Asia to account for about half of global liquids storage capacity growth by 2024, contributing about 49% of the total global capacity growth, says GlobalData. The region is likely to add 56.8 million cubic meters (mmcm) of liquids storage capacity by 2024.

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 the global liquids storage capacity is expected to increase by 115.2 mmcm, from 1,292 mmcm in 2020 to about 1,407 mmcm by 2024. Out of the total global capacity additions, 102.3 mmcm is likely to come from new-build planned and announced projects, while the remaining 12.9 mmcm is expected to come from expansions of active projects.

GlobalData expects Middle East to occupy the second place in terms of liquids storage capacity additions by 2024. The region is expected to contribute about 19% of the global liquids storage capacity growth with total capacity additions of 22.3 mmcm by 2024. In the Middle East, United Arab Emirates, Oman and Iran are the top contributors of almost 84% of the capacity additions with 18.7 mmcm.

Rekha concludes: “North America closely follows Middle East in terms of liquids storage capacity additions by 2024 with 21.3 mmcm. The US alone accounts for more than 87% of North America’s liquid storage capacity additions with 18.7 mmcm by 2024.”