12 Mar 2021
Posted in Oil & Gas
Asia to spearhead global liquids storage capacity additions by 2025, says GlobalData
Asia is set to spearhead the global liquids storage capacity additions contributing about 60% of the total global capacity additions between 2021-25. It is likely to add 98.1 million cubic meters (mmcm) of liquids storage capacity by 2025, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Global Liquids Storage Industry Outlook to 2025 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals’, reveals that the global liquids storage capacity is expected to increase by 164.2 mmcm during the outlook period. Out of the total global capacity additions, 114.6 mmcm is likely to come from new build projects while the remaining 49.6 mmcm is expected to come from expansions of active projects.
Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, comments: “Out of Asia’s total liquids storage capacity additions during the forecast period, 61.3 mmcm is likely to come from new-build projects while expansion of the existing projects are expected to contribute the rest. China, India and Indonesia will account for most of the capacity additions in the region with about 88% of the total additions by 2025.”
GlobalData expects the Middle East to occupy the second place in terms of liquids storage capacity additions during the forecast period. The region is expected to contribute about 16.7% of the global liquids storage capacity additions or 27.4 mmcm by 2025. The UAE, Oman and Iran will be the top contributors in the Middle East contributing almost 85% of the total capacity additions.
Soorya adds: “North America will be the third highest globally in terms of liquids storage capacity additions by 2025 with 21.1 mmcm. The US alone is expected to account for more than 87% of North America’s liquid storage capacity additions with 18.4 mmcm by 2025.”