To meet rising customer demand for enhanced standards, automotive manufacturers worldwide are increasingly substituting metal fuel tanks with lighter plastic tanks. Against this backdrop, the automotive fuel tanks market in Asia-Pacific (APAC) is forecast to register a negative compound annual growth rate (CAGR) of 0.5% over 2023-28, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report “Global Sector Overview & Forecast – Fuel Tanks” reveals that APAC’s automotive fuel tanks market is estimated to reach 40.4 million units in 2028 from 41.4 million units in 2023.
Lucy Tripathi, Senior Automotive Analyst, at GlobalData, comments: “In the market for vehicle fuel tanks, plastic tanks are highly prized due to their lightweight construction, flexibility in design, resistance to corrosion, and durability. Due to their many inherent advantages over metal fuel tanks, plastic fuel tanks are becoming a growing trend in the automotive fuel tank market. Nowadays, plastic is the material of choice for making fuel tanks —all other materials are becoming obsolete.”
Manufacturers are now able to create automobile fuel tanks that are resistant to extreme weather and maintain their durability over time with minimal variation. Innovative features in the automotive fuel tank market, like self-sealing, corrosion-resistant alloy, recyclability, and multiple layers, make them more appealing to consumers.
Tripathi continues: “Significant R&D investments are being made by key players in the automotive fuel tanks industry, which should encourage the creation of cutting-edge technologies. This is expected to increase consumer demand for advanced metal and plastic fuels, which will propel the market for vehicle fuel tanks to new heights.”
China is one of the major markets for automobile fuel tanks. With the assistance of major businesses like Kautex Texton Gmbh & Co. KG and Yachio Industry Co. Ltd., the country has grown into one of the world’s leading producers of automobile fuel tanks. Indulging in the production of plastic fuel tanks and zero-emission fuel tanks has allowed these companies to meet the increasing demand for vehicle production.
Tripathi concludes: “Automobile fuel tanks are one of China’s top exports worldwide. Part of the reason for the rise in demand for car fuel tanks on the market is the hybrid electric vehicle (HEV) plastic fuel tank from TI Fluid Systems. China controls a sizeable share of the automotive fuel tanks market in APAC and was the first to produce lightweight fuel tanks in response to consumer demand.”
