Global gas: Global Demand

Global gas demand will grow 15% through to 2035 supported by growth in Asia (+33%) and North America (+15%) and despite reductions in Europe (-8%). Thereafter, demand is forecast to peak and start declining as growth in China demand slows, North American demand plateaus and European demand decline accelerates. Global LNG demand will grow much faster than gas demand over the next decade, increasing by 56%, or 230 mmtpa, as new supply reduces prices further. Beyond this period, China growth plateaus, demand in Northeast Asia and Europe declines and South and Southeast Asia remain the only major engines of growth, alongside LNG bunkering demand. Global LNG demand increases by only 20 mmtpa in the 2035 to 2050 period, as “peak LNG demand” looms.