GlobalData’s latest report, “Global Liquids Storage Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals” says that the global liquids storage capacity increased from 1,175,206.0 mcm in 2014 to 1,276,127.1 mcm in 2019 at an AAGR of 1.6%. It is expected to further increase to 1,406,550.9 mcm in 2024 at an AAGR of 1.9%.
US, China, Japan, South Korea and the Netherlands were the major countries accounting for 55.6% of the total liquids storage capacity of the world in 2019.
The US leads with the highest liquids storage capacity of 372,881.6 mcm in 2019, followed by China, Japan, South Korea, and the Netherlands with161,920.7 mcm, 97,277.4 mcm, 39,265.1 mcm, and 38,582.1 mcm in 2019.
Liquids Storage Industry, Global, Liquids storage Capacity Share vis-à-vis Growth by Key Countries, 2014–2019
Freeport V, West Hackberry, and Big Hill, all in the US, are the largest liquids storage terminals in the world. These were commissioned in 1986, 1988 and 1991, respectively.
Globally, 152 countries are having active liquids storage terminals, with a total storage capacity of 12,76,880.9 mcm in 2019. By 2024, 189 new liquids storage terminals are expected to commence operations. In 2019, the US had the highest liquids storage capacity of3,72,881.6 mcm. By 2024, the number of countries in the global liquids storage industry is expected to increase to 155.
Among regions, Asia is expected to lead the global liquids storage capacity with 458,803.3 mcm by 2024, followed by North America and Europe with 427,495.0 mcm and 227,049.5 mcm, respectively