White Spirit Market Size and Share Analysis with Trends and Forecasts by Product Type and Application to 2031 with In-Depth Insights on Market Growth Drivers and Challenges

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 2031, exhibiting a CAGR of 6.67% during the forecast period.

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White spirits are hydrocarbon compounds primarily composed of alkyl, alicyclic, and aromatic molecules, with carbon atom counts ranging from C7 to C12. These substances are commonly utilized as paint thinners due to their ability to enhance the gloss of architectural and decorative paints and varnishes. Given the significant role of the paint thinners segment within the white spirits market, the growth observed in the paints and coatings industry is expected to positively influence the white spirits market. Additionally, the market is experiencing growth due to infrastructure development projects in countries such as China, India, and other ASEAN nations.

The expansion of the automotive industry, which drives increased demand for coatings and paints, is also contributing to the rising demand for white spirits. Furthermore, the growing use of white spirits in cleaning and degreasing applications is expected to further propel market growth and create opportunities across various demographics. As demand for oil drilling rises, coupled with shifting demographics and anticipated global economic improvement, the market is poised for continued expansion. Additionally, the increasing consumer preference for low-aromatic white spirits is expected to create profitable opportunities in the near future.

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 growth of the global white spirits market is primarily fueled by the increasing demand from the painting and coatings industry, as well as the rising need for cleaning and disinfectant solvents. The market for synthetic paint thinners has seen significant growth in developing regions, driven by heightened activity in the construction sector and the expanding automotive industry. The global rise in construction projects has led to a higher demand for paints and coatings, thereby further propelling the growth of the white spirits market.

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Challenges:
A primary factor restricting the growth of the white spirits market is the availability of alternative products. For example, turpentine can serve as a substitute for thinning oil paints, and lacquer thinners are commonly used to clean painting equipment. Additionally, the hazardous nature of white spirits, including their toxicity and relatively high cost, presents challenges to market expansion. The risks associated with acute exposure to white spirits, such as central nervous system depression and impaired coordination, are expected to hinder market growth. Furthermore, exposure to white spirits can cause adverse reactions, including drowsiness and nausea, which may further limit their widespread use.

Regional Trends:
The North American white spirits market is anticipated to capture a significant share of the global market in terms of revenue and is projected to grow at a robust compound annual growth rate (CAGR) in the near future. While the consumption of white spirits in this region is substantial, steady growth is expected. In South Asia, the white spirits market is expected to witness notable expansion, driven primarily by high consumption levels in India. Furthermore, the Asia Pacific region holds a significant share of the global market, with East Asia leading in terms of consumption due to increased industrial activity in countries such as China, Japan, and South Korea. China, in particular, is expected to remain a key market in the East Asia region, presenting considerable revenue growth opportunities during the forecast period.

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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

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.