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Pulished Date April, 2021
ID: 10683
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White Spirit Market is segmented By Type (Type-0, Type-1, Type-2, Type-3), By Flash Point (Low, Medium and High), By Application (Thinner & Solvent, Fuels, Cleaning Agent, Degreasing Agent) & By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) – Forecast to 2026

Pulished: April, 2021
ID: 10683
Pages: 175

White Spirit Market Size, Share & Trends (2021 - 2026)

The size of White Spirit Market is expected to grow at a CAGR of 4% during the forecast period of 2021 to 2026. The increasing use of White spirit in pharmaceutical and analytical industry applications is driving the growth of this market across the globe.

White spirit or mineral spirit is a petroleum-based clear liquid that is majorly used in paints as an organic solvent. In households, the white spirit can be used for the washing of the vehicle parts, paintbrushes, along with the uses like a starter fluid for grills that use charcoals and to clean the residue of adhesives that are present on non-porous surfaces.

Recent Developments

  •  Exxon Mobil Corp has designed a $30 billion-a-year plan to renovate its existing portfolio due to the recent cash flow vaporization and threats to its dividend.

  • JPMC expects Valvoline will increase its EBITDA growth in the next two years at a compounded rate of ~9%.

  • Royal Dutch Shell plc’s subsidiary Shell Gas B.V. announced about its plans to fund a processing unit in Nigeria and the investments for the same will be made soon.

Drivers and Restraints of White Spirit Market

White spirit or mineral spirit is a petrochemical solvent that is used in the production of hydrocarbon and other petrochemical solvents. The demand for organic materials has significantly improved in the recent years and thus white spirit is witnessing high demand.  White spirits are used as thinner and solvents in the paints and coatings industry. There has been a steep increase in the construction activities all around the world, consequently, the demand for paints and coatings has also increased. Due this increased demand from the paints and coatings industry, the white spirit market is also experiencing high expansion rate. High consumption along with the production of epoxy hardeners combined with agrochemicals and the use of White spirit as a raw material for manufacturing agriculture pesticides is also providing impetus the growth of this market.

White spirit technique is extremely useful and is growing at a high rate but at the same time, it is costly. In addition to this, the difference in raw materials for the production of white spirits is very high, which is acting as a major drawback to this industry. The market also is expected to witness a huge investment into research and development to keep improving the quality of the products to meet the standard demands that are according to the environmental regulations. The availability of the raw material major hampers the expansion of the white spirit market.

White Spirit Market Segmentation

White Spirit Market on the basis of Type

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

Based on type, type-2 segment of white spirits is experiencing high growth rates. This high growth rate is attributed to the high demand from the chemical industry. These chemicals are extensively used in several end user industries such as automotive, construction, composites, and chemicals. As the growth of the above mentioned industries is incessant, it is natural that it increases the demand for white spirits.

White Spirit Market on the basis of Flash Point

  • Low
  • Medium
  • High

White Spirit Market on the basis of Application 

  • Thinner & Solvent
  • Fuels
  • Cleaning Agent
  • Degreasing Agent

White spirit is also widely used in the industrial sector in different parts of the world. MEA, for example, has been spending a lot in the construction sector and was able to hold the dominant share in the world better than any other country. Many countries throughout the world are following the MEA’s model and have increase their investments in the construction sector. This has caused the white spirit market to grow significantly.

The market in the thinner and solvent application is projected to grow at the highest CAGR during the forecaster period of 2020 to 2025, in terms of value. This high growth is attributed to the perennial improvements in the infrastructure and other building components. There are developments going on for improving the coatings and painting technologies that are in accordance with the environmental regulations. White spirits are heavily used in this industry that is helping the market grow. The increasing use of chemicals is also expected to drive the White spirit market in the near future.

White Spirit Market on the basis of Region

Asia Pacific region (APAC) is expected to dominate the global white spirit market in terms of value during the foreseen period of 2020 to 2025. The ever growing population of the Asian countries has sparked a demand for White spirit in several industries. The market in these end-use segments is led by the nations like Japan, India, China, and Australia among others.

Amidst the incessant technological growth, the demand for high performing chemicals is increasing. This has led to developments in the APAC White spirit market.

The Middle East and African market is foreseen to grow at an estimated CAGR of 3% from 2020 to 2024. The low cost of natural products will play a significant role in shaping its demand in the MEA market.

White Spirit Market Key Players:

  1. Royal Dutch Shell

  2. Total SA

  3. ExxonMobil

  4. Imperial Chemical Corporations

  5. Thai Oil Company

Impact of COVID-19 on the Global White Spirit Market

COVID-19 has resulted in severe challenges to the white spirit market with its impact on several application sectors. Major economies of the world are deeply affected due to coronavirus pandemic as it resulted in the temporary shutdown of manufacturing units and sales channels. The White spirit market saw a diminishing growth in this period owing to the increase sanitation activities which became mandatory in almost all working places but with absolutely no demand from the natural gas and oil industry, the white spirit market suffered from it. Moreover, major investments are made only towards healthcare industries and pharmaceutical sector. Post the pandemic, the white spirit market is supposed to grow at a considerable growth rate.

