Hydrogen Tank Material Market Research Report: By Type (Metallic Materials, Non-Metallic Materials, Composite Materials), By Material (Steel, Aluminum Alloys, Carbon Fiber, Glass Fiber), By End-Use Industry (Automotive, Aerospace, Energy, Industrial), By Pressure Rating (Low-Pressure Tanks (350 bar), High-Pressure Tanks (>350 bar)), By Application (Fuel Storage, Hydrogen Production, Power Generation) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Global Hydrogen Tank Material Market Overview

The Hydrogen Tank Material Market Size was estimated at 1.63 (USD Billion) in 2022. The Hydrogen Tank Material Industry is expected to grow from 1.98(USD Billion) in 2023 to 11.7 (USD Billion) by 2032. The Hydrogen Tank Material Market CAGR (growth rate) is expected to be around 21.81% during the forecast period (2024 - 2032).

Key Hydrogen Tank Material Market Trends Highlighted

market trends of Hydrogen Tank Material Market: Key market drivers include the rising demand for hydrogen-powered vehicles, government initiatives to promote clean energy sources, and the increasing adoption of hydrogen as an alternative fuel in multiple industries. Opportunities to be explored include the development of new and advanced hydrogen tank materials with enhanced safety, durability, and cost-effectiveness. There is also scope for innovation in manufacturing processes to optimize production efficiency and reduce costs. Recent trends in the market include the growing popularity of Type IV composite tanks due to their lightweight and high-pressure capabilities. Additionally, there is a shift towards using renewable energy sources, such as solar and wind power, in the production of hydrogen tank materials to achieve sustainability and reduce environmental impact.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Hydrogen Tank Material Market Drivers

Technological Advancements in Hydrogen Fuel Cell Vehicles

The proliferation of hydrogen-powered vehicles, especially fuel cell electric vehicles (FCEVs), is a significant driving force behind the growth of the Hydrogen Tank Material Market Industry. As governments worldwide implement stricter emission regulations and consumers become more environmentally conscious, the demand for hydrogen-powered vehicles is anticipated to soar. This, in turn, will fuel the need for lightweight, durable, and safe hydrogen storage tanks, propelling the growth of the hydrogen tank material market.Technological advancements in hydrogen storage systems, such as the development of composite materials and innovative tank designs, are further contributing to the market growth. These advancements enhance hydrogen storage capacity, reduce weight, and improve safety, making hydrogen-powered vehicles more feasible and appealing to consumers globally.

Growing Demand for Clean Energy Sources

Another major factor driving the growth of the Hydrogen Tank Material Market Industry is increasing global demand for clean and sustainable energy sources. Hydrogen has recently become a promising alternative fuel source due to its high energy density, zero-emission profile and abundant presence. In an attempt to minimize their carbon footprints and shift towards a low-carbon economy, many countries are now looking into hydrogen as a solution. As a result, there has been a surge in investments in hydrogen production, transportation, and storage infrastructure, creating a favorable breeding ground for the growth of the hydrogen tank material market.

Government Incentives and Regulations

The role of the law in creating the Hydrogen Tank Material Market Industry is significant and includes mainly government initiatives. It is no wonder, as currently, many countries have adopted beneficial policies and incentives supporting the implementation of hydrogen technologies. They comprise tax credits, subsidies and grants, which make it more affordable for the target groups to purchase hydrogen-powered vehicles or hydrogen storage systems. Apart from that, law restrictions and targets concerning emissions also foster the promotion of zero-emission technologies. The tightening of emission regulations forces companies to develop and implement new technologies, and some of them are hydrogen-powered vehicles.

