US leads liquids storage capacity growth in North America by 2023

GlobalData Energy 2 October 2019 (Last Updated October 2nd, 2019 16:52)

Liquids storage capacity in North America increased from 355.3 million cubic meters in 2013 to 383.6 million cubic meters in 2018 at an annual average growth rate of 1.5 per cent.

US leads liquids storage capacity growth in North America by 2023

GlobalData’s latest industry outlook report on the liquid storage sector has found that North America plays an important role in the global liquids storage Industry.

North America accounted for 31.4 per cent of the total global active liquids storage capacity in 2018, according to the 135-page report, entitled Liquids Storage Industry Outlook in North America to 2023 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals.

Liquid storage capacity in North America increased from 355.3 million cubic meters (mmcm) in 2013 to 383.6 mmcm in 2018 at an annual average growth rate (AAGR) of 1.5 per cent. It is expected to increase from 383.6 mmcm in 2018 to 409.5 mmcm in 2023 at an AAGR of 1.3 per cent.

The US and Canada together accounted for 99.5 per cent of total active liquids storage capacity in North America in 2018.

North America, storage capacity by country (mmcm), 2013–2023


Source: Midstream Analytics, GlobalData Oil and Gas © GlobalData

The total liquids storage capacity of the US in 2018 was 357.3 mmcm. The US’s contribution to North America’s total liquids storage capacity is 93.1 per cent. The major liquids storage terminals in the country are Freeport V, West Hackberry and Big Hill.

North America is expected to witness the start of operations of 47 terminals with a total liquids storage capacity of 16.9 mmcm by 2023. Of these 47 new-build terminals, 30 are from the US with a new-build storage capacity of 14.5 mmcm, and the rest 17 are from Mexico and Canada.

Plaquemines, Texas Colt and St. Landry Parish are the key new-build storage terminals in North America with capacities of 3.2 mmcm, 2.4 mmcm, and 2.1 mmcm, respectively. These terminals are expected to start operations in 2020, 2022, and 2021, respectively.