White Spirit Market: Global Market Size, Share, Trends, and Forecasts 2024-2032

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

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global 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)- Market Outlook And Industry Analysis 2031"

The global white spirit market is estimated to reach over USD 12.09 billion by 2024-2031, exhibiting a CAGR of 6.67% during the forecast period.

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White spirits are hydrocarbon compounds with carbon atom counts ranging from C7 to C12. They are mainly composed of alkyl, alicyclic, and fragrance molecules. White spirits are frequently used as paint thinners because they improve the gloss of architectural and ornamental paints and varnishes.

The white spirits market is expected to mirror the rise in the paints & coatings industry, as the paint thinners segment accounts for a significant portion of the market. Infrastructure development projects in countries like China, India, and other ASEAN countries drive up the white spirits market.

The outstanding expansion of the vehicle sector has increased the need for coatings and paints, increasing the demand for white spirits. The market is anticipated to grow and provide opportunities for individuals from various demographic groups due to the usage of white spirits as a chemical in cleaning and degreasing procedures.

As the world economy is predicted to improve and demographics change, a greater need for oil drilling services will likely be needed. Profitable opportunities are expected shortly due to customers' increasing inclination for low-aromatic white spirits.

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

Market Dynamics:
Drivers-
The expanding global market for white spirits is primarily driven by the burgeoning painting and coatings industry and the rising demand for cleanliness and disinfectant solvents. The market for a synthetic paint thinner has increased in developing regions due to the escalating activity within the construction sector and the expanding vehicle industry. The need for paints and coatings is increasing due to the global expansion of building projects, boosting the white spirit market.

Challenges:
One of the main factors limiting the market for white spirits is the accessibility of substitute drugs. Oil paint can be thinned with turpentine rather than white spirit. Lacquer thinner can be used to clean painting supplies. White spirits' risky nature, toxicity issues, and expensive price are said to be barriers to the global white spirits business. Increased government support for the global white spirits market in important locations can readily overcome these obstacles.

The hazard of using white spirits, which can result in central nervous system depression and a loss of coordination from acute exposure, is anticipated to impede market expansion. Additionally, exposure to white spirits can have adverse pharmacological reactions like drowsiness, nausea, and so forth. Therefore, it is anticipated that the negative effects of using white spirits will limit market expansion.

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Regional Trends:
The North American white spirit market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly. White spirits are also known to be consumed in considerable quantities in North America, although this market is anticipated to grow steadily.

The white spirits market in South Asia is anticipated to expand significantly in terms of value-volume growth, with India having the highest consumption levels. Besides, Asia Pacific had a substantial share of the market. With rising industrial activity in nations like China, Japan, and South Korea, it is projected that the East Asian white spirits market will continue to lead in terms of consumption. Throughout the projected period, China is anticipated to continue to be a significant market in the East Asia region and generate substantial revenue possibilities.

Segmentation of White Spirit Market-
Product Type Outlook

• Type 0
• Type 1
• Type 2
• Type 3

Application Outlook

• 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.