The Surge In Demand For Low-Emission Fuels Is Driving Type IV Hydrogen Storage Tank Market Growth: Cognitive Market Research

Type IV Hydrogen Storage Tank Market Overview

Product Overview and Scope of Type IV Hydrogen Storage Tank Market

Type IV hydrogen storage tank is a non-metallic inner liner made up of composite materials and the outer wrap is made up of carbon fiber and other interwoven thermoplastic polymers. The type IV hydrogen storage tank which contains a polymer liner can highly decrease the gas cylinder weight. This type of tank stores a variety of products from hydrocarbons to chemicals to emulsions and suitable internal tank lining, aviation products include Avgas and Jet A1 as per AS1692. Bottom fill lines and outlets provide a manifold system and simply flooded fuel pumping for easy stock control. Type IV hydrogen storage tanks are nonload bearing. Type IV hydrogen storage tanks weigh up to 70% less than type I and these tanks’ hydrogen is stored at high pressure of 700 Bars (10,000 psi). The total weights of carbon fiber composite, including resin and carbon fiber, were found to be 61.9 Kg and 91.0 kg, Type IV each tank storing capacity is 5.6 kg. Furthermore, the use of Type IV hydrogen storage tanks is hydrogen storage and hydrogen transport. The hydrogen stored in fuel cell vehicles under pressure is stored in liquid and gaseous forms and it is safe for hydrogen storage. In addition, this type of tank is used in high-density polyethylene and for better performance in the field of natural gas. Type IV hydrogen storage tanks have several types of storage used including hydrogen storage infrastructure, hydrogen transportation for re-fueling, hydrogen-powered cars,hydrogen-powered rail vehicles, and other vehicles. Moreover, the type IV hydrogen storage tank with a polymer liner has higher hydrogen permeability but is less expensive, lighter, and requires less energy to store hydrogen. The hydrogen permeability of the liner material of type IV hydrogen storage tanks can enhance the understanding of the hydrogen permeation mechanism and provide the safety of HFCVs.

Type IV Hydrogen Storage Tank Market – Industry Analysis

Market Drivers

• The surge in demand for low-emission fuels

Low-emission fuels produce fewer emissions of harmful pollutants when they are burned compared to traditional fossil fuels. Low-emission fuels, comprising liquid and gaseous biofuels, hydrogen, and hydrogen-derived fuels, and others. The combustion of fossil fuels is a major contributor to global greenhouse gas emissions, which are a leading cause of climate change. Low-emission fuels such as biofuels, natural gas, and hydrogen can help reduce these emissions and mitigate the impact of climate change. As concerns over climate change and air pollution continue to grow, the demand and investments are also growing for low-emission fuels. According to International Energy Agency (IEA), Global investment in low-emission fuels grew by 70% in 2021 compared with the previous year. Low-emission hydrogen is receiving much attention due to increasing greenhouse gas emissions. Several home energy sources, including natural gas, nuclear energy, biomass, and renewable energy sources like solar and wind, can be used to produce hydrogen. These qualities make it a suitable fuel option for electricity generation and transportation applications. It can be used in different applications such as vehicles, in houses, for portable power, and others. So, scaling up the production, and developing the necessary transport and storage infrastructure of hydrogen, is being more important as the demand for low-emission hydrogen is increasing. Hydrogen is extremely light and can diffuse through certain materials. These characteristics are associated with a certain level of risk in storage. Thus, it is very important to select suitable storage tanks for hydrogen. Type IV Hydrogen Storage Tanks are lightweight and can hold a large amount of hydrogen. These tanks have a non-metallic inner liner made of composite materials and are encased in an exterior wrapping made up of carbon fiber and other interlaced thermoplastic polymers. In comparison to type, I tank, type IV tank bear up to 70% less weight and hence this type of tank is particularly suitable for applications where the hydrogen needs to be held or stored at high pressures (such as 700 bar) and the system weight needs to be low. This makes them ideal for use in vehicles, where weight and storage capacity are important considerations. Hence, the growing demand for low-emission fuels generating the need for safe and suitable hydrogen storage tanks, and thereby the demand for Type IV Hydrogen Storage Tanks is increasing.

Market Opportunity

• Increasing Government Initiatives to Support Development of the Hydrogen Economy

The ongoing investments in research & development of Type IV hydrogen storage technologies. For instance, the Department of Energy's hydrogen storage Research & Development (R&D) initiatives in the U.S., are aimed at improving the gravimetric and volumetric energy density of Type IV hydrogen storage tanks and lowering the cost of type IV hydrogen storage tanks for transportation, small fixed, and portable applications. Department of Energy (DOE) hydrogen storage R&D activities are currently focused on onboard vehicular hydrogen storage.

Global Type IV Hydrogen Storage Tank Market: Regional Analysis

Global Type IV Hydrogen Storage Tank Revenue (USD Billion) by Region (2018- 2030)

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

NA

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

EU

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

APAC

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

LA

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

MEA

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

Global

XX

XX

XX

XX

85.4

XX

XX

XX

XX

XX

XX

XX

XX

 

Global Type IV Hydrogen Storage Tank Manufacturers Profiles/Analysis

Hexagon Composites ASA

Hexagon Composites ASA Basic Information, Manufacturing Base, Sales Area, and its Competitors

	Item	Description
	Company Name	Hexagon Composites ASA
	Website	www.hexagongroup.com
	Established Date	2000
	Headquartered	Norway
	Market Position/ History	Hexagon Composites ASA was founded in 2000, by the merger of Flakk Group and Devold AMT AS. In 2001, the company has acquired Ragasco, a manufacturer of composite LPG cylinders. Further, between 2003-2005, the company acquired Lincoln Composites and Raufoss Fuel Systems. The company expanded its market in the US and Asian countries during this period. In addition, the company acquired MasterWorks in Maryland, USA, in 2014. Then in 2016, Mitsui & Co., Ltd. acquired 25.01% of Hexagon. Hexagon Purus (owned 73.3% by Hexagon Composites) acquired Wystrach in 2021.
	Sales Area	Worldwide
	Contact Information	Korsegata 4B 6002 Ålesund Norway Tel: +47 950 38 364

 

Business Segment/ Overview:

Hexagon Composites ASA is a manufacturer of natural gas fuel systems, delivery solutions, composite gas cylinders, and others. It has over 1700 employees with 23 locations worldwide. Until now, the company has delivered over 600 000 high-pressure composite cylinders, 70 000 fuel systems, and more than 20 million LPG cylinders. The company is operating under four business segments: Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave, and Hexagon Purus. Further, its activities are divided into Europe, North America, South-East Asia, the Middle East, and Norway regions.

Hexagon Agility segment is providing natural gas fuel systems and delivery solutions for the mobility market. Further, Hexagon Ragasco is the manufacturer of composite LPG cylinders, with more than 20 million units in use worldwide. Hexagon Digital Wave is involved in cylinder testing and monitoring technology. Moreover, the Hexagon Purus is providing technologies needed for zero-emission mobility. Hexagon Purus has been manufacturing Type 4 composite pressure cylinder technology for a wide range of mobility and storage applications in the hydrogen industry. Hydrogen cylinders developed by the company are available in pressure levels 250, 300, 500, 700, and 950 bar.
Applications/Markets
•    Passenger Vehicles
•    Maritime
•    Gas Distribution
•    Commercial vehicles
•    Others