Automotive Fuel Tank Global Market Report 2024

The automotive fuel tank market size has grown strongly in recent years. It will grow from $18.97 billion in 2023 to $20.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to fuel efficiency standards, advancements in materials, emissions regulations, efforts in vehicle weight reduction, adherence to safety regulations, and innovations in tank shapes.

The automotive fuel tank market size is expected to see strong growth in the next few years. It will grow to $27.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. Projected growth is driven by the global expansion of the automotive industry, cost-efficiency, and manufacturing innovations, adaptation to changing automotive architectures, transition to alternative fuels, and innovations for enhanced safety. Key trends include smart fuel management solutions, adapting to changing automotive architectures, transitioning to alternative fuel technologies, a focus on lightweight designs, and the integration of advanced materials.

The automotive fuel tank market is experiencing growth attributed to the increasing demand for passenger cars. Passenger cars, defined as vehicles designed to transport passengers and having at least four wheels, play a significant role in the automotive industry. This segment has witnessed remarkable growth, demonstrating progress in production, domestic sales, and exports. For example, Eurostat, the statistical office of the European Union, reported in December 2023 that the number of battery-powered electric passenger cars had surged by 75% in 2021 compared to the previous year, reaching nearly 2 million vehicles. This surge in demand for passenger cars is a key driver propelling the growth of the automotive fuel tank market.

The automotive fuel tank market is poised for growth, driven by the increasing sales of motorcycles. Motorcycles, recognized as two-wheeled motor vehicles used for transportation or recreation, have witnessed a surge in demand. The automotive fuel tank holds critical significance in the operation, handling, design, and overall safety of these versatile two-wheeled machines. As an illustration, in February 2022, the American Motorcyclist Association reported a substantial 14.2% increase in the sale of on-road motorcycles in the United States for the year 2021. This trend underscores the pivotal role of automotive fuel tanks in the motorcycle industry, contributing to the overall growth of the automotive fuel tank market.

Technological advancements in fuel-efficient vehicles and alternate fuel vehicles represent a prominent trend gaining traction in the automotive fuel tank market. The evolving landscape of modern automobiles calls for advanced materials that can enhance fuel economy while maintaining optimal safety and performance standards. A key focus is on integrating lightweight materials, which have significant potential to improve vehicle efficiency by requiring less energy for acceleration. A 10% reduction in vehicle weight can result in a notable 6% to 8% increase in fuel economy. To achieve this, traditional materials such as cast iron and steel are being replaced with lightweight alternatives, including high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites. By incorporating such lightweight components and enabling high-efficiency engines through new materials, vehicles can experience a substantial reduction in weight - up to 50% for the body and chassis. This strategic shift not only contributes to fuel efficiency but also facilitates the incorporation of more complex pollution control systems, safety devices, and integrated electrical systems without increasing the overall weight of the vehicle. Projections indicate potential savings of over $5 billion gallons annually by 2030 in one-quarter of the US fleet through the adoption of these lightweight structural materials.

Major companies in the automotive fuel tank market are strategically directing their efforts towards the development of innovative products, notably focusing on advancements such as plastic fuel tanks. Plastic fuel tanks are storage containers for fuel in vehicles, constructed using plastic materials. Serving as integral components of the vehicle's fuel system, these tanks play a crucial role in storing and supplying fuel to the engine. As an illustration, in January 2021, TI Fluid Systems, a US-based automotive fluid storage manufacturing company, unveiled the 'Plastic Fuel Tank Technology.' This innovative technology introduces a lightweight plastic solution tailored for Hybrid Electric Vehicles (HEVs), effectively addressing challenges associated with internal tank welded structures. The design of the next generation of plastic fuel tanks is engineered to meet stringent pressure requirements within hybrid electric vehicles, showcasing the industry's commitment to innovative solutions.

In May 2022, Tank Holding, a leading US-based rotational molding company, successfully acquired Semco Plastic Company for an undisclosed sum. This acquisition aligns with Tank Holding's strategic initiative to invest in adjacent plastic processing technologies, aiming to enhance its product offerings for customers. Semco Plastic Company, based in the United States, is a manufacturer specializing in the production of blow and injection molded products, including fuel tanks, fuel containers, refuse containers, and various other items.

Major companies operating in the automotive fuel tank market report are Baosteel Group Corporation, Continental AG, Magna International, Kautex Textron GmbH & Co. KG, Benteler International AG, The Plastic Omnium Group, Compagnie Plastic Omnium SA, Toyoda Gosei Co. Ltd., Martinrea International Inc., Visteon Corporation, FUTABA INDUSTRIAL CO. LTD., Donghee Industrial CO. LTD., TI Fluid Systems, Boyd Welding, Unipres Corporation, Textron – KautexV (US), Dorman Products, Yapp Automotive Parts Co. Ltd., Yachiyo Industries Co. Limited, Inergy Automotive Systems, Allgaier Werke GmbH, Kongsberg Automotive, Spectra Premium Inc., Fuel Total Systems (FTS) Co. Ltd., Unipres Corporation, SMA SERBATOI SPA, FTS INDIA PRIVATE LIMITED, Northside Industries, YFPO North America Inc., Yeedah Composite Material Co. Ltd.

Asia-Pacific was the largest region in the automotive fuel tank market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive fuel tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive fuel tank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive fuel tanks are categorized by their capacities into three main types such as less than 45 liters, 45-70 liters, and above 70 liters. Fuel tanks with a capacity of less than 45 liters are typically found in hatchbacks and sedans. These tanks are specifically classified based on their capacity, falling below the 45-liter threshold. The materials employed in manufacturing automotive fuel tanks include aluminum, plastic, and steel. These fuel tanks are utilized in various types of vehicles such as passenger cars, light commercial vehicles, and heavy commercial vehicles.

The automotive fuel tank market research report is one of a series of new reports that provides automotive fuel tank market statistics, including automotive fuel tank industry global market size, regional shares, competitors with an automotive fuel tank market share, detailed automotive fuel tank market segments, market trends and opportunities, and any further data you may need to thrive in the automotive fuel tank industry. This automotive fuel tank market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.B63.

The automotive fuel tank market consists of sales of Type 1, Type 2, Type 3, and Type 4. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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