GlobalData’s latest report, “Global Liquids Storage Industry Outlook to 2026 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals,” says that the global liquids storage capacity increased from 1,287,237 thousand cubic meters (Mcm) in 2016 to 1,457,328Mcm in 2021 at an Average Annual Growth Rate (AAGR) of 2.5%. It is expected to increase from 1,457,328Mcm in 2021 to 1,626,661 mcm in 2026 at an AAGR of 2.2%.
The US, China, Japan, India and South Korea are the major countries that accounted for 56.1% of the total liquid’s storage capacity of the world in 2021.
The US had the highest liquids storage capacity globally in 2021 with 416,850Mcm. Other key countries in terms of storage capacity were China, Japan, South Korea and India with 231,014Mcm, 97,247Mcm, 33,521Mcm and 39,490Mcm, respectively. China witnessed the highest capacity growth during 2016-2021 with an AAGR of 7.3% among the key countries, followed by India with 5.5%.
Globally, 158 countries are having active liquids storage terminals, with a total storage capacity of 1,457,328Mcm in 2021. Freeport V, West Hackberry, Zhoushan V, Big Hill and Jurong Island II are some of the largest active liquids storage terminals in the world. By 2026, 180 new liquids storage terminals are expected to commence operations globally. Zhanjiang IV (China), Selayar (Indonesia), Fujairah XVIII (United Arab Emirates) and Chandikhol (India) are some of the largest upcoming liquids storage terminals in the world during the outlook period 2022-2026.