27-Jul-2022 | Facts and Factors
According to Facts and Factors, the global white spirit market size was valued USD 6,829.50 million in 2021 and is predicted to increase at a CAGR of 5.50% to USD 9,416.81 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
The growing need for cleaning and degreasing solvents, as well as the burgeoning paints and coatings industry, are driving the global market for white spirits forward. The booming building industry and the expanding automobile industry have fuelled demand for synthetic paint thinner in emerging markets. The demand for white spirits has also surged as a result of this.
Browse the full “White Spirit Market Size, Share, Growth Analysis Report By Type (Type 0, Type 1, Type 2, Type 3), By Flash Point (Low, Medium, High), By Application (Thinner & Solvent, Fuels, Cleaning Agent, Degreasing Agent, Others), and By Region - Global Industry Insights, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028" report at https://www.fnfresearch.com/white-spirit-market
Moreover, factors such as rising demand for oil exploration, demographic shifts, and improved global economic conditions are expected to drive the global white spirits market. Furthermore, increased customer preferences for low aromatic white spirits may provide the white spirit business with strong development potential in the near future. White spirit, a cleaning agent, is very effective. It's a potent solution known for its adaptability and efficacy. It can be used as a solvent to remove mistakes while painting. It can also be used to dissolve gum and resin that has become embedded in clothing or carpeting. In the automotive industry, it is frequently used as a cleaning agent for car parts and heavy machinery.
The global white spirits market is being boosted by the expansion of the paints and coatings sector, as well as an increase in demand for cleaning and degreasing solvents. The need for synthetic paint thinners is increasing as construction activities and the automobile sector in developing countries expand. White spirits are in high demand as a result of this. The global white spirits market is expected to benefit from increased demand for oil exploration, shifting demographics, and improving global economic conditions. Consumer preference for low aromatic white spirits is predicted to grow, presenting attractive potential for the global white spirits industry. The need for paints and coatings grows in tandem with the rise of the automotive industry, resulting in increased usage of white spirits.
Segmental Overview
Based on the product, type 2 has the biggest proportion in the white spirits market. Solvent extracted white spirit, commonly known as Type 2 white spirit, is a mixture of hydrocarbons derived as a raffinate from the solvent extraction process. The expanding demand for type 2 white spirit is primarily driven by the paint and coatings, adhesives, and cleaning chemical industries. Another key element driving the growing demand for type 2 white spirit is the increasing use of these compounds in various end-use industries such as automotive, construction, composites, and chemicals.
Based on the application, paint thinner has the biggest market share in the White Spirits Market,. Paint thinners are solvents that dissolve paint and reduce its viscosity, or "thin," for use in sprayers or when a thinner combination is required. Paint that has been exposed for an extended period of time will begin to harden, dry, and thicken. Being thinner can help to compensate for this. Paint can be removed using a variety of solvents. Some of these include acetone, turpentine, naptha, xylene, methyl ethyl ketone (MEK), and denatured alcohol. Paint thinner is commonly used to remove oil-based paint from brushes, rollers, equipment, and surfaces.
Regional Overview
In the near future, Asia Pacific is predicted to be a fast rising region of the global white spirits market. The white spirits market in Asia Pacific is projected to be driven by growth in infrastructure development in the region's countries. The rising demand for numerous dwellings, as well as government efforts such as India’s “Pradhan Mantri Awas Yojna,” is expected to increase the construction of new houses in Asia Pacific. The building industry's expansion is driving up demand for paints and coatings. As a result, the white spirits market in Asia Pacific is expected to be impacted directly.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 6,829.50 Million |
Projected Market Size in 2028 |
USD 9,416.81 Million |
CAGR Growth Rate |
5.50% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Royal Dutch Shell (The Netherlands), Total SA (France), ExxonMobil (US), Idemitsu Kosan Co. Ltd (Japan), Bharat Petroleum Corporation Limited (India), Indian Oil Corporation Limited (India), ThaiOil Company (Japan), and Others |
Key Segment |
By Type, Flash Point, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
Request customized purchase options to meet your research needs. Explore purchase options |
Competitive Landscape
The report contains qualitative and quantitative research on the global Wax Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the major companies operating in the white spirit market are Royal Dutch Shell (The Netherlands), Total SA (France), ExxonMobil (US), Idemitsu Kosan Co. Ltd (Japan) , Bharat Petroleum Corporation Limited (India), Indian Oil Corporation Limited (India) , ThaiOil Company (Japan), and Others.
The Global White Spirit Market is segmented as follows:
By Type
- Type 0
- Type 1
- Type 2
- Type 3
By Flash Point
By Application
- Thinner & Solvent
- Fuels
- Cleaning Agent
- Degreasing Agent
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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