Global LNG to continue growth trajectory in 2021 but at slower pace
The LNG market enters 2021 with reports of a South Korean company planning to use LNG-cooled warehouses for bulk storage of COVID-19 vaccines as conventional cold distribution chains could be stretched.
This is emblematic of how LNG is finding new uses in Asia where gas exporters are looking to the industrial, petrochemical, city gas and transportation sectors to become major sources of demand, supplementing traditional LNG use in the power sector.
These sectors, ranging from LNG bunkering in Singapore to residential gas usage in India, will gain traction in 2021 even as new countries in Southeast Asia like the Philippines and Vietnam are expected to progress towards their first LNG regasification projects.