Global White Spirit Market to Witness a Rise of CAGR of 4.2% by the end of 2025

White Spirits Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025),” a new report published by Persistence Market Research, tracks the performance of the global white spirits market for a projected period of eight years, i.e. between 2017 and 2025. According to this report, in terms of value, the global white spirits market is expected to expand at a CAGR of 4.2% during the assessed period. This market is estimated to be valued at US$ 5,832.3 Mn by 2017 end and reach US$ 8,103.2 Mn by the end of 2025. The steady growth is anticipated in terms of demand from various applications, such as paints thinner and cleaning & degreasing solvents which is expected to drive the growth of the white spirits market during forecast period.

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Global White Spirits Market: Key Regulations

Need: In the recent past, regulatory bodies have begun implementing regulations mandating the reduction of VOC emissions due to rising environmental concerns and deteriorating air quality across the globe

Regulations: Directive 2004/42/EC of the European Parliament and of the Council of 21 April 2004 on the limitation of emissions of VOCs due to the use of organic solvents in certain paints and varnishes and vehicle refinishing products and amending Directive 1999/13/EC Paints based on white spirits, intended to be used by the general public, are restricted in Denmark for indoor use on ceilings and walls. In 2007, the Scientific Committee on Occupational Exposure Limits proposed the following value as recommended occupational limit value for white spirits: 20 ppm (116 mg/m³) as 8 h average level, 50 ppm (290 mg/m³) as 15 min short-term exposure limit level. The Occupational Safety and Health Administration has set the legal limit (permissible exposure limit) for white spirits exposure in the workplace as 500 ppm (2,900 mg/m3) over an 8-hour workday. The National Institute for Occupational Safety and Health has set a recommended exposure limit of 350 mg/m3 over an 8-hour workday and 1,800 mg/m3 over 15 minutes.

Description: The “VOC” directive that aims to reduce ozone formation potential of VOCs in connection with photochemical reactions in ambient air, defines 12 sub-categories for coating products applied to buildings and five subcategories for vehicle refinishing products for which limits are set with regard to VOC content. The maximum permissible VOC content range is 30–840 g/l, depending on the product.

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Effect on the White Spirits Market: Owing to regulations related to VOC emissions, there is increasing demand for low aromatic white spirits globally, which hinders demand for conventional white spirits. Major manufacturers are shifting focus towards marketing of white spirits with low aromatic content so as to comply with regulations.

Global White Spirits Market: Forecast by Application

On the basis of application, this market is segmented into paint thinner, cleaning solvent, degreasing solvent, fuel, disinfectant and others. In terms of application, the paint thinner segment is expected to witness healthy growth owing to increase in demand from industrial and architectural/decorative coatings during the forecast period. Building & Construction segment is expected to register nearly 1.3X growth between 2017 and 2025. The Paint Thinner segment is anticipated to witness sound growth. It is expected to grow with a CAGR of 4.9% over the forecast period.

Global White Spirits Market: Forecast by Grade Type

Grade type segment consists of low flash grade, regular flash grade and high flash grade. Regular flash grade segment is projected to expand at a relatively higher CAGR over the forecast period. The regular flash grade segment is estimated to account for a 60.9% revenue share in the global white spirits market in 2025, followed by high flash grade and low flash grade segments respectively.

Global White Spirits Market: Forecast by Product Type

Product type segment includes type 1, type 2 and type 3 segments. In terms of value, the type 1 segment has been estimated to account for a 46.1% share by 2025 end. This is projected to grow 1.4X during the forecast period to be valued at US$ 3,778.4 Mn in 2025, expanding at a CAGR of 4.3%

Global White Spirits Market: Forecast by Region

APAC is the key market that accounts for a major share in the global white spirits market. The market in APAC is expected to register high CAGR over the forecast period and provide significant opportunities in the global white spirits market owing to the growing paints & coatings, automotive, packaging and building & construction industry in this region as well as shifting of manufacturing industries to China, India and ASEAN Countries. APAC is estimated to account for around 41.4% share in terms of value in the global white spirits market in 2017.

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Global White Spirits Market: Key Players

ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd., Neste Oyj, Haltermann Carless Deutschland GmbH, DHC Solvent Chemie GmbH, GSB Chemical Co. Pty. Ltd., and Al Sanea Chemical Products are some of the key companies operating in the global white spirits market.

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