Automotive fuel filler caps also known as fuel tank caps are used to prevent fuel vapor leaks in vehicles securing the entry to the fuel tank of a vehicle since it is normally made up of plastic or metal at the top and the inner part of the filler cap being made up of rubber gasket. The fuel filler caps also have air vents to maintain pressure by allowing air to enter into the tank.
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The global automotive fuel filler caps market was USD 1045.75 million in 2018 and is estimated to reach USD 1240.52 million by 2025 at a CAGR of 2.47% during the forecast period
Growth by Region
Asia Pacific leads the market with more than half of the market share in 2018 owing to the increasing vehicle sales in the region. However, North America, on the other hand, is expected to witness highest incremental growth during the forecasted timeframe due to the advancement in technology related to designing and manufacturing processes of fuel filler caps ensuring a minimum level of safety requirements in the vehicle coupled with increasing demand for vehicles in the region. Europe is also one of the lucrative markets for automotive fuel filler caps owing to the presence of major automobile manufacturers.
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Drivers vs Constraints
The market is mainly driven by increasing usage of advanced manufacturing, testing methods, and techniques coupled with advancement in designing and manufacturing processes globally. Also, fuel filler caps in flexible fuel vehicles will also provide considerable growth opportunities to automotive fuel filler cap manufacturers globally. However, the growth of the market is hindered by increasing adoption of new energy vehicles such as fuel cell and battery electric vehicles globally
Industry Trends and Updates
Newton Equipment Limited, a UK-based company which designs and manufactures automotive fuel filler caps has announced the launch of their new filler cap for the Trident Performance two-seater sports car - Iceni.
Stant, a US-based company that manufactures gaskets, seals and radiators for automotive vehicles introduced their innovative fuel management isolation valve (FMIV) designed as a major solution for plug-in hybrid electric vehicles’ (PHEV) pressurized fuel system isolation.