Fuel tanks used in vehicles are mainly made up of materials such as plastic, aluminum, and steel. However, looking at the advantages that plastic fuel tanks have to offer over others, manufacturers all over the world are increasingly replacing metal fuel tanks with plastic fuel tanks in order to cater to the demands and needs of the customer. Plastic fuel tanks are light weight, durable, flexible, and resistant to corrosion, thereby making them the most sought-after fuel tanks in the global market. Moreover, the companies involved in this market are actively investing in R&D, putting innovative technologies into use. Furthermore, the increased production of vehicle across the globe and rising trend of lightweight vehicles for more fuel efficiency and performance, are the major factors fueling the growth of the global automotive fuel tank market.

Market overview

The global automotive fuel tank market is predicted to grow at a CAGR of 5.58% during the forecast period from 2016 to 2021, reaching a value of USD 17.38 Billion by 2021.

Based on material, the high-density polyethylene (HDPE) segment is expected to witness the highest growth potential, owing to the huge demand due to the increased demand for fuel tanks. Moreover, HDPEs have been proven to be beneficial in reducing the weight as well as cost of the vehicle.

Capacity-wise, the 45L-70L segment is expected to hold the largest market share over the forecast period, owing to the high installation rate of fuel tanks in this range, since they find application in both, passenger cars and light commercial vehicles (LCVs). This segment is expected to show major growth in Asia-Oceania region, owing to the high demand for mid-segment passenger cars.

Which region is expected to be the leading market, and why?
Among regions, Asia-Oceania is expected to be the largest market for automotive fuel tanks, as well as witness the highest over the forecast period. This growth can be primarily contributed to the presence of nations like China, which is the largest vehicle producer in the world, and India, which is coming up as a major automobile hub for OEMs. Over the past few years, this region has been emerging as a major hub for automotive production. This is mainly due to the changing preferences of consumers, rising per capita income of the middle-class population, and cost advantages for OEMs. This region mainly produces compact and cost-effective cars that offer advantages like low production cost, easy availability of economic labor, lenient emission and safety norms, and government initiatives for foreign direct investment (FDI). As per the research, the global automotive production is estimated to witness growth of 5.40% CAGR from 2016 to 2021, with Asia-Oceania being the leading producer of vehicles, thereby accelerating the demand for automotive fuel tanks.

What are the factors driving and restraining the market growth?
The major factors propelling the growth of the global market for automotive fuel tanks include:
• Increased vehicle production across the globe
• Rising trend of reducing vehicle weight
• Growth in demand for lightweight fuel tanks
Moreover, increasing usage of carbon fiber fuel tanks and improving socio-economic scenario in BRICS countries are also expected to further boost the growth of this market.

On the flip side, growing trend of electric vehicles and strict evaporative emission standards are the major factors likely to hinder the growth of this market. Moreover, recycling of the plastic fuel tanks is a major challenge for the leading players operating in this market.

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Key players and growth strategies adopted by them
The Plastic Omnium Group (France), Kautex Textron GmbH & Co. KG. (Germany), YAPP Automotive Parts Co. Ltd. (China), and TI Automotive Inc. (U.K.) are some of the leading players involved in the global market for automotive fuel tanks. These companies are mainly adopting strategies like new product developments and partnerships & collaborations in order to expand their presence in the global market. Among these companies, The Plastic Omnium Group is currently leading the market with the highest share among all the companies involved. This company has adopted expansion and collaborations as its two key strategies for gaining traction in the market.

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