What is the demand market for natural gas?

In 2023, global natural gas trade volume reached 1.17 trillion cubic meters, down 1.6% year-on-year. Pipeline gas trade volume declined by 4.7% year-on-year, accounting for 52.8% of total global natural gas trade—1.7 percentage points lower than the previous year—primarily due to the continued reduction in Russian pipeline gas supplies to Europe. Meanwhile, global liquefied natural gas (LNG) trade volume increased by 2% year-on-year. In that year, the United States became the world’s largest LNG exporter. Europe’s LNG imports declined from record highs to 173.3 billion cubic meters, down 1.8% year-on-year; while Asia’s LNG imports rebounded, reaching 360 billion cubic meters, up 3.5% year-on-year. In 2023, global natural gas trade flows underwent further restructuring: more Russian pipeline gas exited the European market, while U.S. and Middle Eastern LNG continued flowing into Europe. LNG market linkages between Europe and Asia strengthened further. In 2023, the global natural gas market gradually shifted toward a relatively balanced supply-demand situation. International gas prices largely reverted to pre-Ukraine crisis levels, although European and Asian prices remained comparatively high. The annual average spot price at the Dutch TTF hub was $12.9 per million British thermal units (MMBtu), down 65.8% year-on-year. Supply and demand in the Asian market were generally宽松 (relaxed/ample), and influenced by European price linkages, the 2023 average Northeast Asia LNG spot import price stood at $15.8/MMBtu, down 54.4% year-on-year; the full-year average Northeast Asia LNG import price—including both long-term contracts and spot purchases—was $13.5/MMBtu, down 29.9% year-on-year. Domestic demand growth in the United States slowed markedly, yet production hit a new record high, and underground storage inventories continued rising. The annual average Henry Hub (HH) natural gas spot price was $2.54/MMBtu, down 60.5% year-on-year. Although geopolitical events—including LNG project worker strikes in Australia, the Israel–Hamas conflict, and the Red Sea crisis—intensified gas price volatility in 2023, global shipping congestion eased, and freight rates overall declined. Average annual shipping costs from the U.S. to Asia and Europe were $2.65/MMBtu and $1.15/MMBtu respectively, down 27.9% and 26.6% year-on-year. 03 Economic recovery drives natural gas capacity growth Peak capacity expected after 2040 As the pace of global economic recovery accelerates, industrial activity, heating demand, and emerging markets in Asia will drive LNG demand growth. Although natural gas demand has already peaked in some regions, global natural gas demand is projected to peak after 2040. Looking ahead, the global LNG market will continue growing post-2040, primarily driven by China’s industrial decarbonization efforts and rising demand across other Asian countries. Global LNG demand growth is expected to broadly match new supply additions, with new LNG supply entering the market progressively from 2025 onward. In 2023, the top ten natural gas-producing countries globally, ranked by output, were the United States, Russia, Iran, China, Canada, Qatar, Australia, Norway, Saudi Arabia, and Algeria. China’s natural gas production reached 232.4 billion cubic meters, ranking fourth worldwide.

In-depth Analysis Report on the Global and Chinese Liquefied Natural Gas (LNG) Industry Status and Supply-Demand Trend Outlook (2025–2030)

4.3 U.S. Market: LNG Production, Output Value, and Growth Rate (2020–2030) 4.3.1 U.S. Market: LNG Production Volume and Growth Rate (2020–2030) 4.3.2 U.S. Market: LNG Output Value and Growth Rate (2020–2030) 4.4 European Market: LNG Production, Output Value, and Growth Rate (2020–2030) 4.4.1 European Market: LNG Production Volume and Growth Rate (2020–2030) 4.4.2 European Market: LNG Output Value and Growth Rate (2020–2030) 4.5 Japanese Market: LNG Production, Output Value, and Growth Rate (2020–2030) 4.5.1 Japanese Market: LNG Production Volume and Growth Rate (2020–2030) 4.5.2 Japanese Market: LNG Output Value and Growth Rate (2020–2030) 4.6 Southeast Asian Market: LNG Production, Output Value, and Growth Rate (2020–2030) 4.6.1 Southeast Asian Market: LNG Production Volume and Growth Rate (2020–2030) 4.6.2 Southeast Asian Market: LNG Output Value and Growth Rate (2020–2030) 4.7 Indian Market: LNG Production, Output Value, and Growth Rate (2020–2030) 4.7.1 Indian Market: LNG Production Volume and Growth Rate (2020–2030) 4.7.2 Indian Market: LNG Output Value and Growth Rate (2020–2030) 5 Global LNG Consumption Status and Demand Forecast 5.1 Global LNG Consumption Volume and Regional Share (2020–2030) 5.2 Chinese Market: LNG Consumption Volume and Demand Forecast (2020–2030) 5.3 U.S. Market: LNG Consumption Volume and Demand Forecast (2020–2030) 5.4 European Market: LNG Consumption Volume and Demand Forecast (2020–2030) 5.5 Japanese Market: LNG Consumption Volume and Demand Forecast (2020–2030) 5.6 Southeast Asian Market: LNG Consumption Volume and Demand Forecast (2020–2030) 5.7 Indian Market: LNG Consumption Volume and Demand Forecast (2020–2030) 6 LNG Industry Chain Analysis 6.1 Analysis of Bottleneck Technologies and Critical Components in the LNG Industry Chain 6.2 Introduction to Upstream Enterprises in the LNG Industry 6.2.1 Major Foreign Upstream Enterprises 6.2.2 Major Chinese Upstream Enterprises 6.3 Global LNG Segmented Application Areas: Sales Volume and Market Share (2020–2030)

ICIS Analyst View: Malaysia and Indonesia Gas and LNG Demand Outlook to 2030

Sep 23, 2026

ICIS forecasts structural shifts in Malaysia and Indonesia's gas markets by 2030 due to declining domestic production. Increased LNG imports will bridge supply gaps, though pricing frameworks and infrastructure constraints differ between the two nations.

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ICIS Analyst View: Malaysia and Indonesia Gas and LNG Demand Outlook to 2030

ICIS Analyst View: Malaysia and Indonesia Gas and LNG Demand Outlook to 2030

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