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 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.
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Attributes
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Details
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Report Title
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White Spirit Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Type 1, Type 2, Type 3, and Type 0), Applications (Paint Thinner, Extraction Solvent, Cleansing Solvent, Degreasing Solvent, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ExxonMobil Corporation, Royal Dutch Shell PLC, Total S.A., GSB Chemicals, Idemitsu Kosan Co., Ltd., Neste, Haltermann Carless Deutschland GmbH
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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.
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.
Segments
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
Competitive Landscape
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.
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