Global liquefied natural gas trade grew by 2.4 percent in 2024, reaching 411.24 million tonnes and connecting 22 exporting markets with 48 importing countries. The Asia Pacific region remained the largest LNG exporter, recording 138.91 MT—an increase of 4.10 MT from 2023.
In contrast, European LNG imports declined significantly, falling by 21.22 MT year-on-year to 100.07 MT. The downturn was largely attributed to high inventory levels at the beginning of the year, weak demand, and consistent flows through pipeline imports. Meanwhile, Asian demand rebounded strongly, with China and India leading the growth in spot LNG imports. This resurgence was driven by prolonged heatwaves, new infrastructure developments, and an increased reliance on gas-fired power generation.
Global LNG liquefaction capacity grew by 6.5 million tonnes per annum (MTPA) in 2024, bringing the total to 494.4 MTPA by the end of the year. However, only 14.8 MTPA of new liquefaction capacity reached a final investment decision (FID), marking the lowest annual approval volume since 2020 and a sharp decline from the 58.8 MTPA approved in 2023.
Floating LNG capacity also expanded, with the start of operations at Marine XII FLNG in Congo and Altamira Fast LNG in Mexico. As of early 2025, operational FLNG capacity now stands at 14.35 MTPA.
Commenting on the developments, Mr Menelaos (Mel) Ydreos, secretary general of the International Gas Union, noted: “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.”
He added that mounting global regulatory pressure on methane emissions, particularly from regions such as the EU, Japan, and South Korea, is reshaping the LNG landscape with increased demands for transparency and compliance—further signalling a shift towards cleaner and more accountable LNG trade practices.
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