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Global Automotive Fuel Tank Market, By Material Type (Plastic, Aluminum, and Steel), By Vehicle Type (Passenger Cars, LCV, HCV), By Distribution Channel (OEM, and Aftermarket), By Tank Capacity (< 45 Liter, and 45 - 70 Liter), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.
The global automotive fuel tank market was valued at USD 20.82 billion in 2020 and is expected to reach USD 27.3 billion with a CAGR of 4.1% during the forecast period, 2021-2027. The growing automotive industry, increasing automotive production, the growing popularity of lightweight vehicles, and high investment in the development of lightweight tanks with large capacity are the primary factors driving the growth of the global automotive fuel tank market during the forecast period. Furthermore, the growing developments in high-quality fuel-efficient tanks due to stringent government regulations on emissions and fuel economy will further boost the growth of the global automotive fuel tank market.
What is Automotive Fuel Tank?
An automotive fuel tank refers to an important component of an automobile that is used to store, propel and transfer pressurized gas or fuel (petrol, diesel) into the engine. Fuel tanks are available in various range of shapes and sizes depending upon the vehicle type. The maximum distance covered by an automotive vehicle depends on the fuel tanks, and the effectiveness of a fuel tank depends upon its size, complexity and the material used for the manufacturing process. Fuel tanks are made using both metal and plastic materials. Furthermore, fuel tanks made up of plastic (HDPE) are primarily used in sedans, multi-purpose vehicles (MPV), sports-utility vehicles (SUV), and metal tanks are used in commercial and cross-passenger vehicles.
Growth Driver
The growing automotive industry and increasing demand for efficient and lightweight Automotive Fuel Tanks
The growing urbanization, rising disposable income of consumers, and wide availability of affordable cars have increased the manufacturing and sales of automobiles in both emerging and developed countries. This expansion of the automotive industry is anticipated to give rise to the growth of the global automotive fuel tank market in the coming years. Furthermore, the rising trend for lightweight vehicles for fuel efficiency and the increasing demand for lightweight fuel tanks are the primary factors accelerating the growth of the global automotive fuel tank market during the forecast period.
The rapid growth of the various industry verticals, including transportation, construction, manufacturing and other industrial industries, has increased the demand for commercial vehicles (LCV and HCV), which is expected to increase the demand for the automotive fuel tanks market across the globe. In addition, the rapid rise in the growth of the e-commerce industry has increased the logistics industry, propelling the demand for commercial vehicles across the globe. Furthermore, the high investment of key manufacturers in the R&D to introduce technologically advanced production of the self-sealing automotive fuel tank that can automatically seal in case of damage or leak will also boost the global automotive fuel tank market growth in the coming years. The growing government spending on electric vehicles, increasing penetration of electric vehicles among logistic industries, and high fluctuation in the number of raw materials, such as aluminum and steel, are expected to prevent the market’s growth during the forecast period.
Opportunities
The surge in demand for lightweight vehicles among consumers
The shifting preference of manufacturers towards replacing metal fuel tanks with plastic fuel tanks to reduce the vehicle weight to meet the growing demand and satisfy the discerning customer requirements will provide lucrative opportunities in the growth of the automotive fuel tank market across the globe. Plastic fuel tanks have various advantages over metal fuel tanks, enhancing their approval in this market. As a result, plastic has become more consumables than any other material for manufacturing fuel tanks.
Pre Covid-19 impact on the global Automotive Fuel Tank market
The rapid growth in the automotive and other industrial industries has stimulated the growth of passenger and commercial vehicles across the globe, resulting in the rapid growth of the global automotive fuel tank market. Globally, increasing industrialization, development of road infrastructure, and surge in mining activities lead to growing the automobile industry, a subsequent rise in demand for automotive fuel tanks, and propels the market growth. Furthermore, the high demand for mid-range passenger cars among consumers has increased the overall automotive industry across the globe.
Covid-19 impact on the global Automotive Fuel Tank market
The COVID-19 pandemic has severely hit the overall growth of the automotive industry market in 2020 across the globe. The pandemic has severely affected every business segment due to various government norms such as nationwide lockdown and complete shutdown of manufacturing facilities across the globe. Furthermore, the complete shutdown of construction and industrial activities has slowed down the demand for automotive vehicles. The interruption in the supply chain of raw materials and non-availability of the workforce has halted the automobile manufacturing industries in developing and developed countries which have significantly impacted the growth of the electric conduit market. Furthermore, the situation is returning to normalcy; the market is expected to recover and grow positively during the forecast period.
