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Global White Spirit Market to Reach USD 8.60 Billion by 2025, Aided by the Rising Demand from the Paints and Coatings Industry

According to a new report by EMR titled, ‘Global White Spirit Market Report and Forecast 2020-2025’, the global market for white spirit attained a value of nearly USD 6.30 billion in 2019. The market is further expected to grow at a CAGR of almost 4.5% in the forecast period of 2020-2025 to attain a value of around USD 8.60 billion by 2025.

The global white spirit industry is primarily being driven by the rising urbanisation in developing countries, including India, China, and Thailand. The growth in these regions is triggered by the consumers’ improved standard of living, rising construction, and infrastructure sectors, as well as the rising investments in various sectors.

Apart from the Asia Pacific, North America and Europe are among the major regions for the industry owing to the changing preferences of the consumers. Europe is witnessing a robust growth in the white spirit industry since a few years and is likely to grow rapidly in the forecast period as well. Europe uses a significant volume of the product in products like paints, varnishes, and lacquers. The paint industry is a leading application industry for the white spirit as the product is used to clean paint brushes and also for decorative coating. Within Europe, Germany accounts for a significant market share as it is a major consumer region for the product. Besides Germany, the United Kingdom and France are also expected to witness a healthy growth in the coming years.

The launches and introduction of products by the key players are boosting the global market growth. Total S.A. (NYSE: TOT), one of the leading key players in the market, offers a wide variety of products, including SPIRDANE RANGE, which is a variety of white spirit. The SPIRDANE solvents are white spirits made of complex hydrocarbon compounds extracted from hydro-treating a petroleum-cut. SPIRDANE white spirits are mainly used in paints, degreasing, plastics, and lubricants as they combine strong solvent strength with an average evaporation rate.

Market Analysis by Type, Grade, Application, and Region:

  • The types of white spirit can be divided into type 0, type 1, type 2, and type 3.
  • The grades of the product can be segmented into low flash point, medium flash point, and high flash point.
  • White spirit finds wide applications in paints thinner, cleaning, degreasing, fuel, and disinfectant, among others.
  • The regional markets for white spirits include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising demand from the paints and coatings sector is boosting the market growth.
  • The growing demand for cleaning and degreasing solvents is significantly propelling the industry growth.
  • The rising construction and automobile industry have boosted the demand for a synthetic paint thinner in emerging regions.
  • The rising demand for oil exploration, a shift in demography, as well as better global economic conditions, are driving the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for white spirit for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the types, grades, applications, and major regions of white spirit.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global white spirit market are ExxonMobil Corporation, Total S.A., Royal Dutch Shell Plc, Neste Oyj, GSB Chemicals, CEPSA Química, S.A., Haltermann Carless, and DHC Solvent Chemie GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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