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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 2027

Published: January, 2022
ID: 10683
Pages: 175
Formats: report pdf report excel report power bi report ppt

White Spirit Market Size (2022-2027):

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, and paintbrushes, along with the user of a starter fluid for grills that use charcoals and to clean the residue of adhesives that are present on non-porous surfaces.

Drivers and Restraints of the 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 recent years and thus white spirit is witnessing high demand.  White spirits are used as thinner solvents in the paints and coatings industry. There has been a steep increase in construction activities all around the world, consequently, the demand for paints and coatings has also increased. Due to this increased demand from the paints and coatings industry, the white spirit market is also experiencing a 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 to the growth of this market.

The 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 in 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 materials major hampers the expansion of the white spirit market.

WHITE SPIRIT MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021– 2026

Base Year

2021

Forecast Period

2022- 2027

CAGR

4%

Segments Covered

  • On the basis of Type
  • On the basis of Flash Point
  • On the basis of the Application 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America: United States, Mexico, Canada
  • Europe: United Kingdom, Germany, Italy, France
  • Asia Pacific: Australia, Canada, China
  • Latin America: Argentina, Brazil, Chile
  • The Middle East and Africa: Egypt, Iran, Iraq, Israel

Market Leaders Profiled

  1. Royal Dutch Shell
  2. Total SA
  3. ExxonMobil
  4. Imperial Chemical Corporations
  5. Thai Oil Company

White Spirit Market Segmentation:

White Spirit Market on the basis of Type:

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

Based on type, a 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 increased 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 forecasted 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 paint technologies that are in accordance with environmental regulations. White spirits are heavily used in this industry which 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 Asian countries has sparked a demand for White spirits 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:

  • Royal Dutch Shell

  • Total SA

  • ExxonMobil

  • Imperial Chemical Corporations

  • Thai Oil Company

Recent Developments:

  1.  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.
  2. JPMC expects Valvoline will increase its EBITDA growth in the next two years at a compounded rate of ~9%.
  3. Royal Dutch Shell plc’s subsidiary Shell Gas B.V. announced its plans to fund a processing unit in Nigeria and the investments for the same will be made soon.

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 the coronavirus pandemic as it resulted in the temporary shutdown of manufacturing units and sales channels. The White spirit market saw diminishing growth in this period owing to the increase in 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 in the healthcare industries and the pharmaceutical sector. Post the pandemic, the white spirit market is supposed to grow at a considerable growth rate.

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