Latest news with #WorthingtonEnterprises
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Worthington Enterprises Acquires Elgen Manufacturing; Expands Building Systems and Components Portfolio
Elgen Manufacturing COLUMBUS, Ohio, June 19, 2025 (GLOBE NEWSWIRE) -- Worthington Enterprises (NYSE: WOR), a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences, today announced its acquisition of Elgen Manufacturing (Elgen) of Closter, New Jersey. Elgen is a market-leading designer and manufacturer of HVAC parts and components, ductwork and structural framing primarily used in commercial buildings throughout North America. Recurring demand for maintenance, repair and remodel of existing HVAC installations is a key driver of volume and customer spend in these markets. Joe Hayek, president and chief executive officer, Worthington Enterprises, said, 'The addition of Elgen aligns closely with our strategy to build and acquire businesses with leadership positions in niche markets. Elgen's manufacturing processes, go-to-market strategies and end markets mirror ours, creating meaningful opportunities for synergies and growth. We are excited to welcome the Elgen team to Worthington Enterprises and look forward to growing together as their 250 employees become part of our people-first, performance-based culture.' Elgen will become part of the Building Products segment at Worthington Enterprises that includes a portfolio of critical building systems and components for heating, cooling, construction and water applications, as well as architectural and acoustical grid ceilings and metal framing and accessories. Elgen's steel-based products are used by contractors to renovate, repair and build the HVAC infrastructure within commercial buildings. Its sales strategy features direct sales to contractors and strategic distributor partnerships that broaden reach into niche markets. The company's distribution model allows for superior customer service and flexibility in best-in-class lead times for specialty (non-standard) products that are frequently needed by contractors installing on tight timelines. Jimmy Bowes, president, Building Products, Worthington Enterprises, added, 'Elgen's HVAC componentry and recurring revenue through maintenance, repair and remodel are a natural fit with our products for the building envelope. We believe we can create new value for Elgen's customers and generate operational efficiencies for the business by leveraging Worthington's domestic footprint, manufacturing expertise and purchasing power.' David Young, chief executive officer, Elgen Manufacturing, said, 'This is a milestone in our rich history and one that we believe accelerates our ability to serve our customers and retain and attract a top workforce. We look forward to supporting the continued growth of Worthington Enterprises and remain committed to delivering innovative products and excellent service to our customers.' Young and other members of the Elgen leadership team will remain with the business and maintain similar roles and responsibilities. Worthington Enterprises acquired Elgen Manufacturing for approximately $93 million funded with cash on hand. For the trailing 12 months ended April 30, 2025, Elgen generated net sales of $114.9 million and EBITDA of $13.3 million. A presentation with more information on the transaction can be found on the investor relations section of the Company's website. About Worthington Enterprises Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The Company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Well-X-Trol® and XLite™, among others. Headquartered in Columbus, Ohio, Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe. Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The Company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit Safe Harbor Statement Selected statements contained in this release constitute 'forward-looking statements,' as that term is used in the Private Securities Litigation Reform Act of 1995 (the 'Act'). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company's current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as 'believe,' 'expect,' 'anticipate,' 'may,' 'could,' 'should,' 'would,' 'intend,' 'plan,' 'will,' 'likely,' 'estimate,' 'project,' 'position,' 'strategy,' 'target,' 'aim,' 'seek,' 'foresee' and similar words or phrases. These forward-looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; the anticipated benefits of the separation of the Company's Steel Processing business (the 'Separation); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the Company's performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; the tax treatment of the Separation transaction; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at the Company's operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; the ever-changing effects of the novel coronavirus ('COVID-19') pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, employees and third-party service providers; and other non-historical matters. Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the uncertainty of obtaining regulatory approvals in connection with the Separation, including rulings from the Internal Revenue Service; the Company's ability to successfully realize the anticipated benefits of the Separation; the risks, uncertainties and impacts related to the COVID-19 pandemic – the duration, extent and severity of which are impossible to predict, including the possibility of future resurgence in the spread of COVID-19 or variants thereof – and the availability, effectiveness and acceptance of vaccines, and other actual or potential public health emergencies and actions taken by governmental authorities or others in connection therewith; the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19, the actions taken in connection therewith and the implementation of related fiscal stimulus packages; the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company's products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company's products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations (especially in light of the COVID-19 pandemic and Russia's invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers' compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts (especially in light of Russia's invasion of Ukraine), terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability (especially in light of Russia's invasion of Ukraine), foreign currency exchange rate exposure and the acceptance of the Company's products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the Company's operations and financial results; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company's markets; the impact of environmental laws and regulations or the actions of the United States Environmental Protection Agency or similar regulators which increase costs or limit the Company's ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase the Company's healthcare and other costs and negatively impact the Company's operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the Company's costs and negatively impact the Company's operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company's filings with the United States Securities and Exchange Commission, including those described in 'Part I – Item 1A. – Risk Factors' of the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2024. Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. Sonya L. HigginbothamSenior Vice PresidentChief of Corporate Affairs, Communications and Marcus A. RogierTreasurer and Investor Relations 200 West Old Wilson Bridge Ohio A photo accompanying this announcement is available at
Yahoo
10-06-2025
- Business
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Worthington Enterprises Schedules Fourth Quarter 2025 Earnings Call for June 25
COLUMBUS, Ohio, June 10, 2025 (GLOBE NEWSWIRE) -- Worthington Enterprises Inc. (NYSE: WOR) will hold its quarterly earnings conference call Wednesday, June 25 at 8:30 a.m. ET. The Company will discuss its fiscal fourth quarter results, which will be released after the market closes on June 24. Please click here to register for the June 25 live audio webcast or visit For those unable to listen live, a replay will be available in the Investors section of the Company's website approximately two hours after the completion of the call and will be archived for one year. LIVE CONFERENCE CALL DETAILS Date: Wednesday, June 25, 2025 Webcast Link: Starting Time: 8:30 a.m. ET Conference ID: 1777337 Domestic Participants: 888-330-3567 About Worthington Enterprises Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The Company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, Coleman® (propane cylinders), CoMet®, Garden-Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Well-X-Trol® and XLite™, among others. Headquartered in Columbus, Ohio, Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe. Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The Company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit Forward-Looking Statements Statements by Worthington Enterprises that are not limited to historical information constitute 'forward-looking statements' under federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from those expected by Worthington Enterprises. Readers should evaluate forward-looking statements in the context of such risks, uncertainties and other factors, many of which are described in Worthington Enterprises' filings with the Securities and Exchange Commission ('SEC'). Forward-looking statements are qualified by the cautionary statements included in Worthington Enterprises' SEC filings and other public communications. This press release speaks only as of the date hereof. Worthington Enterprises does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation. Sonya L. HigginbothamSenior Vice PresidentChief of Corporate Affairs, Communications and Marcus A. RogierTreasurer and Investor Relations 200 West Old Wilson Bridge Ohio in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Are Construction Stocks Lagging Comfort Systems USA (FIX) This Year?
Investors interested in Construction stocks should always be looking to find the best-performing companies in the group. Is Comfort Systems (FIX) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Construction sector should help us answer this question. Comfort Systems is a member of the Construction sector. This group includes 90 individual stocks and currently holds a Zacks Sector Rank of #11. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group. The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Comfort Systems is currently sporting a Zacks Rank of #2 (Buy). Over the past 90 days, the Zacks Consensus Estimate for FIX's full-year earnings has moved 10.4% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend. According to our latest data, FIX has moved about 9.7% on a year-to-date basis. Meanwhile, stocks in the Construction group have lost about 4.2% on average. This shows that Comfort Systems is outperforming its peers so far this year. Another Construction stock, which has outperformed the sector so far this year, is Worthington Enterprises (WOR). The stock has returned 46.4% year-to-date. Over the past three months, Worthington Enterprises' consensus EPS estimate for the current year has increased 3%. The stock currently has a Zacks Rank #2 (Buy). Looking more specifically, Comfort Systems belongs to the Building Products - Air Conditioner and Heating industry, which includes 7 individual stocks and currently sits at #28 in the Zacks Industry Rank. This group has gained an average of 6.3% so far this year, so FIX is performing better in this area. In contrast, Worthington Enterprises falls under the Building Products - Wood industry. Currently, this industry has 10 stocks and is ranked #183. Since the beginning of the year, the industry has moved +3.5%. Investors interested in the Construction sector may want to keep a close eye on Comfort Systems and Worthington Enterprises as they attempt to continue their solid performance. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comfort Systems USA, Inc. (FIX) : Free Stock Analysis Report Worthington Enterprises, Inc. (WOR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
12-05-2025
- Business
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Hydrogen Tanks Market Forecast Report 2025-2030: Burgeoning Opportunities in Growing Adoption in Military and Defense Sectors, & Emergence of Lightweight Composite Material-based Hydrogen Tanks
As demand for green hydrogen rises, hydrogen tanks become crucial for storage in transportation, industrial, and power sectors. North America emerges as the third-largest market, with strong investment in infrastructure and clean energy. Above 500 bar pressure tanks are integral for high-demand applications like FCEVs. Major players like Worthington Enterprises and Hexagon Purus are leading innovation. The report details market drivers, challenges, product developments, and competitive strategies. Hydrogen Tanks Market Dublin, May 12, 2025 (GLOBE NEWSWIRE) -- The "Hydrogen Tanks Market by Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Composite), Pressure (Below 250 Bar 250 to 500 Bar, Above 500 Bar), Application (Stationary Storage, Fuel Tank, Transportation), & Region - Global Forecast to 2030" has been added to offering. The hydrogen tanks market is set to soar, with an estimated valuation of USD 1.37 Billion in 2025, projected to reach USD 3.78 Billion by 2030, growing at a CAGR of 22.5% from 2025 to 2030. The report offers a thorough examination of growth influencers such as key drivers, constraints, challenges, and opportunities. It provides an in-depth analysis of industry players, detailing their business strategies, solutions, product launches, mergers, acquisitions, partnerships, and agreements. This extends to assessing the competitive landscape, aiding both market leaders and new entrants in formulating effective go-to-market strategies and understanding the market pulse. This surge is largely driven by the global pivot toward clean energy and the expanding green hydrogen economy. As governments and businesses emphasize sustainability and carbon reduction, hydrogen emerges as a premier solution for decarbonizing transportation, industrial, and power sectors. Its role as an efficient clean energy carrier is particularly pronounced in the push for green hydrogen storage solutions, spurring innovation and investments in high-pressure hydrogen tank storage techniques. Above 500 bar pressure hydrogen tanks hold significant market share. The demand for hydrogen tanks capable of withstanding pressures over 500 bar is substantial, especially given their role in high-demand applications like transportation and industry. As fuel cell electric vehicles (FCEVs) and heavy-duty applications such as buses and trucks become more prevalent, there's a pressing need for high-pressure tanks. Storing hydrogen at such pressures ensures a compact, energy-dense fuel source, crucial for ultra-long-range vehicles and industries with stringent standards. North America: A key region in the hydrogen tanks market. North America stands as the third largest regional market, propelled by heightened investments in hydrogen infrastructure and significant governmental support for clean energy initiatives. The US and Canada are leading advancements in hydrogen production, with their respective focuses on fuel cell vehicles and green hydrogen production. The region's robust automotive industry, with key players funneling investments into hydrogen fuel cell technologies, amplifies the demand for advanced hydrogen storage solutions. Key Insights Offered: Analysis of market drivers, including the rising demand for fuel cell electric vehicles and clean energy, along with challenges such as the high cost of composite-based tanks. Insights into upcoming technological innovations and service launches in the hydrogen tanks sector. Market development trends across regions, highlighting lucrative markets and investment opportunities. Comprehensive competitive assessment of key industry players, focusing on growth strategies and offerings. Key Attributes: Report Attribute Details No. of Pages 243 Forecast Period 2025 - 2030 Estimated Market Value (USD) in 2025 $1.37 Billion Forecasted Market Value (USD) by 2030 $3.78 Billion Compound Annual Growth Rate 22.5% Regions Covered Global Market Dynamics Drivers Growing Demand for Clean Energy Solutions Increasing Demand for Hydrogen Fuel-Cell Vehicles Growing Government Investments & Initiatives Restraints High Cost of Composite-based Tanks Safety Concerns and Regulations Opportunities Growing Adoption of Hydrogen Tanks in Military and Defense Sector Emergence of Lightweight Composite Material-based Hydrogen Tanks Challenges Lack of Hydrogen Refueling Stations Capital-Intensive Production Case Studies Swagelok and Luxfer Gas Cylinders Collaborated for Hydrogen Fuel Solutions Nproxx's Innovative Hydrogen Storage Solutions to Revolutionize Public Transportation Worthington Enterprises Partnered with Stokota to Design and Manufacture Compressed Hydrogen Transport Technology Company Profiles Worthington Enterprises Luxfer Gas Cylinders Hexagon Purus Quantum Fuel Systems LLC Faber Industrie S.P.A. Everest Kanto Cylinder Ltd. Beijing Tianhai Industry Co. Ltd. Composites Advanced Technologies, LLC (Catec Gases) Nproxx Tenaris Opmobility Umoe Advanced Composites Cimc Enric Holdings Limited Doosan Mobility Innovation Advanced Structural Technologies Bnh Gas Tanks Calvera Hydrogen Mahytec Steelhead Composites, Inc. Bayotech Ecs Composite Advanced Material Systems Co. Vako GmbH & Co. KG Alsafe Company Voith GmbH & Co. KGaA For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Hydrogen Tanks Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Yahoo
