Global liquefied natural gas (LNG) trade grew by 2.4% in 2024 to 411.24 million tonnes (MT), connecting 22 exporting markets with 48 importing markets. Asia Pacific remained the largest exporting region with 138.91 MT in 2024, adding 4.10 MT over 2023.
European LNG imports declined sharply, falling 21.22 MT year-on-year to 100.07 MT, driven by high storage levels at the start of the year, sluggish demand, and steady pipeline flows. However, LNG demand rebounded in Asia, with China and India posting strong year-on-year growth in spot LNG imports, driven by heatwaves, infrastructure expansions, and greater reliance on gas-for-power.
New liquefaction capacity
LNG liquefaction capacity grew by 6.5 MTPA in 2024 to a total of 494.4 MTPA by year-end
The global LNG liquefaction capacity grew by 6.5 million tonnes per annum (MTPA) in 2024 to a total of 494.4 MTPA by year-end, and only 14.8 MTPA of new liquefaction capacity reached FID, the lowest annual approval volume since 2020 and well below the 58.8 MTPA greenlighted in 2023.
FLNG capacity also saw further expansion, with Marine XII FLNG in Congo and Altamira Fast LNG in Mexico entering operation in 2024. As of early 2025, the total operational FLNG capacity stands at 14.35 MTPA.
LNG sector's rapid evolution
Mr Menelaos (Mel) Ydreos, the Secretary General of the International Gas Union, remarked that “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."
"Nonetheless, this market stability remains precarious, highly influenced by significant uncertainties surrounding market and project dynamics, geopolitics, trade, and regulatory policies. Furthermore, 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.”
