Asia leads global liquids storage capacity growth by 2023
Asia is forecast to be the major contributor to the growth of the global liquids storage industry by 2023, accounting for around 33% of the global liquids storage terminals’ capacity from newbuild and expansion projects in 2023, according to GlobalData.
Research by the data and analytics company reveals that global liquids storage capacity is expected to grow 5.7% during 2019–2023, from 7,705mn barrels in 2019 to 8,145mn barrels by 2023. Asia, North America and the Middle East lead globally in terms of liquids storage capacity growth from planned and announced projects, with capacities of 272mn, 112mn and 106mn barrels respectively, in 2023. China, Indonesia and India have the highest newbuild capex spending in Asia during the outlook period.
Arpan Roychowdhury, Oil & Gas Analyst at GlobalData, says: ‘Asia is witnessing the highest liquids storage capacity growth due to increasing demand for crude oil and petroleum products in the fastest growing economies such as China and India. Among the five leading countries in liquids storage capacity growth globally, three – China, Indonesia and India – are from Asia.’
North America is identified as the second highest in terms of liquids storage capacity growth. It accounts for 31% of global liquids storage capacity in 2023. Among the countries in this region, the US will have the highest capex spending in planned and announced liquids storage projects during 2019–2023.
In terms of capacity, Zhanjiang IV in China, Fujairah XVIII in the United Arab Emirates (UAE) and Lawe-Lawe CCT in Indonesia will be the top three newbuild liquids storage terminals, with capacities of 44mn, 42mn and 25mn barrels in 2023, respectively.
Figure 1: Global planned and announced liquids storage capacity growth by key regions, in mn barrels, in 2023