White Spirit Market is expected to grow at a CAGR of 4% during the forecast period of 2023 to 2028. 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 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.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2022-2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023-2028 |
|
CAGR |
4% |
|
Segments Covered |
|
|
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 |
|
|
Market Leaders Profiled |
|
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 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.
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.
Royal Dutch Shell
Total SA
ExxonMobil
Imperial Chemical Corporations
Thai Oil Company
Recent Developments:
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.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region