China is expected to be the major contributor to the growth of the global planned liquids storage industry between 2019 and 2023, according to GlobalData.
The company’s report, 'Global Planned Liquids Storage Industry Outlook to 2023 – Capacity and Capital Expenditure Outlook with Details of All Planned Terminals', reveals that the global planned liquids storage capacity is expected to reach 94.56 million m3 by 2023. Globally around 174 new liquids storage terminals are expected to start operations during the outlook period.
China will be the global leader in terms of planned liquids storage capacity during the outlook period. The country’s planned storage capacity is expected to increase from 17.69 million m3 in 2019 to 24.38 million m3 in 2023, at an average annual growth rate (AAGR) of 8%. The country will also be one of the top new-build CAPEX spenders globally during the period on planned and announced liquids storage terminals.
Anil Agarwal, Oil & Gas Analyst at GlobalData, said: “China is increasing its liquids storage capacity as part of its strategic petroleum reserve programme. The growth in storage capacity will also supplement the strong refinery capacity growth in the country.”
GlobalData identifies the US as the second largest country in terms of global planned liquids storage capacity in 2023. The country will have 15.48 million m3 of planned liquids storage capacity in 2023. The UAE stands third globally in terms of planned liquids storage capacity of 8.51 million m3 in 2023.
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