Asia is set to spearhead the global liquids storage capacity additions, contributing about 61% of the total global capacity additions during 2022 to 2026. The region is likely to add 103.6 million cubic metres (mmcm) of liquids storage capacity by 2026, forecasts GlobalData, a data and analytics company.
GlobalData’s report, Liquids Storage Industry Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals to 2026, reveals that the global liquids storage capacity is expected to increase by 169.3 mmcm during the outlook period. Of the total global capacity additions, 123 mmcm is likely to come from new build projects while the remaining is expected to come from expansions of active projects.
Teja Pappoppula, Oil and Gas Analyst at GlobalData, comments, “In Asia, most of the liquids storage capacity additions will be from China, India and Indonesia, accounting for more than 80% of the total additions by 2026. Growing crude and petroleum products demand is primarily driving liquids storage capacity additions in these countries.”
GlobalData expects the Middle East to occupy the second place in terms of liquids storage capacity additions during 2022 to 2026. The region is expected to contribute about 16.6% of the global liquids storage capacity additions or 28 mmcm by 2026. The United Arab Emirates, Oman, and Iraq are the top contributors in the Middle East contributing almost 91% of the total capacity additions.
Pappoppula concludes, “North America stands third globally with the highest liquids storage capacity additions by 2026 with 20.7 mmcm. The US alone accounts for more than 80% of North America’s liquid storage capacity additions with 17.1 mmcm by 2026.”