White Spirit Market Size, Share & Trends Analysis Report By Product (Type 0, Type 1, Type 2, And Type 3), Application (Solvent Extraction, Paint Thinner, Cleaning, Degreasing, Fuel, And Disinfectant), By Region, And Segment Forecasts, 2023-2031

Report ID : 1528 | Published : 2023-02-20 | Pages: 180 | Format: PDF/EXCEL

The Global White Spirit Market Size is valued at 6.88 billion in 2022 and is predicted to reach 12.09 billion by the year 2031 at an 6.67% CAGR during the forecast period for 2023-2031.

White spirit is water-insoluble and is used as a solvent, cleaning agent, degreaser, and solvent in aerosols, acrylics, surface coatings, coatings, and asphalt applications. The most popular solvent in the paint business is white spirit.

White Spirit Market

Some elements, like the increased need for oil exploration, shifting demography, and improved global economic prospects, are projected to fuel the global white spirit market. The trend toward brand extension among consumers has helped producers enjoy higher profit margins and sales volumes.

In addition to successful marketing initiatives by businesses, the rising popularity of cocktail culture is supporting the trend toward premium products. Millennials have a pronounced shift in a preference for white spirit alcohol due to various flavours and additives. The need for oil drilling is anticipated to rise due to shifting demographics and an expected improvement in the global economy. Profitable opportunities will likely materialize shortly due to customers' growing desire for low-aromatic white spirits.

Competitive Landscape:

Key players in the white spirit market:

  • Shell plc
  • Exxon Mobil Corporation
  • Bharat Petroleum Corporation Limited
  • Indian Oil Corporation Ltd.
  • Neste
  • KAPCO Petroleum Industries FZC
  • DHC Solvent Chemic GmbH
  • Thai Oil Group
  • TotalEnergies
  • Idemitsu Kosan Co., Ltd. 

Market Segmentation:

The white spirit market is segmented based on product and application. Based on product, the market is segmented as type 0, type 1, type 2, and type 3. By application, the market is segmented into solvent extraction, paint thinner, cleaning, degreasing, fuel, and disinfectant.

Based on product, the type 1 segment is a major contributor to the white spirit market.

The type 1 category is expected to hold a major share of the global white spirit market in 2021. Type 1 white spirits are used in the petrochemical industry to remove sulfur from energy resources, and refined crude oil differs according to the type, which has a boiling range of 130-144 °C (266-291 °F).

The paint thinner segment witnessed growth at a rapid rate.

The paint thinner segment is projected to grow rapidly in the global white spirit market. White spirits are used as diethyl ether, a paint thinner, and for cleansing brushes. Mineral spirits and white spirits are both utilized as solvents. Hence they are frequently employed in paint thinner applications. Following petroleum textile and plastisol inks, white spirits are frequently used in screen printing to clean and unclog screens. The inks used to create monoprints are also thinned using them. White spirits are frequently used in directions and gauges that contain liquid., especially in countries such as the US, Germany, the UK, China, and India.

The North America white spirit market holds a significant regional revenue share.

The North America white spirit market is expected to register the highest market share in revenue shortly. Significant expansion of the North American paint and coatings market, particularly in the United States, resulted from rising demand from the automotive and transportation sectors. Population expansion, rapid urbanization, and increasing disposable incomes will significantly contribute to the industry's growth in the upcoming years. In addition, the Asia Pacific region is projected to grow rapidly in the global White Spirit market. The construction sector is rising in the area, boosting demand for painting and coatings, which is one of the main factors driving the economy's growth. The rise of the regional sector is expected to be heavily influenced by factors including increasing population, modernization, and disposable income growth in countries like China, India, and Thailand.

White Spirits Market Report Scope: 

Report Attribute

Specifications

Market size value in 2022

USD 6.88 billion

Revenue forecast in 2031

USD 12.09 billion

Growth rate CAGR

CAGR of 6.67% from 2023 to 2031

Quantitative units

Representation of revenue in US$ Million and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments covered

Product, Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

Shell plc, Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Indian Oil Corporation Ltd., Neste, KAPCO Petroleum Industries FZC, DHC Solvent Chemic GmbH, Thai Oil Grou, TotalEnergies, Idemitsu Kosan Co., Ltd.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global White Spirit Market Snapshot

Chapter 4. Global White Spirit Market Variables, Trends & Scope

4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (Kiloton) & Forecasts and Trend Analyses, 2023 to 2031 for the following by Product Type:

5.2.1. Type 0
5.2.2. Type 1
5.2.3. Type 2
5.2.4. Type 3

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (Kiloton) & Forecasts and Trend Analyses, 2023 to 2031 for the following by Application:

6.2.1. Solvent extraction
6.2.2. Paint thinner
6.2.3. Cleaning solvent
6.2.4. Degreasing solvent
6.2.5. Others

Chapter 7. White Spirit Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) Estimates and Forecasts by Product Type, 2023-2031
7.1.2. North America White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) Estimates and Forecasts by Application, 2023-2031
7.1.3. North America White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) Estimates and Forecasts by country, 2023-2031

7.2. Europe

7.2.1. Europe White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Product Type, 2023-2031
7.2.2. Europe White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Application, 2023-2031
7.2.3. Europe White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by country, 2023-2031

7.3. Asia Pacific

7.3.1. Asia Pacific White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Product Type, 2023-2031
7.3.2. Asia Pacific White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Application, 2023-2031
7.3.3. Asia Pacific White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by country, 2023-2031

7.4. Latin America

7.4.1. Latin America White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Product Type, 2023-2031
7.4.2. Latin America White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Application, 2023-2031
7.4.3. Latin America White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by country, 2023-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Product Type, 2023-2031
7.5.2. Middle East & Africa White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by Application, 2023-2031
7.5.3. Middle East & Africa White Spirit Market Revenue (US$ Mn) & Volume (Kiloton) by country, 2023-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles


8.2.1. Shell plc
8.2.2. Exxon Mobil Corporation
8.2.3. Bharat Petroleum Corporation Limited
8.2.4. Indian Oil Corporation Ltd.
8.2.5. Neste
8.2.6. KAPCO Petroleum Industries FZC
8.2.7. DHC Solvent Chemic GmbH
8.2.8. Thai Oil Grou
8.2.9. TotalEnergies
8.2.10. Idemitsu Kosan Co., Ltd.
8.2.11. Other Prominent Players

Segmentation of White Spirit Market-

White Spirit Market Product Type Outlook

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

White Spirit Market

White Spirit Market Application Outlook

  • Solvent extraction
  • Paint thinner
  • Cleaning solvent
  • Degreasing solvent
  • Others

White Spirit Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the White Spirit Market?

White Spirit Market expected to grow at a 6.67% CAGR during the forecast period for 2023-2031

Shell plc, Exxon Mobil Corporation, Bharat Petroleum Corporation Limited, Indian Oil Corporation Ltd., Neste, KAPCO Petroleum Industries FZC

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