White Spirits Market Overview:
Global White Spirits Market was valued at $5,360 million in 2016, and is anticipated to reach at $7,671 million, registering a CAGR of 5.3% from 2017 to 2023. White spirit is a clear colorless solvent with extremely low water solubility and a characteristic odor (odor threshold: 0.5-5 mg/m3). White spirit, a mixture of aliphatic and alicyclic C7 to C12 hydrocarbons, is used as an extraction solvent, cleaning solvent, degreasing solvent, and a solvent in aerosols, paints, wood preservatives, lacquers, varnishes, and asphalt products.
The global white spirits market is driven by the growing demand for white spirits in the paints & coatings industry, modest jet kerosene prices, and high demand for white spirits as a turpentine substitute. In addition, shift in consumer focus towards low aromatic white spirits and increasing inclination of companies to shift their manufacturing base in the Asia-Pacific region are expected to provide lucrative opportunities for the market growth. However, hazardous nature, and toxicity concerns related to white spirits are expected to hinder the market growth in the near future.
The global white spirits market is segmented on the basis of product, application, and geography. On the basis of product, it is divided into type 1, type 2, type 3, and type 0 white spirits. Based on application, it is classified into paint thinner, extraction solvent, cleaning solvent, degreasing solvent, fuel, disinfectant, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, the report highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents the quantitative data, in terms of both value and volume, which are extracted from secondary sources such as company publications, Factiva, Hoovers, OneSource, and others.
Global White Spirits Market Segmentation
Major market participants, such as ExxonMobil Corporation and Royal Dutch Shell Plc., are focused on R&D activities to provide low aromatic white spirits (LAWS) to attain a sustainable advantage over substitute products. In addition, these key players have focused on expanding their product portfolio and offerings through acquisition of various small & big white spirit plants to expand their customer base.
Global White Spirits Market Share, by Geography, 2016 (%)
Top Investment Pocket
In 2016, the paint thinner segment was estimated to be the top investment pocket in the global market due to the increasing use of low aromatic white spirits as a thinning solvent in paints & coatings application. However, the degreasing solvent and cleansing solvent segments are anticipated to register healthy growth rates during the forecast period.
Top Investment Pocket, by Application
Europe White Spirits Market
In 2016, Europe witnessed the highest demand for white spirits, owing to the growth in demand for these spirits in the paints & coatings industry, implementation of stringent governmental regulations to use turpentine, and presence of large number of manufacturers.
UK White Spirits Market, 2016-2023 ($Million)
The key players profiled in the report are ExxonMobil Corporation, Royal Dutch Shell Plc., Total S.A., Idemitsu Kosan Co., Ltd., Compaa Espaola de Petrleos, S.A.U., Neste Oyj, Haltermann Carless, DHC Solvent Chemie GmbH, Al Sanea Chemical Products, and GSB Chemicals.
The other major players operating in the market (not profiled in report) include ICPC UAE, Solvent Solutions LLC., Ganga Rasayanie Pvt. Ltd., Kuwait International Factory, Kapco Petroleum Industries FZC, Stockmeier Chemie, KH Chemicals, and others
Key Market Benefits:
- This report provides an extensive analysis of the current trends & future projections and dynamics of the global white spirits market.
- The global market trend analysis for all regions is provided based on the estimations of key segments from 2017 to 2023 to identify the prevailing opportunities.
- The report assists in understanding the strategies adopted by the leading companies in the industry.
- This study evaluates the competitive landscape of the white spirits industry to understand the global market scenario.
- Extensive analysis of the industry is conducted based on key player positioning and monitoring the top competitors in the global market.
White Spirits Market Key Segments:
- Type 1
- Type 2
- Type 3
- Type 0
- Paint Thinner
- Extraction Solvent
- Cleaning Solvent
- Degreasing Solvent
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA