Global LNG industry - statistics & facts
LNG trading has grown tremendously over the past decade - nearly 550 billion cubic meters worth is shipped every year. The countries most reliant on LNG imports are those where their remote location makes pipeline connections unfeasible. For many years, Japan and South Korea have been among the largest LNG importing countries, while China's growth in import volumes has been more recent. Due to its regional importance, Japan’s LNG price is often touted as a world benchmark. A look at the LNG price volatility in Asian markets reveals that 2024 prices were a lot less dynamic compared to previous years owing to more stable supply and demand patterns.
Large European gas consumers such as Germany and Italy are also among the countries with the highest capex for new LNG import terminals as they are looking to expand their trading options.
LNG export market and largest players
The United States is not only the largest natural gas producer in the world but has also developed into the leading exporter of LNG. In 2016, Cheniere Energy became the first company to sell U.S.-sourced LNG to overseas customers. Since then, Cheniere has grown to become the second largest LNG exporting company, with a storage capacity of more than 44 million metric tons per annum. In terms of overall company size, it is one of the smaller players in the export market as the industry is largely dominated by oil and gas supermajors and state-owned giants such as QatarEnergy. Along with the U.S., Australia and Qatar account for the greatest LNG export market shares.LNG demand growth in Europe
Due to the vast network of pipelines connecting Russian gas producers and European consumers, LNG used to play only a minor role in European trade. However, as the Russia-Ukraine war unfolded, many government leaders on the continent prioritized finding alternative means of acquiring natural gas. Because of its usage as a raw material in multiple industrial manufacturing sectors and its ubiquity in the power sector, the LNG market in Europe has grown in significance.Large European gas consumers such as Germany and Italy are also among the countries with the highest capex for new LNG import terminals as they are looking to expand their trading options.