Post Covid-19 impact on the global Automotive Fuel Tank market
The significant growth of the automotive industry is expected to escalate the growth of the global automotive fuel tank market during the forecast period. The growing government spending on public transportation and infrastructural projects will drive the demand for commercial vehicles to increase the growth of the overall automotive industry across the globe. Moreover, rising trading activities coupled with growing industrialization have stimulated the demand for commercial vehicles, which will provide lucrative opportunities for automotive fuel tank manufacturers.
Material Type Segmental Analysis
The global automotive fuel tank market is segmented into plastic, aluminum, and steel based on the material type. The steel segment is accounted for the largest share in the global automotive fuel tank market in 2020. The fuel tanks made of steel are widely used in automobiles and ideal options for all fuels, including biodiesel and diesel, due to low evaporative emission requirements and high stiffness and inherent strength during changing pressurized applications. These are the basic factors driving the growth of the overall automotive fuel tank market across the globe.
Furthermore, the plastic material segment is expected to grow significantly during the forecast period. This growth is attributable to the growing focus of the manufacturers towards replacing metal tanks with plastic tanks due to various features such as lightweight, high durability, high corrosion resistance and increased adoption of lightweight vehicles among consumers. As a result, plastic has become more c than any other material for manufacturing fuel tanks.
Vehicle Type Segmental Analysis
The global automotive fuel tank market is categorized into passenger cars, light commercial cars (LCV), and high commercial Cars (HCV). The passenger car segment accounts for the highest share in the global automotive fuel tank market in 2020 and is expected to go on this trend during the forecast period. The rising economy, growing urbanization, and wide availability of mid-range cars are the primary factors driving the demand for passenger cars globally.
Tank Capacity Segmental Analysis
Based on the tank capacity, the global automotive fuel tank market is segregated into < 45 Liter, 45 – 70 Liter, and above 70 Liter. The 45 -70 Liter segment is expected to have a significant market share during the forecast period. The growth is attributable to the high-demand passenger vehicles, including mini cars, hatchbacks, and mid-sized sedans, having a fuel tank capacity of <45 liters.
Region Segmental Analysis
The global automotive fuel tank market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia-Pacific segment is expected to dominate the automotive fuel tank market and continue this growth rate during the forecast period, 2021-2027. the adding countries of the Asia Pacific region, such as India and China, are the major contributors to the automotive fuel tank market’s growth due to the growing economy and many consumers in these countries.
The North American region has been the second leading market for automotive fuel tanks and expected a significant growth during the forecast period. The high growth of aftermarkets in the North American region is the factor that is projected to manage the growth of the North America Automotive Fuel Tank Market.
Competitor Analysis
Companies include Lyondell Basell Industries NV, Continental AG, Unipres Corporation, KAUTEX TEXTRON, Magna International, Martinrea International Inc., The Plastic Omnium, TI Fluid Systems, Baosteel Group Corporation, YAPP Automotive Parts Co. Ltd., SMA Serbatoi S.P.A., and other prominent players are the key players in the Automotive Fuel Tank market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Automotive Fuel Tank manufacturing firm
- Local Governments
- Regulatory bodies
- Suppliers
- Retailers
Recent Developments
- In June 2021, TI Fluid Systems has launched new fluid handling products for fuel systems on the 2021 Hyundai Santa FE SUV hybrid electric vehicle (HEV). This Hyundai HEV application demonstrates the company’s ability to optimize systems with lightweight solutions for improved EV mode efficiency.
- In January 2021, TI Fluid Systems announced to provide a new generation of plastic fuel tank design capable of meeting the stringent pressure demands within a hybrid electric vehicle (HEV).
