What Factors Are Driving Automotive Fuel Tank Market?
Automotive Fuel Tank Market Analysis by Material Type (Plastic, Steel, Aluminium), by Capacity (Less than 45 L, 45-75 L, Above 75 L), by Sales Channel (OEM, Aftermarket), by Vehicle Type (PC, LCV, HCV) and by Region - Global Forecast 2022-2032

The market is expected to grow due to rising demand for lightweight automobiles.

The automobile industry is attempting to build lightweight vehicles that will cut fuel consumption and improve vehicle performance. Automotive OEMs devote a significant portion of their budgets to research and development of lightweight materials for manufacturing automotive components in order to reduce vehicle weight. Since the recent past, the automotive industry has shifted from traditional metal tanks to plastic tanks. Due to its numerous inherent advantages over metal gasoline tanks, plastic tanks have been the favoured option of vehicle manufacturing businesses and are rapidly increasing market share. High-Density Polyethylene (HDPE) is used to make these tanks (HDPE). Plastic tanks can be tailored to meet OEM requirements due to their flexibility.

The automobile industry is concentrating more on manufacturing lightweight vehicles, which are in high demand today. Plastic fuel tanks are built into the majority of passenger cars and light commercial vehicles. The passenger automobile market has grown as a result of increasing urbanisation, growing living standards, and people's increased spending power. Lightweight, low-emission, and high-performance automobiles are more popular among the younger population. As a result of the numerous advantages of using plastic gasoline tanks in automobiles, the industry is likely to rise rapidly in the near future.

Increasing IC Engine Vehicle Production to Drive the Market for Fuel Tanks

The key drivers driving the growth of the automobile sector globally include expanding industrialization, developing road infrastructure, and an improvement in the standard of living. People's increasing purchasing power is causing them to purchase new vehicles, which is fueling the growth of autos. The growing concern about fuel emissions, as well as the growing popularity of lightweight automobiles, are driving the expansion of the automotive fuel tank market.

Moreover, the prominent automotive manufacturing companies are investing a high percentage on research to innovate and develop advanced technology in automobiles to reduce the weight of vehicles and thus discover new alternatives to reduce the fuel emission, to serve their customers with high performance and low emission vehicles thereby maintaining a good position in the market. Furthermore, the government is pursuing a variety of environmental actions and offering subsidies to encourage the use of automobiles all over the world. In addition, the government is funding research to produce lightweight materials for use in vehicle components.

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