Global liquefied natural gas (LNG) trade expanded by 2.4% in 2024, reaching 411.24 million tonnes, according to the 2025 World LNG Report.
The sector now connects 22 exporting countries with 48 importing markets.
Asia Pacific remained the leading LNG exporting region, shipping 138.91 million tonnes—an increase of 4.10 million tonnes over 2023.
Two new countries also entered the export market, supporting overall growth.
European LNG imports fell sharply, declining by 21.22 million tonnes to 100.07 million tonnes. The drop was attributed to high gas storage at the start of the year, low demand and consistent pipeline supplies.
In contrast, Asian LNG demand surged. Spot LNG imports rose significantly in China and India, driven by infrastructure growth, increased power demand during heatwaves and wider use of gas in electricity generation.
LNG liquefaction capacity rose by 6.5 million tonnes per annum (MTPA) in 2024, bringing the global total to 494.4 MTPA.
However, only 14.8 MTPA of new capacity reached final investment decision (FID)—the lowest annual approval volume since 2020 and well below the 58.8 MTPA approved in 2023.
Floating LNG (FLNG) capacity also expanded, with the Marine XII FLNG in Congo and Altamira Fast LNG in Mexico beginning operations. Total operational FLNG capacity now stands at 14.35 MTPA.
“2024 proved to be another vibrant year for the LNG sector’s rapid evolution,” said Menelaos Ydreos, Secretary General of the International Gas Union. “Nonetheless, this market stability remains precarious, highly influenced by significant uncertainties surrounding market and project dynamics, geopolitics, trade, and regulatory policies.”
