The global white spirit market size was valued at USD 6,829.50 Million in 2021 and it is expected to reach USD 9,416.81 Million by 2028, expanding at a CAGR of 5.5%, according to a new report by Facts & Factors.
The growing demand for cleaning and degreasing solvents, as well as the expanding paints and coatings industry, are propelling the global white spirits market forward. The expanding automobile industry and the thriving construction industry have fueled the demand for synthetic paint thinner in emerging markets. As a result, the demand for white spirits has increased.
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Furthermore, the global white spirits market is expected to be driven by factors such as rising demand for oil exploration, demographic shifts, and improved global economic conditions. Furthermore, rising customer preferences for low aromatic white spirits may provide the white spirit industry with significant growth opportunities in the near future. White spirit is an excellent cleaning agent. It is a powerful solution that is well-known for its adaptability and efficacy. It can be used as a solvent to remove painting mistakes. It can also be used to dissolve embedded gum and resin in clothing or carpeting. It is frequently used as a cleaning agent for car parts and heavy machinery in the automotive industry.
The expansion of the paints and coatings sector, as well as an increase in demand for cleaning and degreasing solvents, are driving the global white spirits market. The demand for synthetic paint thinners is growing as the construction and automobile industries in developing countries expand. As a result, white spirits are in high demand. Increased demand for oil exploration, shifting demographics, and improving global economic conditions are expected to benefit the global white spirits market. Consumer preference for low aromatic white spirits is expected to rise, providing an appealing opportunity for the global white spirits industry. As the automotive industry grows, so does the demand for paints and coatings, resulting in increased use of white spirits.
Segmental Overview
In the white spirits market, type 2 has the highest proportion based on product. Solvent extracted white spirit, also known as Type 2 white spirit, is a raffinate mixture of hydrocarbons derived from the solvent extraction process. The paint and coatings, adhesives, and cleaning chemical industries are driving the rising demand for type 2 white spirits. The increasing use of these compounds in various end-use industries such as automotive, construction, composites, and chemicals is another key factor driving the growing demand for type 2 white spirit.
Paint thinner has the largest market share in the White Spirits Market based on application. Paint thinners are solvents that dissolve paint and reduce its viscosity, or “thin,” for use in sprayers or other applications that require a thinner combination. Paint that has been exposed to the elements for an extended period of time will harden, dry, and thicken. Being thinner can help make up for this. A variety of solvents can be used to remove paint. Acetone, turpentine, naptha, xylene, methyl ethyl ketone (MEK), and denatured alcohol are a few examples. Oil-based paint is commonly removed from brushes, rollers, equipment, and surfaces using paint thinner.
Regional Overview
Asia Pacific is expected to be a rapidly growing region of the global white spirits market in the near future. The Asia Pacific white spirits market is expected to be driven by increased infrastructure development in the region’s countries. The rising demand for numerous dwellings, as well as government initiatives such as India’s “Pradhan Mantri Awas Yojna,” are expected to boost new house construction in the Asia Pacific. The expansion of the construction industry is increasing the demand for paints and coatings. As a result, the Asia Pacific white spirits market is expected to be directly impacted.
Competitive Analysis
The report includes qualitative and quantitative research on the global Wax Market, as well as detailed insights and development strategies used by the market’s leading competitors. The report also includes an in-depth analysis of the market’s main competitors, as well as competitive information. The study also identifies and analyses key business strategies employed by these key market participants, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study looks at each company’s global presence, competitors, service offerings, and standards, among other things.
Royal Dutch Shell (The Netherlands), Total SA (France), ExxonMobil (US), Idemitsu Kosan Co. Ltd (Japan), Bharat Petroleum Corporation Limited (India), Indian Oil Corporation Limited (India), ThaiOil Company (Japan), and Others are some of the major companies operating in the white spirit market.
Read Also:
Global Wax Market Size, Share, Trends, Opportunities Analysis Forecast Report by 2028
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