China is expected to lead the liquids storage capacity growth in Asia, contributing about 40% of the total capacity growth in Asia by 2024. The country is likely to add 22.8 million cubic meters (mmcm) of liquids storage capacity by 2024, says GlobalData, a leading data and analytics company.

The company’s report, ‘Global Liquids Storage Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals’, reveals that Asia’s liquids storage capacity is expected to increase by 56.8 mmcm, from 402.0 mmcm in 2020 to about 458.8 mmcm by 2024. Out of the total capacity additions in the region, 52.1 mmcm is likely to come from new-build projects and active expansion projects are expected to contribute to the rest of the 4.7 mmcm by 2024.

Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: “In China, of the total liquids storage capacity additions of 22.7 mmcm, 22.6 mmcm is likely to come from new-build projects and the remaining 0.1 mmcm would be from expansion of active projects by 2024. The major upcoming liquids storage terminals in the country are Zhanjiang IV, Zhoushan Waidiao Island and Dalian IV.”

GlobalData expects Indonesia to occupy the second place in terms of liquids storage capacity additions in Asia by 2024. The country is expected to contribute about 23% of the liquids storage capacity growth in Asia, with total capacity additions of 12.9 mmcm by 2024. Selayar, Lawe-Lawe CCT and Nipah are the major upcoming liquid storage terminals in Indonesia.

Rekha concludes: “India will be the third-highest country in Asia with 10.1 mmcm by 2024, contributing about 18% of the Asian liquids storage capacity additions by 2024. Rajkot, Mandvi, and Chhara-Sarkhadi are India’s major upcoming liquids storage terminals in the country.”