Hydrogen Tank Material Market Segment Insights

Hydrogen Tank Material Market Type Insights

The global hydrogen tank material market, on the basis of type, is segmented into metallic materials, non-metallic materials, and composite materials. Metallic materials hold the major share in the market as of 2023 and are anticipated to grow the market share throughout the forecast period. Due to their high strength, long life, and low price, hydrogen tanks are made up of metallic materials. However, beside metallic materials, non-metallic materials such as polymers and ceramics are being used. Polymeric materials are used because of their light weightiness and resistance against corrosion or cracking.Also, composite materials, which are the fusion of both metallic material and non-metallic materials, are likely to further grow the market as a substitute for both non-metallic materials and metallic materials. Hence, the growing demand for hydrogen tanks is expected to lead to the growth of the hydrogen tank material market. Further, the growth of the hydrogen tank material market is supported by the increasing focus of governments and private organizations toward the hydrogen infrastructure. Governments and businesses are funding hydrogen filling stations and other infrastructure, which renders the increasingly ease for the hydrogen infrastructure to become widespread.Moreover, in comparison to internal combustion vehicles, hydrogen-powered fuel cell vehicles are cleaner, more energy-efficient, and have zero emissions. Hence, hydrogen fuel cell vehicles are becoming increasingly popular, thereby leading to the growth of the hydrogen tank material market. Eventually, China, Japan, and South Korea are the major markets and are predicted to lead the Asia-Pacific market. Further, the major players in the hydrogen tank material market are Worthington Industries, Luxfer Gas Cylinders, and Faber Industrie. The major players account for the maximum share of the market and are focused on research and development for developing new hydrogen tank materials. Overall, the market is anticipated to grow significantly during the forecast period due to the superior demand for the hydrogen fuel cell vehicle market and the increasing focus on the hydrogen infrastructure.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Hydrogen Tank Material Market Material Insights

The Hydrogen Tank Material Market is segmented by Material into Steel, Aluminum Alloys, Carbon Fiber, and Glass Fiber. Steel is the most common type of material used in production since it is both cheap and strong, yet it is heavy enough to allow only long-range vehicles to fit hydrogen tanks made from steel. Aluminum Alloys are lighter than steel, yet they are more expensive. Carbon Fiber is highly expensive; however, it is the lightest and the strongest of materials used to produce hydrogen tanks. Glass Fiber is a new alternative to Carbon Fiber that may become a cheaper way to produce hydrogen tanks.The market’s growth is driven by the rising popularity of hydrogen fuel cell vehicles. The Steel segment is expected to stay the largest in this market throughout the forecast period; meanwhile, the Aluminum alloy segment is going to grow the fastest from 2023 to 2032. It is driven by the growing demand for lightweight hydrogen tanks.

Hydrogen Tank Material Market End-Use Industry Insights

The Hydrogen Tank Material Market is segmented by end-use industry into automotive, aerospace, energy, and industrial. The automotive segment is expected to account for the largest share of the market in 2023, owing to the increasing demand for hydrogen-powered vehicles. The aerospace segment is also expected to witness significant growth, driven by the growing demand for lightweight and fuel-efficient aircraft. The energy segment is expected to grow at a steady pace as hydrogen is gaining traction as a clean and sustainable energy source. The industrial segment is also expected to experience growth, as hydrogen is used in a variety of industrial applications, such as welding, metalworking, and chemical processing.

Hydrogen Tank Material Market Pressure Rating Insights

The Hydrogen Tank Material Market is segmented by Pressure Rating into Low-Pressure Tanks (350 bar) and High-Pressure Tanks (>350 bar). In 2023, the low-pressure tanks segment accounted for a larger revenue share owing to the increasing demand for hydrogen storage in fuel cell vehicles. However, the high-pressure tanks segment is expected to witness a higher CAGR during the forecast period due to the growing adoption of hydrogen as a fuel source in various industries, including transportation, power generation, and industrial applications. This growth is attributed to the increasing demand for lightweight and durable hydrogen storage solutions, particularly in the automotive sector.

Hydrogen Tank Material Market Application Insights

The Hydrogen Tank Material Market revenue is expected to exhibit significant growth in the coming years. The market segmentation by application offers valuable insights into the industry's dynamics. The primary applications of hydrogen tank materials include fuel storage, hydrogen production, and power generation. The fuel storage segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The need for efficient and safe storage solutions for hydrogen fuel in vehicles and other applications drives the growth of this segment.The hydrogen production segment is also expected to witness substantial growth due to the increasing demand for hydrogen as a clean energy source. Hydrogen production facilities utilize hydrogen tank materials to store the produced hydrogen safely and efficiently. The power generation segment is anticipated to grow steadily as hydrogen-powered fuel cells gain traction as a reliable and sustainable alternative to fossil fuels for electricity generation.

