The Hydrogen Storage Tank Market Heating up and Entering a High-speed Growth

From 2022 to 2023, the industry is suddenly becoming very active in the development of hydrogen storage tanks for technologies and markets. This is the result of the fermentation of factors from various levels.

Hydrogen vehicles have been mass-produced by Toyota Motor and Hyundai Motor for a few years. However, due to the very small sales volume, limited hydrogen refueling stations and vehicles, and infrastructure for hydrogen fuel delivery, the demand for hydrogen storage tanks is sluggish. However, the urgency of hydrogenation of European heavy vehicles has suddenly turned sharp in recent years, because regulations require heavy vehicle manufacturers to reduce the carbon emissions of their vehicles by an average of 30% compared with 2019 by 2030.

According to the estimates of hydrogen storage tank manufacturer NPROXX, the proportion of European trucks forced to switch to hydrogen power may be as high as 5%, that is, 15,000-20,000 hydrogen-powered heavy vehicles need to be produced every year, and will gradually grow. Since each heavy vehicle needs to be equipped with five to seven hydrogen storage tanks, that would require 100,000 hydrogen storage tanks per year or 6,000 metric tons of carbon fiber. This is equivalent to 25% of the total output of Toray, a major carbon fiber manufacturer.

Hexagon Purus, a major Norwegian manufacturer, estimates that the market for Type IV hydrogen storage tanks will be US$1.1 billion in 2025 and will grow to US$7 billion in 2030, of which heavy vehicles are expected to account for the largest part, about 30%. It is estimated that the market for hydrogen storage tanks could approach half a million carbon fiber composite tanks by 2025. The market for hydrogen storage tanks is not limited to vehicles, hydrogen refueling stations, and other markets for tubular trailers for distribution use type IV hydrogen storage tanks. Each supplier has different perspectives and forecasts on the prospects of hydrogen storage tanks, but the conservative attitude of the past is changing.

Reference:
Hydrogen Fuel News, 2022-06-10, Tamy Hood, Toyota subsidiary Woven Planet creates exchangeable hydrogen cartridge
Auto evolution, 2022-05-13, Gustavo Henrique Ruffo, NamX HUV Proposes Swappable Hydrogen Capsules to Make FCEVs Practical
Hydrogen Center, 2021-09-09, Plastic Omnium wins a Major Contract With Hyundai to Supply High-end Hydrogen Vessels
Transmission Time, 2023-03-13, Kihoon Kim, Iljin Hysolus CEO "Hydrogen is not dangerous... Ultra-high pressure tank competitiveness"
日経クロステック／日経Automotive 久米秀尚, 2022-08-10, 3本合計110kgで距離30％延長 トヨタ「ミライ」の水素タンク
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ASIAE, 2022-04-18, Kwak Min-Jae, Hydrogen tank technology ahead of Toyota..."If we cross the threshold, we will surpass electric vehicles"
Kurdo, 2021-11-08, Iljin Hisolus supplies hydrogen tanks to BMW following Hyundai Motors
Seoul Financial, 2022-09-22, Jin Wook Kwon, Iljin Hysolus participates in 'H2 MEET 2022' ... Hydrogen tank with stability and performance
Entreprises, 2023-05-30, Victor Cazale, Plastic Omnium, futur géant de l’hydrogène ?