(www.MaritimeCyprus.com)Â Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth.
Explore the key facts and figures from this years Outlook in the above short video
Industry, heating and emerging Asia to drive LNG demand growth
- Demand for natural gas has peaked in some regions and globally is set to peak after 2040.
- The global LNG market will continue growing into the 2040s, mostly driven by China’s industrial decarbonisation and strengthening demand in other Asian countries.
Gas prices more stable in 2023 but volatility lingered in a tight market
- Global trade in LNG expanded slightly in 2023, with tight supplies constraining growth and prices staying above historic averages.
- A milder winter, high gas storage levels, modest economic recovery in China and lower demand in Europe helped balance the global gas market during 2023.
Rising global demand for LNG expected to keep pace with new supply
- In the medium term, latent demand for LNG – especially in Asia – is set to consume new supply that is expected to come onto the market in the second half of the 2020s.
- To offset falling domestic gas production in South-east Asia, significant infrastructure investment will be needed to access the LNG that these countries need for their economic development.
Over the following decade, declining domestic gas production in parts of South Asia and South-east Asia could drive a surge in demand for LNG as these economies increasingly need fuel for gas-fired power plants or industry. However, countries in South Asia and South-east Asia would need significant investments in gas import infrastructure.
For more details, download below the "Shell LNG outlook 2024" report:
Source: Shell
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