White Spirit : Market Size, Share Drivers and opportunities, Market Analysis, Prominent Players, Massive CAGR, Challenges And Segmentations, Regional Study and Forecast by 2031

The Global White Spirit Market Size is estimated to be $7.21 billion in 2023 and is expected to increase to $12.09 billion by 2031, with a compound annual growth rate (CAGR) of 6.88% during the forecast period of 2024-2031.

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Latest Drivers Restraint and Opportunities Market Snapshot:

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

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

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

Market Analysis:

The worldwide market is experiencing a surge in demand due to the increasing use of white spirits in the end-use sectors of paints, coatings, adhesives, and inks and dyes. When combined with aliphatic and alicyclic hydrocarbons, white spirit is frequently employed in solvent applications, including cleansing, degreasing, and aerosol solvents. Additionally, varnishes, lacquer solvents, and wood preservation solvents incorporate white spirits. All of these factors contribute to the global demand for white spirits.

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List of Prominent Players in the White Spirit Market:

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

Recent Developments:

• In December 2022, ExxonMobil disclosed its five-year corporate strategy. It encompasses a substantial investment increase that is focused on emission reductions and accretive lower-emission initiatives, such as its Low Carbon Solutions company. The business plan aims to maintain annual capital expenditures at USD 20-25 billion by 2027, while simultaneously increasing lower-emissions investments to approximately USD 17 billion.

• In July 2022, Adnoc Distribution, the UAE's petroleum and retail distributor, will acquire a 50% stake in TotalEnergies Marketing Egypt for approximately USD 186 million. A white spirit supply arrangement with Adnoc was also signed by the company, which will assist in the gradual increase of its market share.

• In May 2021, PPG Industries, a global supplier of specialty materials, coatings, and paints, announced an expansion of its facility. PPG's Jiading, China, paint and coatings facility has completed the construction of eight new powder coating production lines and an expanded Powder Coatings Technology Centre, which will enhance the company's research and development capabilities. The investment in the facility amounts to $13 million (approximately RMB 84 million).

White Spirit Market Dynamics:

Market Drivers: Increasing Industrial Applications
The White Spirit market is experiencing a surge due to its expanding industrial applications. Due to its adaptable properties, it is the solvent of choice in various industries, such as automotive, manufacturing, and paint and coatings. The demand for White Spirit is rising due to its efficacy as a solvent and diluent, as industries adopt more eco-friendly and low-VOC solutions. Additionally, the market's expansion is further stimulated by its utilization in cleansing, degreasing, and thinning applications. Furthermore, the adoption of White Spirit is facilitated by the strict regulations on volatile organic compound (VOC) emissions, which are by environmental compliance standards. These factors work in tandem to drive the market forward, promoting long-term growth and market expansion.

Challenges: Fluctuating Raw Material Prices

The volatility of raw material costs is a substantial impediment to manufacturers, affecting production expenses and overall profitability. Geopolitical tensions, supply chain disruptions, and global economic uncertainties influence the erratic character of raw material prices. To address these obstacles and maintain stability amid price fluctuations, organizations in the White Spirit sector must implement effective risk management strategies. Additionally, to maintain growth and competitiveness in this volatile environment, it is imperative to implement proactive measures and continuously monitor market dynamics to mitigate the effects of raw material price fluctuations.

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North America Is Expected To Grow With The Highest CAGR During The Forecast Period

The North American white spirit market is expanding rapidly, with a surge in demand from various industries. The United States and Canada are significant participants in this region, with the automotive, cleaning, and paint and coatings sectors all experiencing growth. Stringent environmental regulations and a transition to eco-friendly alternatives are influencing market dynamics. The market's impetus is further bolstered by the expansion of the automotive industry and the increase in construction activities. To accommodate consumers' changing preferences, manufacturers emphasise sustainable practices and product innovations. In general, the North American white spirit market is on the brink of consistent growth, driven by a combination of environmental concerns and industrial development.

Segmentation of White Spirit Market-

By Product-
• Type 0
• Type 1
• Туре 2
• Type 3

By Application-
• Paint thinner
• Cleaning solvent
• Solvent extraction
• Degreasing solvent
• Others

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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.