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Global White Spirits Market Poised to Hit US$ 7,135.1 Million by 2022
White Spirit Market
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On the basis of product type, the market has been segmented into type 1, type 2, type 3, and type 0 white spirit. The type 1 segment has been estimated to account for over 53.1% volume share of the global white spirits market by 2015 end and is expected to register a healthy CAGR similar to that projected for the global white spirits market over the forecast period. Furthermore, the type 3 segment has been estimated to account for 15.1% volume share of the global white spirits market by 2015 end and is expected to expand at the fastest CAGR of 4.8% in terms of volume over the forecast period.
The type 3 segment is expected to grow at a swift rate owing to the low aromatic content and low VOC content of the type 3 products. The type 2 segment is expected to contribute 21.9% revenue to the overall market by 2015 end, which is projected to come down to 21.5% by 2022, with the segment witnessing a decrease of 40 Basis Point Share. However, the segment is expected to expand at a healthy CAGR over the forecast period owing to demand from the paints and coatings industry. Type 0 segment is expected to expand at the slowest volume CAGR of 1.5% over the forecast period.
On the basis of grade, the global white spirits market is segmented into the low flash grade, regular flash grade, and high flash grade. The regular flash grade segment is estimated to account for the highest volume share of 58.2% of the overall market by 2015 end and is also anticipated to continue to remain the fastest growing segment over the forecast period
On the basis of application, the global white spirits market is segmented into paint thinner, cleansing agent, degreasing agent, fuel, disinfectant, and others (additives in oil & lubricants, etc.). White spirits find the highest application in the paints and coatings industry as a paint thinner and, thus, the paint thinner segment is estimated to expand at a high-value CAGR of 6.6% over the forecast period
The growth of the global white spirits market is mainly driven by the modest jet kerosene prices, steady demand from the paints and coatings industry, changing demographics, improving global economic conditions, and their increasing demand as a turpentine substitute. Other trends driving the growth of the global white spirits market include shifting focus towards low aromatic white spirits, and customization of product portfolio more specific to an application.
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This report covers trends driving each segment and respective sub-segments and offers analysis and insights on the potential of the white spirits market in specific regions. Asia Pacific has been estimated to dominate the global white spirits market with over 39.6% share by 2015 end and is anticipated to remain dominant by 2022. North America and Europe have been estimated to collectively account for over 46.5% share of the total white spirits market by 2015 end. Among all the regions, Asia Pacific is anticipated to register the highest CAGR between 2016 and 2022, followed by the MEA and Latin America.
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Some of the key players identified in the global white spirits market include ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd., CEPSA, Neste Oyj, and others. Major market participants such as ExxonMobil Corporation and Royal Dutch Shell Plc focus on research and development activities to provide low aromatic content white spirits in order to attain a sustainable advantage over the competition. In addition, these key players also focus on expanding their product portfolio and offerings through the acquisition of various small and big white spirit plants with an objective to enhance their customer base.
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