White Spirit Market Research Report Including Global Industry Outlook & Key Players Analysis By 2030
According to the most recent analysis by Emergen Research, the worldwide white spirit market had a value of USD 6.83 billion in 2021 and is projected to grow at a rate of 5.8% during the forecast period. One of the reasons influencing the growth of the market’s revenue is the increasing demand for white spirit as a cleaning solvent and degreaser. The white spirit market’s revenue growth is also being fueled by rising demand for paints and coatings, disinfectants, aerosols, cleaning agents, and degreasing agents across a variety of end-user industries, including the automotive, manufacturing, and building & construction.
Furthermore, increasing industrial uses for cleaning, material extraction, and degreasing as well as numerous uses of white spirit in wood preservative solvents, varnishes, and lacquer solvent are significantly fueling market growth. These factors are driving up demand for white spirit in combination with alicyclic and aliphatic hydrocarbons. Rapid urbanisation and industrialization are driving up demand for homes and commercial structures, which in turn is driving up demand for paint and coatings, particularly decorative and protective coatings. White spirit is a potent Volatile Organic Compound (VOC) that is primarily used as a paint thinner since it can dilute paint and lengthen the drying period of paint.
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Some Key Highlights From the Report
In 2021, the type 1 segment contributed a sizable portion of revenue. Type 1 is a petroleum distillate with a high boiling range of 149–204° Celsius, sometimes referred to as Stoddard solvent. Due to its high boiling point and lack of rancid aromas, this market is experiencing revenue growth due to the growing demand for extraction and cleaning solvents. This market is expanding as aerosol is being used more frequently in domestic and medical settings. In addition, the demand for white spirit is rising quickly due to the expanding usage of varnishes for wood furniture.
In 2021, the paint thinner market contributed a sizeable portion of total income. Growing population and rising demand for new homes and businesses are two key factors influencing this segment’s revenue growth. Oil-based paint can be easily removed from a variety of tools, including brushes, rollers, and surfaces, using paint thinner. Additionally, the usage of spray applicators is growing in popularity, especially in domestic applications due to their effectiveness and usability. Paint thinner also stops paint from hardening when exposed to air, saving money and preventing waste.
The biggest revenue share in 2021 was accounted for by the Asia Pacific market. The presence of significant paint firms, particularly in China, a prominent producer of paints and coatings, as well as the expanding automotive and manufacturing sectors, are drivers boosting the market’s revenue growth in this area. Additionally, the market is growing as more petrochemical businesses establish themselves in India.
Shell Plc, Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Indian Oil Corporation Ltd, Neste, KAPCO Petroleum Industries FZC, DHC Solvent Chemie GmbH Thai Oil Group, TotalEnergies, and Idemitsu Kosan Co., Ltd. are some of the biggest businesses present on the international market.
Emergen Research has segmented the global white spirit market based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Type 0
- Type 1
- Type 2
- Type 3
Application Outlook (Revenue, USD Billion; 2019-2030)
- Solvent extraction
- Paint thinner
- Cleaning solvent
- Degreasing solvent
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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