Automotive Fuel Tank Market Size, Share, Growth Analysis, By Type(Less than 45 liters, 45 to 75 liters, and greater than 75 liters capacity.), By Material type(Plastic and Metal), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25A2161 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 61 |Figures: 75

Automotive Fuel Tank Market Insights

Automotive Fuel Tank Market size was valued at USD 16.6 billion in 2021 and is poised to grow from USD 17.45 billion in 2022 to USD 25.97 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).

A fuel tank is considered to be a crucial automotive component as it stores and protects the flammable fluid gas. The fuel tank is an integral part of the vehicle that is integrated with the engine and pumps the fuel in the form of pressurized gas as and when needed. The tank protects the flammable gas from direct contact with the atmosphere and keeps the fire out of reach. Depending on the type of vehicle, the tank varies in size, design, capacity, and is made up of materials like plastic and metal. Plastic tanks are light in weight and are majorly used in passenger cars. Thus, increasing the production of passenger cars is majorly responsible for the increase in demand for plastic tanks. The automotive manufacturing companies are spending a high percentage of funds on research to develop lightweight automobiles. The lightweight of vehicles reduces fuel consumption to a great extent. Also, the reduced weight of the vehicle helps in minimizing the carbon dioxide emission from vehicles. The automotive OEMs are expanding their production volume to meet the rising demand for automobiles across the globe thereby creating a surge in the demand for automotive fuel tanks. The stringent environmental regulations imposed by the government to curb the increasing air pollution is fuelling the demand for the implementation of lightweight materials in vehicles.

US Automotive Fuel Tank Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 16.6 billion

Largest Segment

Less than 45L

Fastest Growth

Less than 45L

Growth Rate

5.1% CAGR

Global Automotive Fuel Tank Market ($ Bn)
Country Share for Asia Pacefic Region (%)

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Automotive Fuel Tank Market Segmental Analysis

The Global Automotive Fuel Tank Market is segmented by type, material type, and region. Based on type, the market can be segmented into less than 45 liters, 45 to 75 liters, and greater than 75 liters capacity. Based on Material type, the market is segmented into plastic and metal Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Automotive Fuel Tank Market Analysis by Type

Based on the capacity type, the market is segmented into less than 45 liters, 45 to 75 liters, and greater than 75 liters capacity. The less than 45 liters capacity holds the maximum share in the global market. The majority of the passenger cars such as hatchbacks and sedans fall under the category with a fuel tank capacity of less than 45 liters. The sales and production of passenger cars is growing tremendously across the globe owing to the urbanization, high demographic rate, improvement in the standard of living, and advancement in automotive technologies. The rise in disposable income is increasing people’s inclination towards purchasing a new vehicle. Also, the rising trend of low emission, lightweight, and high-performance vehicles are gaining attraction of the young generation thus propelling the growth of the market.

The automotive manufacturing companies are investing heavily in research to develop components made up of lightweight materials to reduce the overall weight of the vehicle. Also, the OEMs are manufacturing vehicles with a minimum tank capacity of 40 liters to meet the increasing demand for high-performance and greater mileage range vehicles.

Automotive Fuel Tank Market Analysis by Material Type

Based on the material type, the market is segmented into plastic and metal. The plastic tank holds the maximum share of the global market and is expected to maintain its leading position in the market during the forecast period. Most of the manufacturing companies across the globe are replacing metal tanks with plastic tanks to meet the increasing demand as well as satisfy the changing customer requirements. Plastic tanks are made up of High-Density Polyethylene (HDPE). These tanks are lighter in weight and are easily moldable, therefore customized tanks can be provided according to the requirement of the OEMs.

The plastic tank has various benefits such as their lightweight build, flexible design, corrosion resistance, and high durability thus making them a preferable choice of the automotive manufacturers. The increased demand for plastic tanks has subsequently increased the demand for HDPE. These tanks are majorly used in passenger cars such as hatchbacks, sedans SUVs, and also in light commercial vehicles. All these factors are expected to propel the growth of the plastic fuel tank in terms of volume as well as in value.

Global Automotive Fuel Tank Market By Type

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Automotive Fuel Tank Market Regional Insights

Asia Pacific holds the largest share of the global market and is expected to maintain its leading position during the forecast period. Some of the developed and developing economies such as India, China, Japan, and South Korea are the leading countries that hold the maximum number of sales and production of automobiles thus propelling the growth of the fuel tank market in this region. The rapid urbanization, expansion in industrialization, improvement in the infrastructure, and rise in disposable income is promoting the growth of the market in this region.

North America holds the second-largest share in the global market owing to the high volume of commercial vehicles in this region. The stringent government norms about fuel emission and the increasing customer base are fuelling the growth of the market.

Global Automotive Fuel Tank Market By Geography
  • Largest
  • Fastest

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Automotive Fuel Tank Market Dynamics

Automotive Fuel Tank Market Drivers

Growing Demand for lightweight vehicles is Expected to Drive the Market Growth

  • The automotive industry is working towards developing lightweight vehicles to reduce fuel emission and enhance the performance of the vehicles. The automotive OEMs are spending a high percentage on research to innovate and develop lightweight materials for producing automotive components to decrease the weight of the vehicles. The automotive sector is shifting from the traditional metal tanks to plastic tanks since the recent past. Plastic tanks have become the preferred choice of automotive manufacturing companies owing to its various inherent advantages over metal fuel tanks and is gaining high popularity in the market. These tanks are produced using High-Density Polyethylene (HDPE). Owing to the flexible property of the plastic tanks, they can be customized according to the requirement of the OEMs.
  • The automotive industry is focusing more on producing lightweight vehicles as they are the need of today’s time. The majority of the passenger cars and light commercial vehicles have plastic fuel tanks integrated into them. The rising urbanization, improvement in the standard of living, and high purchasing power of people has led to the growth in the passenger car market. The young generation is more inclined towards lightweight, low emission, and high-performance vehicles. Thus, owing to various benefits of having plastic fuel tanks in vehicles is expected to accelerate the growth of the market in the foreseeable future.

Automotive Fuel Tank Market Restraints

Increasing Adoption of Electric Vehicles is Anticipated to Restraint the Growth of the Market

  • The global automotive industry is experiencing a shift from conventional fuel vehicles to electric vehicles. The electric vehicle has various components that serve similar functions as that of the conventional fuel vehicles. The electric vehicle requires less maintenance as compared to the combustion vehicles and therefore the maintenance costs are much lower. The controller and the chargers are the non-moving parts and the batteries used to power the vehicle are sealed and require no maintenance. Whereas, the only moving part in the electric motor is the shaft which is more reliable and requires less or no maintenance. Thus, electric vehicles are much cheaper in maintenance. The increasing emission caused by the fuels of conventional vehicles is leading to air pollution and global warming crisis.
  • The prominent automotive manufacturing companies are inclining more towards sustainable sources of energy. The automotive OEMs are spending heavily on research to develop vehicles with zero-emission and high-performance vehicles. Moreover, the rising inclination of people towards zero-emission vehicles and the stringent regulations imposed by the government to curb fuel emission and promote environment-friendly vehicles will restrict the growth of the market during the forecast period. Also, the growth in the number of EVs is estimated to limit the sales of automotive, a thereby restricting the growth of the market in the coming years.

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Automotive Fuel Tank Market Competitive Landscape

The global automotive industry is highly competitive with many major players competing against each other. These include large global automakers such as Toyota, Volkswagen, General Motors, Ford, and others, as well as smaller ones such as Tesla, Audi, BMW, and Volvo. The industry has witnessed significant technological advancements such as electric vehicles and autonomous driving systems, which have led to new entrants from companies like Google and Uber. The industry is also undergoing structural changes, with the rise of mobility services and the shift towards a more sustainable and environmentally friendly future. As such, automakers are looking to innovate and differentiate themselves in order to capture market share and stay relevant.

Automotive Fuel Tank Market Top Player’s Company Profiles

  • Ford Motor Company (United States)
  • Hyundai Motor Group (South Korea)
  • Nissan Motor Co. Ltd. (Japan)
  • Honda Motor Co. Ltd. (Japan)
  • Fiat Chrysler Automobiles (Italy)
  • BMW Group (Germany)
  • Daimler AG (Germany)
  • PSA Group (France)
  • SAIC Motor Corporation Limited (China)
  • Renault Group (France)
  • Geely Holding Group (China)
  • Tata Motors (India)
  • Mazda Motor Corporation (Japan)
  • Mitsubishi Motors Corporation (Japan)
  • Subaru Corporation (Japan)
  • Dongfeng Motor Corporation (China)
  • Kia Motors Corporation (South Korea)

Automotive Fuel Tank Market Recent Developments

  • May 2021 - Chip shortage reduces global automobile production: A global shortage of computer chips has led to reduced production of vehicles at plants around the world. Companies including General Motors, Ford, Stellantis, BMW, and Toyota have all had to halt production at various plants due to the shortage.
  • June 2021 - Tesla's Cybertruck production delayed until 2022: Tesla CEO Elon Musk has confirmed that the launch of the company's highly-anticipated Cybertruck will be delayed until 2022 due to production issues. The futuristic electric pickup truck was originally set to start production in late 2021.
  • March 2021 - GM announces plans for all-electric future: General Motors announced in March that it plans to phase out the production of gasoline and diesel-powered vehicles by 2035 and become carbon neutral by 2040. The company also said it will invest $27 billion in electric and autonomous vehicles over the next five years.
  • January 2021 - Volkswagen and Audi reveal plans for new electric vehicles: Volkswagen and its luxury subsidiary Audi unveiled several new electric vehicle models in January 2021, including the Volkswagen ID.4 and the Audi Q4 e-tron. The automakers are investing billions of dollars in the development and production of electric vehicles in order to meet new emissions regulations around the world.
  • February 2021 - Ford introduces new electric Mustang Mach-E: Ford introduced its first all-electric vehicle, the Mustang Mach-E, in February 2021. The electric SUV has a range of up to 300 miles on a single charge and is seen as a key part of the company's efforts to move towards an electric future.

Automotive Fuel Tank Key Market Trends

  • The self-sealing tanks are primarily used in aviation. This self-sealing technology has been utilized since the Second World War. However, the automotive industry is planning to get this technology in the automotive tanks. The self-sealing fuel tanks have multilayer protection of untreated natural rubber and reinforcing fabric. This self-sealing property protects the tanks from leakages caused by accidents or forced punctures. The untreated natural rubber present in the coating of the tank swells and expands when it comes in contact with the fuel thereby seals the puncture and prevents further leaking of fuel. The prominent automotive manufacturing companies are focusing on developing this technology to achieve a leading position in the market. The increasing rate of road accidents is compelling the manufacturers to develop such technology that can prevent the leaking of flammable fluids and avoid major mishaps. This promising safety feature of the self-sealing automotive tank is expected to witness high customer demand in the coming years.

Automotive Fuel Tank Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global automotive fuel tank market is expected to grow very fast, driven by the increasing demand for lightweight and fuel-efficient vehicles. OEMs are increasingly adopting innovative plastic fuel tanks over traditional metal tanks to reduce vehicle weight and improve fuel efficiency. Additionally, the demand for electric vehicles with smaller fuel tank capacities is also contributing to the growth of the automotive fuel tank market. However, stringent government regulations regarding emissions and safety standards may hamper market growth. Asia-Pacific is expected to dominate the market owing to the presence of major automotive manufacturers and increasing vehicle production in the region.

