China continues to spearhead global new-build liquids storage capacity additions

GlobalData Energy 4 August 2020 (Last Updated August 4th, 2020 12:20)

China continues to spearhead global new-build liquids storage capacity additions

GlobalData’s latest report, ‘Global Planned Liquids Storage Industry Outlook to 2024 –Capacity and Capital Expenditure Outlook with Details of All Planned Terminals’ estimates that by 2024, the total global new-build liquids storage capacity is expected to be 102,342 thousand cubic meters (mcm).

Among countries, China is expected to lead the world with a storage capacity of 22,610mcm by 2024, followed by the US, Indonesia, United Arab Emirates, and Malaysia with storage capacities of 16,841.9mcm, 12,560.7mcm, 8,881.1mcm and 6,594.4mcm, respectively. These five countries are expected to contribute 65.9% to the global new-build liquids storage capacity by 2024.

Globally, 189 new-build (planned and announced) liquids storage terminals are expected to start operations between 2020 and 2024. Of these, 67 are being proposed in Asia, 49 in North America, and 73 in the rest of the regions.

Among the upcoming liquids storage terminals, Zhanjiang IV in China is the largest terminal with an expected storage capacity of 7,000mcm by 2024. Selayar in Indonesia, Fujairah XVIII in the United Arab Emirates, Lawe-Lawe CCT in Indonesia and Plaquemines in the US follow with liquids storage capacities of 6,990mcm, 6,677.5mcm, 3974.7mcm, and 3,179.8mcm respectively.

Among regions, by 2024, Asia, North America and the Middle East are expected to lead with storage capacities of 52,154.3mcm, 19,095.1mcm and 17,424.6 mcm respectively.