Global LNG trade grows 2.4% to 411.24 MT in 2024; Asia leads rebound in demand
International Gas Union
(IGU).
The Asia Pacific region remained the largest LNG exporting region, with volumes rising to 138.91 MT in 2024—an increase of 4.10 MT over the previous year.
The report highlighted a sharp decline in European
LNG imports
, which dropped by 21.22 MT to 100.07 MT in 2024. The fall was attributed to high storage levels at the start of the year, weak demand, and steady pipeline gas flows.
Conversely, LNG demand in Asia rebounded during the year. China and India recorded strong year-on-year growth in spot LNG imports, driven by extreme heat events, ongoing infrastructure expansions, and increased use of gas in power generation.
Global LNG
liquefaction capacity
increased by 6.5 million tonnes per annum (MTPA) in 2024, taking the total to 494.4 MTPA by year-end. However, only 14.8 MTPA of new liquefaction capacity reached final investment decision (FID), the lowest annual approval level since 2020. This marked a significant drop from the 58.8 MTPA sanctioned in 2023.
Floating LNG (FLNG) capacity also expanded in 2024, with the Marine XII FLNG project in Congo and Altamira Fast LNG in Mexico entering operation. Total operational FLNG capacity stood at 14.35 MTPA as of early 2025.
Commenting on the findings, IGU Secretary General Menelaos (Mel) Ydreos said, '2024 proved to be another vibrant year for the LNG sector's rapid evolution. The trajectory of LNG growth persisted, bolstered by the introduction of two new exporting markets, while global LNG prices have eased compared to prior years.'
He added, 'Nonetheless, this market stability remains precarious, highly influenced by significant uncertainties surrounding market and project dynamics, geopolitics, trade, and regulatory policies.'
The report also flagged growing regulatory scrutiny on methane emissions. 'The increasing global regulatory focus on methane emissions, particularly from the EU, Japan, and South Korea, is resulting in greater transparency and compliance obligations within the LNG trade,' Ydreos noted.
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