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.
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.
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.”
For more information on the 2025 World LNG Report, please contact Mr Neill Tannock, Senior Policy Advisor, at neill.tannock@igu.org.
The International Gas Union (IGU)
The International Gas Union (IGU) is the spokesperson of the global Gas industry, with members in over 70 countries across the globe, covering over 90% of the global Gas market across every segment of the value chain, from the supply of natural and decarbonised gas, renewable gas and hydrogen, through to their transmission and distribution, and all the way to the point of use.
IGU presents the world’s leading international Gas events, including the World Gas Conference (WGC2025), the International Conference and Exhibition on Liquefied Natural Gas (LNG2026), and the International Gas Research Conference (IGRC2027) series.
The IGU also publishes the global Gas industry’s annual flagship reports: Wholesale Gas Price Survey, World LNG Report, and the Global Gas Report, as well as various special reports, such as “Gas for Africa”, “Introduction to Low Carbon Gas Technologies” and “The Role of Gas for East Mediterranean Economies and the Path to the Energy Transition”. IGU has also released its Manifesto.
The IGU was established in 1931, is a not-for-profit membership organisation registered in Vevey, Switzerland, with its Secretariat based in London, United Kingdom.
