The global hydrogen tank material market is projected to grow from USD 953 million in 2023 to USD 3,988 million by 2030, at a CAGR of 22.7% during the forecast period. Hydrogen storage tanks are high-pressure vessels that are getting widely used to store hydrogen at a specified atmospheric pressure and temperature. These tanks are primarily used in stationary, on-board fuel tanks along with bulk transportation applications. Different types of Department of Transportation (DOT)-certified cylinders/tanks are used in these vehicles to store hydrogen fuel. These tanks are spherical or circular, that provides equal stress distribution in the inner area of tanks, thereby providing premier safety to the vessel.
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One of the key factors driving the hydrogen tanks and thereby hydrogen tank material market is the rising demand for renewable energy. Because it emits no greenhouse gases when used to create electricity or fuel automobiles, hydrogen is regarded as a clean energy source. There is a greater need for hydrogen storage options and solutions due to the rise in the popularity of hydrogen fuel cells and many other hydrogen-based technologies. One such solution is the use of hydrogen storage tanks. These tanks offer a secure and effective method of storing and moving hydrogen gas. Cryogenic liquid tanks, compressed gas cylinders, and metal hydride tanks are some examples of available tanks.
The hydrogen tanks has a variety of uses, including refueling hydrogen-powered cars and storing the gas for usage in power plants and other industrial activities. As governments across the world are focusing on the reduction of greenhouse gas emissions and encouraging the use of renewable energy, the market for hydrogen tanks is anticipated to expand significantly in the upcoming years. The need for hydrogen tanks is also being fueled by improvements in hydrogen storage technologies, which make storing and transporting hydrogen more efficient and affordable. These factors are driving the market for hydrogen storage tank materials across the globe.
Companies working in the hydrogen tank material market have adopted expansions, partnerships, joint ventures, agreements, new product/technology launches, contracts, acquisitions, and mergers & acquisitions to strengthen their market share in the global glass mat market from 2018-2023. For instance, in October 2022, Worthington Industries entered into a partnership with Innovair Group to bring the best quality cylinders to Canada.
Major market players in hydrogen tank material market are Worthington Industries, Inc. (US), Luxfer Group (England), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC (US), Faber Industrie SPA (Italy), Everest Kanto Cylinders Ltd. (India), Avanco Group (Germany), Praxair Technologies, Inc. (US), and others.
Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, hydrogen, oxygen, and other industrial gases. It operates through four major business segments: steel processing, consumer products, building products, and sustainable energy solutions. The sustainable energy solutions segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment for various end-use applications, such as consumer products, alternative fuels, industrial products, and energy.
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Luxfer Group is one of the key players in materials technology dealing with the manufacturing, design, and supply of high-performance materials, gas cylinders, and components. It is an operating unit of Luxfer Holdings PLC. The company’s area of expertise covers the metallurgical and chemical properties of magnesium, zirconium, carbon, and rare earths. It has 19 manufacturing plants operating in seven countries across the world. The gas cylinder division manufactures products made from composites and aluminum using technically advanced processes.
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