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“The increasing demand for paints & coatings in various end-use industries to drive the market.”
The white spirit market size is estimated to be USD 6.7 billion in 2019 and projected to reach USD 8.1 billion by 2024, at a CAGR of 4.0%. The market is driven by the growing need for paints &coatings in various end-use industries. However, the increasing regulations on the use of environmentally-friendly products could hamper the market for white spirit.
“The type 3 product segment is projected to register the highest CAGR during the forecast period.”
The type 3segment is projected to witness a higher growth rate than other types during the forecast period. The demand for type 3 white spirit is driven mainly by the growing demand for low aromatic white spirit from the coating, adhesives, and industrial cleaning chemical manufacturers. The increased consumption of these compounds in the various end-use industries, such as automotive, construction, and chemical is another vital factor leading to the high demand for type 3 white spirit.
“The market in the thinner & solvent segment to account for the largest share during the forecast period.”
White spirit is an essential ingredient in the manufacturing of solvent-based paints &coatings and is used as a thinner. The main purpose of the white spirit as a thinner is to reduce the viscosity of the paint and provide a slower rate of evaporation. Hence, the paints that are thinned with white spirit dry to a smoother surface and form a leveled coat on the surface it is being applied to. The growth of the construction industry is fueling the paints & coatings demand in these regions, which will directly have an impact on the demand for white spirit.
“APAC is projected to be the fastest-growing region during the forecast period.”
APAC accounted for the largest share of the global white spirit market. The developing economies of APAC and Middle East & Africa are witnessing an increase in urbanization, increasing middle-class population, and the growing demand for new houses due to the rising number of nuclear families, which has led to the construction of new residential and commercial buildings, which is expected to increase in the future.
Extensive primary interviews were conducted to determine and verify the market size of several segments and sub segments and information gathered through secondary research.
The breakup of primary interviews is given below:
- By Company Type: Tier 1 –40%, Tier 2 – 20%, and Tier 3 – 40%
- By Designation: C level –10%, Director Level – 20%, and Others – 70%
- By Region: APAC– 50%, Europe – 10%, Middle East & Africa- 30%, South America – 10%
The leading players in the white spirit market are 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), and ThaiOil Company (Japan). Twenty key players were covered in the report.
Research Coverage:
This research report categorizes the white spirit market based on type, flash point, application, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market. A detailed analysis of the key industry players has been done to provide insights into business overviews, products,and key strategies associated with the market.
Key Benefits of Buying the Report
The report will help leaders/new entrants in this market in the following ways:
- This report segments the white spirit market comprehensively and provides the closest approximations of market sizes for the overall market and sub segments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business.