White Spirit Market Future Scope and Latest Trends Analysis Report

White Spirit Market is to reach over USD 12.09 billion by the year 2031 - Exclusive Report by InsightAce Analytics.

"White Spirit Market" in terms of revenue was estimated to be worth $7.21 billion in 2023 and is poised to reach $12.09 billion by 2031, growing at a CAGR of 6.88% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global White Spirit Market are:
• Increasing industrial applications
• Growing demand in the paint and coatings industry
• Rising construction activities

The following are the primary obstacles to the White Spirit Market's expansion:
• Stringent environmental regulations
• Fluctuating raw material prices
• Limited product differentiation

Future expansion opportunities for the global White Spirit Market include:
• Advanced formulations
• Bio-based white spirits
• Green and sustainable alternatives

Market Analysis:

The demand in the worldwide market is driven by an increase in the usage of white spirits in the end-use sectors of paints and coatings, adhesives, and inks and dyes. White spirit is frequently used in solvent applications, such as cleaning, degreasing, and aerosol solvent, when combined with aliphatic and alicyclic hydrocarbon. Moreover, white spirit is used in varnishes, lacquer solvents, and wood preservation solvents. The demand for white spirits around the globe is driven by all of these causes.

List of Prominent 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.

White Spirit 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 By Product, Application
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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.
• In May 2021, PPG Industries, a global supplier of paints, coatings, and specialty materials, announced an expansion of its facility. Eight new powder coating production lines and an expanded Powder Coatings Technology Centre, which will further improve PPG's research and development capabilities, were completed as part of a $13 million (roughly RMB 84 million) investment in PPG's Jiading, China, paint, and coatings facility.

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White Spirit Market Dynamics:
Market Drivers: Increasing Industrial Applications
The White Spirit market is witnessing a surge driven by its expanding industrial applications. Its versatile properties make it a preferred solvent in various industries, including paint and coatings, automotive, and manufacturing. As industries increasingly adopt eco-friendly and low-VOC solutions, the demand for White Spirit rises due to its effectiveness as a solvent and diluent. Moreover, its role in cleaning, degreasing, and thinning applications further propels market growth. Additionally, stringent regulations on volatile organic compound (VOC) emissions contribute to the adoption of White Spirit, as it aligns with environmental compliance standards. These factors collectively propel the market forward, fostering sustained growth and market expansion.
Challenges: Fluctuating Raw Material Prices
The volatility in raw material costs poses a significant obstacle for manufacturers, impacting production expenses and overall profitability. Factors such as geopolitical tensions, supply chain disruptions, and global economic uncertainties contribute to the erratic nature of raw material prices. Companies operating in the White Spirit sector must adopt robust risk management strategies to navigate these challenges, ensuring stability in the face of price fluctuations. Additionally, continuous monitoring of market dynamics and proactive measures to mitigate the impact of raw material price variations are essential for sustaining growth and competitiveness in this volatile environment.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American white spirit market is experiencing robust growth, driven by increased demand from various industries. The United States and Canada are key players in this region, with expanding applications in paint and coatings, cleaning, and automotive sectors. Stringent environmental regulations and a shift towards eco-friendly alternatives are influencing market dynamics. Rising construction activities and a growing automotive industry further contribute to the market's momentum. Manufacturers are focusing on product innovations and sustainable practices to meet evolving consumer preferences. Overall, the North American white spirit market is poised for steady expansion, propelled by a combination of industrial development and environmental considerations.
Segmentation of White Spirit Market-
By Product-
• Type 0
• Type 1
• Туре 2
• Type 3
By Application-
• Solvent extraction
• Paint thinner
• Cleaning solvent
• Degreasing solvent
• Others
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
• South East 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
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This release was published on openPR.