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2020 | USD 20.82 Billion |
| The revenue forecast in 2027 | USD 27.3 Billion |
| Growth Rate | CAGR of 4.1% from 2020 to 2027. |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | Lyondell Basell Industries NV, Continental AG, Unipres Corporation, KAUTEX TEXTRON, Magna International, Martinrea International Inc., The Plastic Omnium, TI Fluid Systems, Baosteel group corporation, YAPP Automotive Parts Co. Ltd., SMA Serbatoi S.P.A., and Other prominent players. |
Market Modelling
By Material Type
- Plastic
- Aluminum
- Steel
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
By Distribution Channel
- OEM
- Aftermarket
By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Secondary Research
- Primary Research
- Data Triangulation
- Historical Data
- Identification of Segment
- Market Size Calculating
- Research Objective
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Innovation
- Competitors & Product Analysis
- Regulatory Framework for Automotive Fuel Tank
- Company market share analysis, 2020
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Impact of COVID-19 GLOBAL Automotive Fuel Tank Market
- Economic Impact Study on Global Automotive Fuel Tank Market
- Economic Factor Analysis
- Global Automotive Fuel Tank Market Overview
- Global Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Production
- By Volume (Number of Units)
- Market Share & Forecast, 2016-2027
- By Material Type
- Plastic
- Aluminum
- Steel
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Distribution Type
- OEM
- Aftermarket
- By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Material Type
- Demand
- Global Market Size & Forecast, 2016-2027
- North America Automotive Fuel Tank Market Overview
- North America Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Production
- By Volume (Number of Units)
- North America Automotive Fuel Tank Market Share & Forecast, 2016-2027
- By Material Type
- Plastic
- Aluminum
- Steel
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Distribution Type
- OEM
- Aftermarket
- By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
- By Country
- US
- Canada
- Mexico
- By Material Type
- Demand
- North America Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Europe Automotive Fuel Tank Market Overview
- Europe Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Production
- By Volume (Number of Units)
- Europe Automotive Fuel Tank Market Share & Forecast, 2016-2027
- By Material Type
- Plastic
- Aluminum
- Steel
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Distribution Type
- OEM
- Aftermarket
- By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
- By Country
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- By Material Type
- Demand
- Europe Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Asia Pacific Automotive Fuel Tank Market Overview
- Asia Pacific Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Production
- By Volume (Number of Units)
- Asia Pacific Automotive Fuel Tank Market Share & Forecast, 2016-2027
- By Material Type
- Plastic
- Aluminum
- Steel
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Distribution Type
- OEM
- Aftermarket
- By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
- By Country
- China
- India
- Japan
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
- By Material Type
- Demand
- Asia Pacific Automotive Fuel Tank Market Size & Forecast, 2016-2027
- South America Automotive Fuel Tank Market Overview
- South America Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Production
- By Volume (Number of Units)
- South America Automotive Fuel Tank Market Share & Forecast, 2016-2027
- By Material Type
- Plastic
- Aluminum
- Steel
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Distribution Type
- OEM
- Aftermarket
- By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
- By Country
- Brazil
- Argentina
- Rest of South America
- By Material Type
- Demand
- South America Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Middle East & Africa Automotive Fuel Tank Market Overview
- Middle East & Africa Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Production
- By Volume (Number of Units)
- Middle East & Africa Automotive Fuel Tank Market Share & Forecast, 2016-2027
- By Material Type
- Plastic
- Aluminum
- Steel
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- By Distribution Type
- OEM
- Aftermarket
- By Tank Capacity
- < 45 Liter
- 45 – 70 Liter
- Above 70 Liter
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- By Material Type
- Demand
- Middle East & Africa Automotive Fuel Tank Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Lyondell Basell Industries NV.
- Continental AG
- Unipres Corporation
- Kautex Textron
- Magna International
- Martinrea International Inc.
- The Plastic Omnium
- TI Fluid Systems
- Baosteel group corporation
- YAPP Automotive Parts Co. Ltd.
- SMA Serbatoi S.P.A.
- Other prominent players
Frequently Asked Questions (FAQ):
An automotive fuel tank refers to an important component of an automobile that is used to store, propel and transfer pressurized gas or fuel (petrol, diesel) into the engine.
The Automotive Fuel Tank market size was valued at USD 6.2 Billion in 2020 and is projected to reach USD 9.8 Billion by 2027, growing at a CAGR of 7.1% during the forecast period, 2019-2027.
The Automotive Fuel Tank market is expected to grow significantly due to growing urbanization, the rising popularity of lightweight vehicles, and the growing automotive industry.
The leading manufacturers are highly invested in R&D to manufacture high-quality, durable, lightweight plastic-based Automotive Fuel Tanks and self-sealing automotive fuel tanks that can self-seal during damage, avoiding leakage of flammable liquids.
The Asia Pacific region is expected to dominate the Automotive Fuel Tank market due to the rapid urbanization and industrialization and moving demand for passenger cars due to the growing population in the region.
Companies include Lyondell Basell Industries NV, Continental AG, Unipres Corporation, KAUTEX TEXTRON, Magna International, Martinrea International Inc., The Plastic Omnium, TI Fluid Systems, Baosteel Group Corporation, YAPP Automotive Parts Co. Ltd., SMA Serbatoi S.P.A., and other prominent players are the key players in the Automotive Fuel Tank market.
