Automotive Fuel Tank Market Insights, Potential Business Strategies, Mergers Acquisitions and Revenue Analysis by 2023

In the past decade, steel fuel tanks were majorly used by automotive producers, whereas in the current scenario, plastic fuel tanks are being mostly used. The key reasons for the drop in demand for steel fuel tanks are safety, weight, permeability, packaging and cost associated with it. Around 95% of the total fuel tanks in Europe, 85% in U.S. and 40% in Asia are made of plastic. The main reasons behind the increased use of plastic fuel tanks are its light weight, resistance to corrosion, and ease of molding into unusual shapes.

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The automotive fuel tank market is driven by increasing trend of vehicle weight reduction, growing global vehicle production, and norms pertaining to evaporative emission. The increasing demand for vehicles, coupled with capacity expansion by OEMs in emerging economies has driven the global production of vehicles.

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According to LMC Automotive, 36.0 million lightweight vehicles were sold in Asia-Pacific in 2013, representing 43.0% of global lightweight vehicle sales. This number is expected to reach 56.1 million by 2020, representing 48.0% of the global sales. This is expected to boost the automotive lightweight material industry, which will drive the demand of automotive fuel tank market in Asia-Pacific during the forecast period.

Some of the major competitors in the global automotive fuel tank market include Benteler AG, TI Automotive Inc., Yachiyo Industry Co. Ltd., Magna International Inc., Kautex Textron Gmbh & Co. KG., FTS Co., Ltd., The Plastic Omnium Group, Martinrea International Inc., Unipres Corporation, YAPP Automotive Parts Co., Ltd., and SMA Serbatoi S.P.A.