Press release
Tracking the Future: The White Spirits Market's Dynamic Growth and Innovations
White Spirits Market
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Market growth is primarily driven by the increasing demand for white spirits across various industries, including adhesives, coatings, inks, and dyes. The versatile application of white spirits as an aerosol, cleaning, and degreasing solvent, and their extensive use in the painting industry further fuels this demand. However, health risks associated with prolonged white spirit exposure pose some challenges. Despite this, the role of white spirits in improving paint smoothness and reducing paint viscosity is anticipated to present significant growth opportunities for the industry.
Market Segmentation Highlights
- Product Type: The Type 1 segment dominated in 2020 with over half of the total market share, while the Type 3 segment is expected to grow at the fastest CAGR of 6.0% during the forecast period.
- Grade: The low flash point segment held the highest market share in 2020, representing nearly half of the market, with the high flash point segment forecasted to grow at a 6.1% CAGR.
- Region: Europe led the market in 2020, capturing nearly two-fifths of the market share, while the Asia-Pacific region is set to grow at a 7.0% CAGR through 2030.
Key Market Players
Prominent companies in the white spirits market include Kuwait International Factory, Kapco Petroleum Industries FZC, Shell plc, Exxon Mobil Corporation, TotalEnergies, Alshall International Co., Ahmadullins: Sciences & Technologies, DHC Solvent Chemie GmbH, Pacer, and Rahaoil Inc.
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