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Asia to lead new-build liquids storage capacity

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Tanks and Terminals,

Asia will be the global leader in terms of new-build liquids storage capacity (with 43.32 million m3) during the period to 2023, according to GlobalData.

The company’s report 'Global Liquids Storage Industry Outlook to 2023 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals' reveals that Asia will also be the top new-build CAPEX spender globally on planned and announced projects during the outlook period.

Dipayan Chakraborty, Oil & Gas Analyst at GlobalData, said: “In Asia, strategic reserves programmes, strong refinery expansion programmes and growing demand for petroleum products are the major drivers for increase in storage capacity. Countries such as China, Indonesia and India are expected to drive the liquids storage capacity growth by 2023.”

GlobalData identifies North America as the second largest region in terms of new-build liquids storage capacity in 2023. The region will add around 17.76 million m3 of liquids storage capacity during the period.

The Middle East stands third globally in terms of new-build liquids storage capacity of 16.64 million m3 in 2023.

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