Hydrogen Tank Material Market Regional Insights

The regional analysis of the Hydrogen Tank Material Market reveals distinct market dynamics across various regions. North America is expected to hold a significant market share, driven by the increasing demand for hydrogen-powered vehicles and the presence of major automotive manufacturers in the region. Europe is projected to witness steady growth due to government initiatives promoting clean energy adoption. The APAC region is anticipated to emerge as a key market, with China and Japan leading the growth due to their investments in hydrogen infrastructure and fuel cell technology. South America and MEA are expected to have a modest market presence in the coming years. 

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Hydrogen Tank Material Market Key Players And Competitive Insights

Leading players operating in the Hydrogen Tank Material Market are focusing on gaining a competitive advantage. To achieve this, major players are planning to develop new and innovative materials and technologies that can meet the evolving demands of the industry. Development of the Hydrogen Tank Material Market is driven by the growing adoption of hydrogen-fueled vehicles that require storage tanks made of advanced materials. Over the forecast period, the Hydrogen Tank Material Market is likely to become highly competitive as more companies may venture into the industry, and existing players may invest in developing new products. The major company, Hexagon Composites, is an independent supplier of composite cylinders for the storage of gases, including hydrogen. In the Hydrogen Tank Material Market, the company maintains a significant share which it has owing to a robust track record of innovation. The company offers a comprehensive range of hydrogen storage products that include cylinders, tanks, and modules. Owing to the availability of a broad array of products, it can cater to a wide range of applications, including automotive, aerospace, and industrial. As a result, Hexagon Composites has managed to exert significant control in the Hydrogen Tank Material Market.

Worthington Industries is one of the leading diversified metals manufacturers worldwide and a leading company in the Hydrogen Tank Material Market. The company has a firm grasp on the Hydrogen Tank Material Market and offers a wide range of products. These products include cylinders, tanks, and modules used to store hydrogen. Worthington Industries is active in innovation and customer service, and sales of its products have been consistent.

Key Companies in the Hydrogen Tank Material Market Include

• H2 Clipper


• Dynetek Industries


• Elkhart Plastic


• Hexagon Composites


• Plastic Omnium


• Faurecia


• Air Liquide Engineering Construction


• Iwatani Manufacturing


• Fuel Systems Solutions


• GHSP


• Luxfer


• Worthington Industries


• Showa Denko


• SGL Carbon


• Air Liquide Advanced Materials

Hydrogen Tank Material Market Industry Developments

The global hydrogen tank material market is poised for significant growth, driven by increasing demand for hydrogen-powered vehicles and the need for safe and efficient storage of hydrogen. In 2023, the market was valued at 1.98 billion USD and is projected to reach 11.7 billion USD by 2032, exhibiting a CAGR of 21.81%.Recent developments in the market include: In January 2023, Toyota announced plans to invest 4 trillion yen (approximately 35 billion USD) in battery and hydrogen-powered vehicles over the next decade. In March 2023, Hyundai unveiled its new Nexo hydrogen fuel cell SUV, which offers a range of over 600 kilometers on a single tank of hydrogen. In April 2023, the European Union launched a new initiative called the "Hydrogen Valleys," which aims to create a network of hydrogen production, storage, and distribution hubs across Europe.These developments indicate a growing interest in hydrogen as a clean and sustainable fuel source, which is expected to drive demand for hydrogen tank materials in the coming years.

Hydrogen Tank Material Market Segmentation Insights

Hydrogen Tank Material Market Type Outlook

• Metallic Materials


• Non-Metallic Materials


• Composite Materials

Hydrogen Tank Material Market Material Outlook

• Steel


• Aluminum Alloys


• Carbon Fiber


• Glass Fiber

Hydrogen Tank Material Market End-Use Industry Outlook

• Automotive


• Aerospace


• Energy


• Industrial

Hydrogen Tank Material Market Pressure Rating Outlook

• Low-Pressure Tanks (350 bar)


• High-Pressure Tanks (>350 bar)

Hydrogen Tank Material Market Application Outlook

• Fuel Storage


• Hydrogen Production


• Power Generation

Hydrogen Tank Material Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa