The Global White Spirit Market Size is valued at 7.21 billion in 2023 and is predicted to reach 12.09 billion by the year 2031 at an 6.88% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- White spirit is used for wooden furniture or floors, making it useful for application in the furniture industry. With numerous construction projects under planning or development phases worldwide, the expected growth in demand for furniture is also expected to create apparent demand for white spirit over the years to come.
- The increasing demand from the paints and coatings industry and augmenting infrastructure development are driving the market's growth.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Customization of products more specific to an application and the increasing demand as a substitute for turpentine will likely act as opportunities in the future.
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. 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.
Recent Developments:
- December 2022: ExxonMobil unveiled its five-year corporate plan. It includes a significant investment increase directed at emission reductions and accretive lower-emission projects, including its Low Carbon Solutions company. By 2027, the business plan will maintain annual capital expenditures at USD 20-25 billion while increasing lower-emissions investments to around USD 17 billion.
- In July 2022, Adnoc Distribution, the UAE's petroleum and retail distributor, will purchase a 50% stake in TotalEnergies Marketing Egypt for roughly USD 186 million. The company also signed a white spirit supply arrangement with Adnoc, which will help it boost its market share over time.
White Spirits Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 7.21 billion |
|
Revenue forecast in 2031 |
USD 12.09 billion |
|
Growth rate CAGR |
CAGR of 6.88% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
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. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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