restricting the growth of the automotive fuel tank market in the years to follow.
The report on "Automotive Fuel Tank Market Forecast, Trend Analysis and Competition Tracking – Global Review 2017-2022" offers unbiased intelligence on various market segments including assessment on tank types, tank capacities, sales channels and vehicle types. The extensive report on automotive fuel tank market provides in-depth analysis on various market trends, drivers and restraints influencing the growth of the market. Moreover, the report includes historical data analysis along with current market scenario and forecast projections for a period of five years, starting from 2017 till 2022.
Automotive fuel tanks are chambers used to carry flammable liquids. During fuel combustion in the fuel tank, the energy released is propelled into the engine to run the vehicle. Automotive fuel tanks are made from plastic material, or aluminum and steel. They are corrosion free, heat resistant, recyclable, less bulky, and durable and can withstand weight, internal and external erosion.
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Automotive Fuel Tank Market Analysis and Demand with Forecast Overview to 2022
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