Asia expects to drive capacity growth in the global liquids storage industry from planned and announced (new-build) projects by contributing around 43% of the global new-build liquids storage terminals’ capacity during the outlook period 2019 to 2023, says GlobalData, a leading data and analytics company.

The company’s report, ‘H2 2019 Global Capacity and Capital Expenditure Outlook for Liquids Storage – China Underpins Global Liquids Storage Capacity Growth’, reveals that Asia is expected to have a new-build liquids storage capacity of 217 million barrels (mmbbl) by 2023.

Dipayan Chakraborty, Oil & Gas Analyst at GlobalData, comments: “In Asia, a total of 54 planned and announced liquids storage terminals are expected to start operations by 2023. Of these, the planned Zhanjiang IV terminal in China will have the highest liquids storage capacity of 44 mmbbl.”

GlobalData identifies North America as the second highest region in terms of global liquids storage capacity growth, adding a new-build capacity of 103 mmbbl by 2023. The Plaquemines liquids storage terminal in the US is expected to have the highest capacity among the planned and announced terminals in the region with 20 mmbbl of capacity by 2023.

The Middle East stands third with new-build liquids storage capacity of 96 mmbbl in 2023. About 91% of its new-build capacity in the region will come online from planned projects.