1. Introduction                                  

            1.1 Market Definition            

            1.2 Scope of the report                     

            1.3 Study Assumptions                     

            1.4 Base Currency, Base Year and Forecast Periods             

2. Research Methodology                             

            2.1 Analysis Design                

            2.2 Research Phases              

                        2.2.1 Secondary Research     

                        2.2.2 Primary Research          

                        2.2.3 Data Modelling 

                        2.2.4 Expert Validation         

            2.3 Study Timeline                 

3. Report Overview                            

            3.1 Executive Summary                     

            3.2 Key Inferencees               

4. Market Dynamics                          

            4.1 Impact Analysis               

                        4.1.1 Drivers  

                        4.1.2 Restaints

                        4.1.3 Opportunities   

            4.2 Regulatory Environment             

            4.3 Technology Timeline & Recent Trends               

5. Competitor Benchmarking Analysis                                  

            5.1 Key Player Benchmarking            

                        5.1.1 Market share analysis  

                        5.1.2 Products/Service          

                        5.1.3 Regional Presence        

            5.2 Mergers & Acquistion Landscape           

            5.3 Joint Ventures & Collaborations             

6. Market Segmentation                               

            6.1 White Spirit Market, By Type                  

                        6.1.1 Type-0   

                        6.1.2 Type-1   

                        6.1.3 Type-2   

                        6.1.4 Type-3   

                        6.1.5 Market Size Estimations & Forecasts (2021-2026)       

                        6.1.6 Y-o-Y Growth Rate Analysis     

                        6.1.7 Market Attractiveness Index    

            6.2 White Spirit Market, By Application                   

                        6.2.1 Thinner & Solvent        

                        6.2.2 Fuels     

                        6.2.3 Cleaning Agent 

                        6.2.4 Degreasing Agent         

                        6.2.5 Market Size Estimations & Forecasts (2021-2026)       

                        6.2.6 Y-o-Y Growth Rate Analysis     

                        6.2.7 Market Attractiveness Index    

            6.3 White Spirit Market, By Flashpoint                     

                        6.3.1 Low       

                        6.3.2 Medium

                        6.3.3 High      

                        6.3.4 Market Size Estimations & Forecasts (2021-2026)       

                        6.3.5 Y-o-Y Growth Rate Analysis     

                        6.3.6 Market Attractiveness Index    

7. Geographical Landscape                           

            7.1 Global Identity Governance and Administration Market, by Region                 

            7.2 North America - Market Analysis (2018 - 2024)              

                        7.2.1 By Country        

                                    7.2.1.1 USA

                                    7.2.1.2 Canada

                        7.2.2 By Type 

                        7.2.3 By Application  

                        7.2.4 By Flashpoint    

            7.3 Europe                 

                        7.3.1 By Country        

                                    7.3.1.1 UK

                                    7.3.1.2 France

                                    7.3.1.3 Germany

                                    7.3.1.4 Spain

                                    7.3.1.5 Italy

                                    7.3.1.6 Rest of Europe

                        7.3.2 By Type 

                        7.3.3 By Application  

                        7.3.4 By Flashpoint    

            7.4 Asia Pacific                       

                        7.4.1 By Country        

                                    7.4.1.1 China

                                    7.4.1.2 India

                                    7.4.1.3 Japan

                                    7.4.1.4 South Korea

                                    7.4.1.5 South East Asia

                                    7.4.1.6 Australia & NZ

                                    7.4.1.7 Rest of Asia-Pacific

                        7.4.2 By Type 

                        7.4.3 By Application  

                        7.4.4 By Flashpoint    

            7.5 Latin America                   

                        7.5.1 By Country        

                                    7.5.1.1 Brazil

                                    7.5.1.2 Argentina

                                    7.5.1.3 Mexico

                                    7.5.1.4 Rest of Latin America

                        7.5.2 By Type 

                        7.5.3 By Application  

                        7.5.4 By Flashpoint    

            7.6 Middle East and Africa                

                        7.6.1 By Country        

                                    7.6.1.1 Middle East

                                    7.6.1.2 Africa

                        7.6.2 By Type 

                        7.6.3 By Application  

                        7.6.4 By Flashpoint    

8. Key Player Analysis                        

            8.1 Royal Dutch Shell             

                        8.1.1 Business Description    

                        8.1.2 Products/Service          

                        8.1.3 Financials          

                        8.1.4 SWOT Analysis 

                        8.1.5 Recent Developments  

                        8.1.6 Analyst Overview          

            8.2 Total SA                

            8.3 ExxonMobil                     

            8.4 Imperial Chemical Corporations             

            8.5 Thai Oil Company            

9. Market Outlook & Investment Opportunities                              

Appendix                               

            List of Tables              

            List of Figures             

  1. ​​​​​​Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  2. Segment-level analysis in terms of by product type, by application & by  region, along with market size forecasts and estimations to detect key areas of industry growth in detail

  3. Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  4. Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  5. Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  6. A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  7. Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  8. An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  9. Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global White Spirit Market By Region, From 2021-2026 ( USD Billion )                                           

  2. Global White Spirit Market By Type, From 2021-2026 ( USD Billion )                                              

  3. Global Type-0 Market By Region, From 2021-2026 ( USD Billion )                                       

  4. Global Type-1 Market By Region, From 2021-2026 ( USD Billion )                                       

  5. Global Type-2 Market By Region, From 2021-2026 ( USD Billion )                                       

  6. Global Type-3 Market By Region, From 2021-2026 ( USD Billion )                                                              

  7. Global White Spirit Market By Application, From 2021-2026 ( USD Billion )                                   

  8. Global Thinner & Solvent Market By Region, From 2021-2026 ( USD Billion )                                             

  9. Global Fuels Market By Region, From 2021-2026 ( USD Billion )                                         

  10. Global Cleaning Agent Market By Region, From 2021-2026 ( USD Billion )                                     

  11. Global Degreasing Agent Market By Region, From 2021-2026 ( USD Billion )                                                                           

  12. Global White Spirit Market By Flashpoint, From 2021-2026 ( USD Billion )                                     

  13. Global Low  Market By Region, From 2021-2026 ( USD Billion )                                          

  14. Global Medium Market By Region, From 2021-2026 ( USD Billion )                                    

  15. Global High Market By Region, From 2021-2026 ( USD Billion )                                                                            

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