12-05-2025
- Business
- Yahoo
Hydrogen Tanks Market Forecast Report 2025-2030: Burgeoning Opportunities in Growing Adoption in Military and Defense Sectors, & Emergence of Lightweight Composite Material-based Hydrogen Tanks
As demand for green hydrogen rises, hydrogen tanks become crucial for storage in transportation, industrial, and power sectors. North America emerges as the third-largest market, with strong investment in infrastructure and clean energy. Above 500 bar pressure tanks are integral for high-demand applications like FCEVs. Major players like Worthington Enterprises and Hexagon Purus are leading innovation. The report details market drivers, challenges, product developments, and competitive strategies. Hydrogen Tanks Market Dublin, May 12, 2025 (GLOBE NEWSWIRE) -- The "Hydrogen Tanks Market by Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Composite), Pressure (Below 250 Bar 250 to 500 Bar, Above 500 Bar), Application (Stationary Storage, Fuel Tank, Transportation), & Region - Global Forecast to 2030" has been added to offering. The hydrogen tanks market is set to soar, with an estimated valuation of USD 1.37 Billion in 2025, projected to reach USD 3.78 Billion by 2030, growing at a CAGR of 22.5% from 2025 to 2030. The report offers a thorough examination of growth influencers such as key drivers, constraints, challenges, and opportunities. It provides an in-depth analysis of industry players, detailing their business strategies, solutions, product launches, mergers, acquisitions, partnerships, and agreements. This extends to assessing the competitive landscape, aiding both market leaders and new entrants in formulating effective go-to-market strategies and understanding the market pulse. This surge is largely driven by the global pivot toward clean energy and the expanding green hydrogen economy. As governments and businesses emphasize sustainability and carbon reduction, hydrogen emerges as a premier solution for decarbonizing transportation, industrial, and power sectors. Its role as an efficient clean energy carrier is particularly pronounced in the push for green hydrogen storage solutions, spurring innovation and investments in high-pressure hydrogen tank storage techniques. Above 500 bar pressure hydrogen tanks hold significant market share. The demand for hydrogen tanks capable of withstanding pressures over 500 bar is substantial, especially given their role in high-demand applications like transportation and industry. As fuel cell electric vehicles (FCEVs) and heavy-duty applications such as buses and trucks become more prevalent, there's a pressing need for high-pressure tanks. Storing hydrogen at such pressures ensures a compact, energy-dense fuel source, crucial for ultra-long-range vehicles and industries with stringent standards. North America: A key region in the hydrogen tanks market. North America stands as the third largest regional market, propelled by heightened investments in hydrogen infrastructure and significant governmental support for clean energy initiatives. The US and Canada are leading advancements in hydrogen production, with their respective focuses on fuel cell vehicles and green hydrogen production. The region's robust automotive industry, with key players funneling investments into hydrogen fuel cell technologies, amplifies the demand for advanced hydrogen storage solutions. Key Insights Offered: Analysis of market drivers, including the rising demand for fuel cell electric vehicles and clean energy, along with challenges such as the high cost of composite-based tanks. Insights into upcoming technological innovations and service launches in the hydrogen tanks sector. Market development trends across regions, highlighting lucrative markets and investment opportunities. Comprehensive competitive assessment of key industry players, focusing on growth strategies and offerings. Key Attributes: Report Attribute Details No. of Pages 243 Forecast Period 2025 - 2030 Estimated Market Value (USD) in 2025 $1.37 Billion Forecasted Market Value (USD) by 2030 $3.78 Billion Compound Annual Growth Rate 22.5% Regions Covered Global Market Dynamics Drivers Growing Demand for Clean Energy Solutions Increasing Demand for Hydrogen Fuel-Cell Vehicles Growing Government Investments & Initiatives Restraints High Cost of Composite-based Tanks Safety Concerns and Regulations Opportunities Growing Adoption of Hydrogen Tanks in Military and Defense Sector Emergence of Lightweight Composite Material-based Hydrogen Tanks Challenges Lack of Hydrogen Refueling Stations Capital-Intensive Production Case Studies Swagelok and Luxfer Gas Cylinders Collaborated for Hydrogen Fuel Solutions Nproxx's Innovative Hydrogen Storage Solutions to Revolutionize Public Transportation Worthington Enterprises Partnered with Stokota to Design and Manufacture Compressed Hydrogen Transport Technology Company Profiles Worthington Enterprises Luxfer Gas Cylinders Hexagon Purus Quantum Fuel Systems LLC Faber Industrie S.P.A. Everest Kanto Cylinder Ltd. Beijing Tianhai Industry Co. Ltd. Composites Advanced Technologies, LLC (Catec Gases) Nproxx Tenaris Opmobility Umoe Advanced Composites Cimc Enric Holdings Limited Doosan Mobility Innovation Advanced Structural Technologies Bnh Gas Tanks Calvera Hydrogen Mahytec Steelhead Composites, Inc. Bayotech Ecs Composite Advanced Material Systems Co. Vako GmbH & Co. KG Alsafe Company Voith GmbH & Co. KGaA For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Hydrogen Tanks Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
