White Spirit Market

White Spirit Market by Products (Type 1, Type 2, Type 3, and Type 0), Applications (Paint Thinner, Extraction Solvent, Cleansing Solvent, Degreasing Solvent, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: MC-1288
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 175
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The white spirit market size was valued at USD 6.8 billion in 2020 and is estimated to surpass USD 10 billion by 2028, expanding at a CAGR of more than 4% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand from various sectors such as automotive, infrastructure, and construction.

White spirit is a petroleum-derived clear liquid used as a common organic solvent in painting. White spirits are typically used as a paint thinner, as a cleaning solvent, wood preservatives, varnishes, as a degreasing solvent, and as a solvent in aerosols paints. The most common application of white spirit is its usage as a solvent in paint industry. Its household applications include to clean paint brushes, clean auto parts, as a starter fluid for charcoal grills, to remove adhesive residue from non-porous surfaces, and other common uses.

White Spirit Market summery


White spirit is known by different names across the globe, it is known as mineral spirits in USA and Canada and mineral turpentine in New Zealand and Australia. Having various applications across different sectors the white spirit market usage is widely spread worldwide. In Europe about more than 50% of the total white spirit consumption is used in paints, lacquers, and varnishes.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing demand from paints and coatings sector is projected to spur the market growth in the coming years.
  • Rapid growth of the automotive, building, and construction industries are major factor boosting the market expansion during the forecast period.
  • Exposure to concentrated white spirit is toxic and hazardous in nature which may cause adverse health effects such as skin rashes, dizziness, lung damage, and stomach upset. This possesses as a major challenge that can restrict market growth in the coming years.
  • Growing environmental concerns and a push towards use of more environment friendly products is expected to impede the market expansion during the forecast period.
  • R&D investment and customization of products to suit specific applications are key factors expected to create lucrative opportunities for the market players.

Scope of the Report

The report on the global white spirit market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

White Spirit Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Products (Type 1, Type 2, Type 3, and Type 0), Applications (Paint Thinner, Extraction Solvent, Cleansing Solvent, Degreasing Solvent, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

ExxonMobil Corporation, Royal Dutch Shell PLC, Total S.A., GSB Chemicals, Idemitsu Kosan Co., Ltd., Neste, Haltermann Carless Deutschland GmbH

 

Market Segment Insights

Type 2 segment is projected to expand at a significant pace

Based on product types, the white spirits market is segmented into type 1, type 2, type 3, and type 0. The type 2 segment is projected to expand at a significant pace during the forecast period. Type 2 white spirit is a combination of hydrocarbons which is obtained as a raffinate from solvent extraction process, it is also known as solvent extracted. Increasing demand from the painting & coating, adhesives, and cleaning chemical manufacturers due to rising consumption of these compounds in various end-use industries are anticipated to propel the market expansion in the coming years.

Paint thinner segment is estimated to account for major market share

Based on applications, the white spirit market is segregated into paint thinner, extraction solvent, cleansing solvent, degreasing solvent, and others. The paint thinner segment is estimated to account for major market share due to the increasing demand from painting and coating industry. Paint thinner is used to reduce the viscosity of the paint and provide a slower rate of evaporation. The rapid growth in infrastructure and construction sector in many developing regions worldwide due to rising population and need for new residential buildings and complexes is projected to fuel the market expansion at a considerable rate during the forecast period.

White Spirit Market application

Asia Pacific is anticipated to expand at an impressive CAGR

On the basis of regions, the white spirit market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rapid growth in construction activities in developing countries such as India, China, Malaysia, Vietnam, and Indonesia. The improved standard of living, increasing per capita income, rising housing construction expenditure, and investments are major factors expected to drive the market growth during the forecast period.

White Spirit Market region

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. White Spirit Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. White Spirit Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. White Spirit Market - Supply Chain
  4.5. Global White Spirit Market Forecast
     4.5.1. White Spirit Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. White Spirit Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. White Spirit Market Absolute $ Opportunity
5. Global White Spirit Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. White Spirit Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global White Spirit Demand Share Forecast, 2019-2026
6. North America White Spirit Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America White Spirit Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America White Spirit Demand Share Forecast, 2019-2026
7. Latin America White Spirit Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America White Spirit Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America White Spirit Demand Share Forecast, 2019-2026
8. Europe White Spirit Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe White Spirit Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe White Spirit Demand Share Forecast, 2019-2026
9. Asia Pacific White Spirit Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific White Spirit Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific White Spirit Demand Share Forecast, 2019-2026
10. Middle East & Africa White Spirit Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa White Spirit Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa White Spirit Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global White Spirit Market: Market Share Analysis
  11.2. White Spirit Distributors and Customers
  11.3. White Spirit Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. ExxonMobil Corporation
     11.4.2. Royal Dutch Shell PLC
     11.4.3. Total S.A.
     11.4.4. GSB Chemicals
     11.4.5. Idemitsu Kosan Co. Ltd.
     11.4.6. Neste
     11.4.7. Haltermann Carless Deutschland GmbH

Segments Covered in the Report
Products

  • Type 1
  • Type 2
  • Type 3
  • Type 0

Applications

  • Paint Thinner
  • Extraction Solvent
  • Cleansing Solvent
  • Degreasing Solvent
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • ExxonMobil Corporation
  • Royal Dutch Shell PLC
  • Total S.A.
  • GSB Chemicals
  • Idemitsu Kosan Co. Ltd.
  • Neste
  • Haltermann Carless Deutschland GmbH

Key players competing in the white spirit market include ExxonMobil Corporation, Royal Dutch Shell PLC, Total S.A., GSB Chemicals, Idemitsu Kosan Co., Ltd., Neste, and Haltermann Carless Deutschland GmbH.

White Spirit Market keyplayers

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