Global White Spirit Market Size To Grow At A CAGR Of 4.5% In The Forecast Period Of 2022-2027
The ‘Global White Spirit Market Share, Size, Price, Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global white spirit market, assessing the market on the basis of its segments like types, grades, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
White Spirit Market Size, Share, Price, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 4.5%
|Market Size in 2020||USD 6.30 billion|
|Revenue Forecast in 2026||USD 8.60 billion|
|Growth Rate CAGR||4.5%|
|Major Players||ExxonMobil CorporationTotal S.A.Royal Dutch Shell PlcNeste OyjGSB ChemicalsCEPSA Química, S.A.Haltermann CarlessDHC Solvent Chemie GmbHOthers|
White spirit is widely used in the manufacturing of paints, coatings, and adhesives, which are witnessing a high demand in the residential and commercial construction sector. Rapid urbanisation, infrastructure development, and renovation of existing buildings across the emerging economies are further fuelling the demand for white spirit. In addition, the increasing inclination of residents and apartment owners towards home décor is further bolstering the white spirit market.
Meanwhile, white spirit is also utilised as a cleaner and degreaser of mechanical equipment across the industrial sector which is another crucial driving factor of the market. Due to its unique properties, white spirit is preferred for cleaning carbon and oil from the surfaces of metals across industries such as aerospace and automotive.
Over the forecast period, the anticipated increase in demand for downstream products of white spirit such as wood preservatives, varnishes, asphalt products, and waxes, among others, is likely to lead to a heightened demand for the product.
At a regional level, the Asia Pacific leads with a sizable share in the white spirit market. Robust industrialisation and urbanisation across emerging economies such as India and China are propelling the demand for the product in the region. The strong foothold of local manufacturers is further supporting an augmented supply demand chain.
White Spirit Industry Definition and Major Segments
White spirit, also known as Stoddard solvent, is a clear liquid which is made up of petroleum hydrocarbons. This chemical compound is used in the manufacturing of paints and coatings, waxes, and inks, among others, with its wide usages supplementing the white spirit market growth. White spirit is hazardous and can cause damage to humans if came into contact. The molar mass of this product is 160 g/mol, with a boiling point of 174°C.
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Based on type, the market can be segmented into:
- Type 0
- Type 1
- Type 2
- Type 3
The market can be broadly categorised based on grade into:
- Low Flash Point
- Medium Flash Point
- High Flash Point
By application, the market has been segmented into:
- Paints Thinner
On the basis of region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
White Spirit Market Trends
The key trends in the global white spirit market include technological advancements across the industrial sector and progressive upgradations of machinery and electronic equipment. These upgradations and advancements are likely to generate a high demand for degreasers and cleaning agents. The increasing sale of electric vehicles is further propelling the demand for white spirit to clean auto parts and tools.
The thriving printing industry is another crucial trend in the market which is enhancing the demand for printing inks and liquid photocopier toners which are downstream products of white spirit. Increasing adoption of printers across the enterprises is further generating the demand for inks, thereby, leading to a heightened growth of the white spirit market.
There are rising investments towards the development of paint and coating facilities across the developing economies. These are aimed towards ramping up the production capacities to meet the growing demand from urbanisation and are likely to be the guiding factors of the market.
Furthermore, the growing research and development activities in the decoration and furnishing sector is leading to a robust development of innovative paints and coatings. The flourishing e-commerce sector is another boon in the market which is boosting the sale of paint tubs and brushes. Moreover, the growing expansion of the do-it-yourself sector is anticipated to provide impetus to the market by generating the demand for paints and coatings in homes.
Key Market Players
The major players in the white spirit market report are:
- ExxonMobil Corporation
- Total S.A.
- Royal Dutch Shell Plc
- Neste Oyj
- GSB Chemicals
- CEPSA Química, S.A.
- Haltermann Carless
- DHC Solvent Chemie GmbH
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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