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Global White Spirit Market to Rake in Nearly US$ 8,103.2 Mn by the end of 2025
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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.
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.
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%
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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.
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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