Automotive Steel Fuel Tank Market: Introduction
- A fuel tank is a safe container for flammable fluids. The tank is typically connected to the part of an engine system in which the fuel is stored and propelled or released into an engine. Fuel tanks of different materials such as steel and plastic are available, while steel tank fall are primarily of two types: carbon steel and stainless steel.
Key Drivers of Automotive Steel Fuel Tank Market
- The automotive steel fuel tank market depends on the expansion of the automotive industry, innovation in fuel tank technology, an increase in sales of passenger and commercial vehicles in emerging economies, and increase in preference for safety. Increase in sales of passenger and commercial vehicles is estimated to boost the demand for fuel tanks in vehicles.
- The passenger car segment is expected to lead the automotive market, which is projected to drive the demand for fuel tanks of capacity ranging from 45L to 70L. Manufacturers of fuel tanks use materials that are sustainable and provide durability, which is estimated to boost the safety of the passenger. This increase in safety of fuel tank is anticipated to propel the market in the near future.
Challenges of Drivers of Automotive Steel Fuel Tank Market
- Rising penetration of electrical vehicles is a key factor restraining the steel fuel tank market. Increase in demand for zero-emission automobiles is driving the adoption of electric vehicles. Electric car technology has been growing less expensive in the last few years as numerous governments are boosting the adoption of electrical automobiles by announcing tax subsidies and offering various incentives. A substantial increase in monetary assistance from governments in the shape of tax rebates and subsidies and guidelines to sell green automobiles have further propelled the adoption of electric vehicles.
- Upgrade in battery and charging generation and discount in battery rate have further fueled the demand for electric powered automobiles. Therefore, increased production of electric vehicles is also hampering the steel fuel tank market. Currently, the effect of electric vehicles on the steel fuel tank marketplace is negligible. However, these vehicles are projected to have a significant impact on the steel fuel tank market in the near future.
Opportunities of Automotive Steel Fuel Tank Market
- The passenger car segment is a rapidly expanding segment of the automotive market, which has fuel options such petrol, diesel, etc. This is boosting the automotive steel fuel market. LPG or CNG require strong, safe, and lightweight tanks to maintain normal vehicle size, weight, and driving range. The benefit of using materials such as steel for fuel tanks is that it maintains the weight to a minimum, while offering high shock resistance and durability.
- Expansion of the passenger car market is directly associated with the demand for passenger cars as well as commercial vehicles. Furthermore, new technological modifications are further driving the global automotive steel fuel market.
Automotive Steel Fuel Tank Market, Geography
- Asia Pacific is projected to be a prominent market for steel fuel tank during the forecast period. The market in Asia Pacific is estimated to expand due to an increase in adoption of alternative fuels for passenger cars. Growing collaboration between local players and global players is driving production of alternative fuel tanks in the region. The automotive and transportation sectors in Asia Pacific is expanding at a prominent pace.
- On the other side Europe, is another leading region of the global steel fuel tank market. The region is home to numerous raw material supplier for the manufacturing of fuel tanks.
Key Players Operating for Automotive Steel Fuel Tank Market
- TI Fluid Systems
- Unipres Corporation
- Magna International
- FTS - Fuel Total Systems
- Yachio Industry Co. Ltd
- Kautex Textron GmbH & Co. KG
Automotive Steel Fuel Tank Market, by Vehicle Type
- Passenger Car
- Light-commercial Vehicles (LCV)
Automotive Steel Fuel Tank Market, by Capacity
- Less than 45 Liters
- 45-70 Liters
- Above 70 Liters
- 10-12 Kg for Gas tank
Automotive Steel Fuel Tank Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Central & South America
- Rest of Latin America
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