White Spirit Market to Grow at 7.2% CAGR Through 2034 Due to Increased Use in Solvent Extraction, Degreasing, and Paint Thinning

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 2034"

The global white spirit market is estimated to reach over USD 15.1 Billion by the year 2034, exhibiting a CAGR of 7.2% during the forecast period.

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White spirits, consisting primarily of hydrocarbon compounds such as alkyl, alicyclic, and aromatic molecules with carbon chains ranging from C7 to C12, are widely utilized in the formulation of paint thinners. Their effectiveness in enhancing the gloss and finish of architectural and decorative paints and varnishes underscores their importance within the paint thinners segment. Consequently, the ongoing growth of the paints and coatings industry is expected to have a positive impact on the white spirits market.

In addition, large-scale infrastructure development initiatives in emerging economies such as China, India, and other ASEAN countries are contributing to increased demand for white spirits. The automotive sector's continued expansion-driven by the need for coatings and surface treatments-is further reinforcing this demand.

Beyond the paints and coatings segment, white spirits are increasingly being employed in cleaning and degreasing applications, which is expected to open new growth avenues across various end-use industries. Moreover, rising global oil drilling activities, evolving demographic trends, and projected improvements in the global economy are likely to sustain market momentum. The growing consumer inclination toward low-aromatic white spirits is also anticipated to present lucrative opportunities for manufacturers in the near term.

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

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Market Dynamics
Drivers:
The global white spirits market is experiencing growth primarily due to rising demand from the paints and coatings sector, alongside increasing requirements for cleaning and disinfectant solvents. In developing economies, the use of synthetic paint thinners has expanded significantly, driven by heightened construction activity and the continued growth of the automotive industry. The surge in global construction projects has directly translated into increased demand for paints and coatings, thereby supporting the upward trajectory of the white spirits market.

Challenges:
The availability of alternative solvents poses a key challenge to the growth of the white spirits market. Substitutes such as turpentine for oil paint thinning and lacquer thinners for cleaning paint equipment are widely used. Moreover, concerns over the toxicological profile of white spirits-particularly their potential health hazards and relatively higher cost-are impeding broader market adoption. Exposure to white spirits can result in central nervous system depression, impaired coordination, drowsiness, and nausea, raising safety and regulatory concerns that may hinder market expansion.

Regional Trends:
North America is expected to account for a substantial share of global white spirits revenue, with the region projected to register steady growth over the coming years. In South Asia, particularly India, the market is poised for significant development due to increasing consumption. The Asia Pacific region continues to dominate the global landscape, with East Asia emerging as a key contributor, led by industrial advancements in China, Japan, and South Korea. China, in particular, is anticipated to maintain its position as a dominant market within East Asia, offering strong revenue potential throughout 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

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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.