Summary of Global LNG Market Analysis Industry Overview - The global LNG market is entering a multi-year period of unprecedented supply expansion, with approximately **400 Bcm/year** of new projects under construction and scheduled to come online between **2025 and 2035** [6][21][50] - The US leads the export project pipeline, accounting for **51%** of total capacity under construction, followed by Qatar (**17%**), Canada/Mexico (**10%**), and the UAE (**3%**) [6][21][26] Demand Dynamics - Demand growth in key established LNG markets—China, Japan/South Korea, and Europe—is slowing [6][21] - China is expected to see LNG imports peak at **120 Bcm** in **2032** [6][21] - Japan and South Korea are increasingly prioritizing nuclear and renewables, reducing reliance on imported LNG and coal, with projected growth of **15 Bcm** in LNG imports between **2025 and 2035** [6][21] - European LNG imports are projected to grow moderately by **26 Bcm** over the next decade [6][21] Emerging Markets - The onus to accommodate new LNG supply is shifting to emerging LNG markets in APAC (Taiwan, India, Thailand, Pakistan, Bangladesh, Indonesia), where demand is expected to more than double from **127 Bcm** in **2025** to **280 Bcm** by **2035** [6][21] - However, the APAC gas market faces significant challenges, including tightening regasification capacity and limited gas storage infrastructure [6][21] Infrastructure Needs - Upgrading demand-side infrastructure will be critical for global LNG demand growth to keep pace with the anticipated supply expansion [6][21] - The spread between US and global natural gas prices is expected to narrow, with the US emerging as the marginal supplier [6][21] Regional Insights North America - The US is projected to add approximately **26 Bcm/year** of liquefaction capacity in **2026**, with significant growth expected in **2028 and 2029** [31] - Canada is also expanding its LNG export capacity, with projects like LNG Canada and Coastal GasLink pipeline [32][33] Middle East - Qatar's LNG capacity increases represent the second-largest source of new supply after the US, with significant projects like North Field East and North Field South [34][38] Africa - Africa is the third-largest region for new LNG export capacity additions, led by Mozambique LNG and Nigeria [75][76] - Security concerns in Mozambique and operational challenges in Nigeria may hinder capacity utilization [80] Australia and the Pacific - Australia's LNG exports are expected to marginally increase in the near term but face long-term challenges due to resource constraints and regulatory risks [56][60] - Indonesia is undergoing a transformation in its natural gas sector, with new offshore discoveries expected to boost production [68] Conclusion - The global LNG market is poised for significant changes driven by supply expansions, shifting demand dynamics, and the need for infrastructure upgrades. Emerging markets in APAC will play a crucial role in absorbing new supply, while established markets face challenges in growth. The interplay between supply and demand will shape pricing and operational strategies in the coming years [6][21][50]