Automotive Fuel Tank Market Analysis, Size, Growth and Forecast to 2022
In the past decade, steel fuel tanks were majorly used by automotive producers, whereas in the current scenario, plastic fuel tanks are being mostly used.. The key reasons for the drop in demand for steel fuel tanks are safety, weight, permeability, packaging and cost associated with it. Around 95% of the total fuel tanks in Europe, 85% in U.S. and 40% in Asia are made of plastic. The main reasons behind the increased use of plastic fuel tanks are its light weight, resistance to corrosion, and ease of molding into unusual shapes.
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The automotive fuel tank market is driven by increasing trend of vehicle weight reduction, growing global vehicle production, and norms pertaining to evaporative emission. The increasing demand for vehicles, coupled with capacity expansion by OEMs in emerging economies has driven the global production of vehicles. The production volume for passenger car and light commercial vehicles (LCV) in Asia-Pacific accounted for more than 50% of the global production. The increasing production in the region is complimented by intensifying demand for passenger cars and LCV in the region. The improving economy and standard of living in countries such as China and India have resulted in increased sales volume of automotive. The high automotive production volume in Asia-Pacific has made it an attractive fuel tank market.
North America is expected to be the second largest automotive fuel tank market during the forecast period, owing to its increasing customer base and norms pertaining to evaporative emission in the region. This has resulted in increased manufacturing activities by local automotive OEMs in the region, and supporting the growth of the automotive fuel tank market. In Europe, Germany, France, U.K., Russia and Spain were the major automotive fuel tank markets in 2015.
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Some of the major competitors in the global automotive fuel tank market include Benteler AG, TI Automotive Inc., Yachiyo Industry Co. Ltd., Magna International Inc., Kautex Textron Gmbh & Co. KG., FTS Co., Ltd., The Plastic Omnium Group, Martinrea International Inc., Unipres Corporation, YAPP Automotive Parts Co., Ltd., and SMA Serbatoi S.P.A.
