Asia is expected to account for approximately 40 % of the global liquids storage projects commencing operations by 2030, according to GlobalData.
The firm’s report, Liquids Storage New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts to 2030, states that of the 130 projects in Asia, around 60 % are new builds and the remainder are expansions.
Bhargavi Gandham, Oil & Gas Analyst at GlobalData, notes, “Asia is at the forefront of the global liquid storage projects landscape due to rapid economic development, escalating energy demand, and a thriving petrochemical sector. Notably, nations such as China and India are spearheading this growth due to the requirement of new storage facilities for crude oil and petroleum products to satisfy their burgeoning energy requirements.”
Nearly half of the planned projects are port terminals, reflecting the region’s focus on expanding trade and import/export infrastructure.
Tank farm-type projects are also being developed to support industrial and residential distribution needs.
India leads in project count, with most projects being tank farms and port terminals. However, more than 50 % of capacity additions are Strategic Petroleum Reserves (SPRs), highlighting a focus on energy security.
The Bikaner and Chandikhol SPRs are expected to be major contributors to this capacity.
China ranks second in project count, with most initiatives focused on port and refinery terminals. A standout project is the expansion of Zhoushan V refinery terminal—expected to add 132 million barrels of storage capacity by 2028.
GlobalData is a data and analytics firm serving over 4,000 major companies, including more than 70 % of FTSE 100 and 60 % of Fortune 100 firms. It offers global insights and forecasts across sectors such as energy, healthcare, finance, and technology.