Report Metric Details
Market size value in 2023 USD 16.6 billion
Market size value in 2031 USD 25.97 billion
Growth Rate 5.1%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Less than 45 liters, 45 to 75 liters, and greater than 75 liters capacity.
  • Material type
    • Plastic and Metal
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Ford Motor Company (United States)
  • Hyundai Motor Group (South Korea)
  • Nissan Motor Co. Ltd. (Japan)
  • Honda Motor Co. Ltd. (Japan)
  • Fiat Chrysler Automobiles (Italy)
  • BMW Group (Germany)
  • Daimler AG (Germany)
  • PSA Group (France)
  • SAIC Motor Corporation Limited (China)
  • Renault Group (France)
  • Geely Holding Group (China)
  • Tata Motors (India)
  • Mazda Motor Corporation (Japan)
  • Mitsubishi Motors Corporation (Japan)
  • Subaru Corporation (Japan)
  • Dongfeng Motor Corporation (China)
  • Kia Motors Corporation (South Korea)
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Automotive Fuel Tank Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Automotive Fuel Tank Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Automotive Fuel Tank Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Fuel Tank Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Fuel Tank Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Automotive Fuel Tank Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Automotive Fuel Tank Market size was valued at USD 16.6 billion in 2021 and is poised to grow from USD 17.45 billion in 2022 to USD 25.97 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).

The automotive industry is highly competitive with many major players competing against each other. These include large automakers such as Toyota, Volkswagen, General Motors, Ford, and others, as well as smaller ones such as Tesla, Audi, BMW, and Volvo. The industry has witnessed significant technological advancements such as electric vehicles and autonomous driving systems, which have led to new entrants from companies like Google and Uber. The industry is also undergoing structural changes, with the rise of mobility services and the shift towards a more sustainable and environmentally friendly future. As such, automakers are looking to innovate and differentiate themselves in order to capture market share and stay relevant. 'Toyota (Japan)', 'Volkswagen Group (Germany)', 'General Motors (United States)', 'Ford Motor Company (United States)', 'Hyundai Motor Group (South Korea)', 'Nissan Motor Co. Ltd. (Japan)', 'Honda Motor Co. Ltd. (Japan)', 'Fiat Chrysler Automobiles (Italy)', 'BMW Group (Germany)', 'Daimler AG (Germany)', 'PSA Group (France)', 'SAIC Motor Corporation Limited (China)', 'Renault Group (France)', 'Geely Holding Group (China)', 'Tata Motors (India)', 'Mazda Motor Corporation (Japan)', 'Mitsubishi Motors Corporation (Japan)', 'Subaru Corporation (Japan)', 'Dongfeng Motor Corporation (China)', 'Kia Motors Corporation (South Korea)'

The automotive industry is working towards developing lightweight vehicles to reduce fuel emission and enhance the performance of the vehicles. The automotive OEMs are spending a high percentage on research to innovate and develop lightweight materials for producing automotive components to decrease the weight of the vehicles. The automotive sector is shifting from the traditional metal tanks to plastic tanks since the recent past. Plastic tanks have become the preferred choice of automotive manufacturing companies owing to its various inherent advantages over metal fuel tanks and is gaining high popularity in the market. These tanks are produced using High-Density Polyethylene (HDPE). Owing to the flexible property of the plastic tanks, they can be customized according to the requirement of the OEMs.

The self-sealing tanks are primarily used in aviation. This self-sealing technology has been utilized since the Second World War. However, the automotive industry is planning to get this technology in the automotive tanks. The self-sealing fuel tanks have multilayer protection of untreated natural rubber and reinforcing fabric. This self-sealing property protects the tanks from leakages caused by accidents or forced punctures. The untreated natural rubber present in the coating of the tank swells and expands when it comes in contact with the fuel thereby seals the puncture and prevents further leaking of fuel. The prominent automotive manufacturing companies are focusing on developing this technology to achieve a leading position in the market. The increasing rate of road accidents is compelling the manufacturers to develop such technology that can prevent the leaking of flammable fluids and avoid major mishaps. This promising safety feature of the self-sealing automotive tank is expected to witness high customer demand in the coming years.

Asia Pacific holds the largest share of the market and is expected to maintain its leading position during the forecast period. Some of the developed and developing economies such as India, China, Japan, and South Korea are the leading countries that hold the maximum number of sales and production of automobiles thus propelling the growth of the fuel tank market in this region. The rapid urbanization, expansion in industrialization, improvement in the infrastructure, and rise in disposable income is promoting the growth of the market in this region.

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