Asia leads projected global liquids storage growth through 2030

Asia is projected to lead global liquids storage capacity additions through 2030. According to analysis from GlobalData, the region is expected to host more upcoming projects than any other part of the world, driven by a pipeline of new-builds and expansions in refinery terminals, strategic petroleum reserves, and port terminals. China and India are identified as central to this infrastructure build-out.

In the liquefied natural gas (LNG) sector, the growth trajectory in emerging Asia is facing shifts. While Shell projects that South and Southeast Asia will account for approximately 40% of LNG imports by mid-century, some nations are pivoting away from gas. Thailand, for instance, aims to increase renewable energy in its power grid to 50% within the next decade to reduce reliance on volatile and expensive spot LNG imports. Similarly, Bangladesh has faced economic pressure due to its dependence on LNG imports.