White Spirit Market Size To Surpass $9,416.81 Million By 202...| MENAFN.COM

Sunday, 14 August 2022 03:32 GMT

White Spirit Market Size To Surpass $9,416.81 Million By 2028

(MENAFN- GlobeNewsWire - Nasdaq)

NEW YORK, United States, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “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” in its research database.

“According to the latest research study, the demand of global White Spirit Market size & share in terms of revenue was worth of USD 6,829.50 million in 2021 and it is expected to surpass around USD 9,416.81 million mark by 2028, growing at a compound annual growth rate (CAGR) of about 5.50% during the forecast period 2022 to 2028.”

The study examines the market in terms of revenue in each of the major regions, which are classified into countries.

Market Synopsis :

White spirit is a transparent liquid that is derived from petroleum and is used as an organic solvent in painting as well as for a variety of other applications. White spirit is transparent. The demand for white spirits in the global market is being driven by the expansion of its application in the end-use industries of paints and coatings, adhesives, and inks and dyes. As a result of the combination of aliphatic and alicyclic hydrocarbons that it contains, white spirit is widely utilised as a degreasing solvent, cleaning solvent, and aerosol solvent. In addition to its many other applications, white spirit is frequently used in wood preservation solvents, varnishes, and lacquer solvents. The demand in the global market for white spirits is being driven in part by each of these factors.

The paint industry is the largest consumer of white spirit since it is widely used as paint thinner and as a cleaning agent for paint brushes. White spirit is also used in other applications. White spirit is added to paint in order to lessen its viscosity, which in turn speeds up the drying process. In addition, white spirit, which contributes to the smoothness of paint products, is another key factor that boosts the demand in the global market. As a consequence of this, the global market is anticipated to give rise to new potential opportunities over the time period in question.

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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.

Global White Spirit Market: Growth Factors

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.

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.

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 

White Spirit Market: COVID-19 Impact Analysis

The market in 2020 was negatively impacted as a result of COVID-19. As a direct response to the pandemic situation, numerous nations all over the world implemented lockdown procedures in an effort to stop the virus from spreading further. This resulted in a decrease in demand for white spirit in a variety of applications including paint thinner, fuel, degreasing agent, and others. This was due to the fact that production units in various industries including paints and coatings, construction, automotive, and others were forced to shut down as a result of a lack of available labour and disruptions in supply chains.

On the other hand, the situation is projected to improve in 2021, which will be beneficial for the industry during the course of the projection year. The expansion of the market is being propelled in the middle term by a rise in demand from the industry that produces paints and coatings, as well as by an increase in the development of infrastructure.

White Spirit Market: Segmentation Analysis

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. 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.

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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 main competitors dominating the global White Spirit market include - 

  • 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)

Key Insights from Primary Research :

  • As per the analysis shared by our research analyst, the White Spirit market is estimated to grow annually at a CAGR of around 5.50% over the forecast period (2022-2028).
  • In Terms Of Revenue, The White Spirit market size was valued at around USD 6,829.50 million in 2021 and is projected to reach USD 9,416.81 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • By Application, the largest application segment of the white spirits market is thinner and solvent.
  • White spirit is used as a thinner and is an essential ingredient in the production of solvent-based paints and coatings.
  • The expansion of the construction industry in APAC is boosting demand for paints and coatings, which will have a direct impact on white spirit consumption.

Have Any Query? Ask Our Experts:

Key Questions Answered in This Report:

  • What is the market size and growth rate forecast for White Spirit industry?
  • What are the main driving factors propelling the White Spirit Market forward?
  • What are the leading companies in the White Spirit Industry?
  • What segments does the White Spirit Market cover?
  • How can I receive a free copy of the White Spirit Market sample report and company profiles?

Regional Dominance:

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 MantriAwasYojna,” 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.

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The global White Spirit market is segmented as follows:

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

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Key Offerings:

  • Market Size & Forecast by Revenue | 2022−2028
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis by Type, Flash Point, Application, and Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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