Market Insights:

The white spirit market was estimated at USD 7.02 billion in 2021 and is likely to grow at a CAGR of 4.15% during 2022-2028 to reach USD 9.37 billion in 2028.

The prime factor contributing to the demand for white spirits is the increasing demand for paints and coatings from various industries.

Segment Analysis

Based on the type, the market is segmented as Type 0, Type 1, Type 2, and Type 3. The Type 2 segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. Increasing demand for Type 2 white spirit from the paint & coating, adhesives, and cleaning chemical manufacturers is the primary factor contributing to its dominance.

Based on the application type, the market is segmented as thinner & solvent, fuels, cleaning agents, and degreasing agents. Thinner & solvent application is likely to remain the dominant application of the market during the forecast period. White spirit plays a crucial role in the manufacturing of solvent-based paints & coatings, where it is used as a thinner. In the paints & coatings industry, white spirit acts as a thinner to reduce its viscosity and provides a slower rate of evaporation.

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for the white spirit during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by significant economic development in the region and expanding construction industry, which in turn, is fueling the demand for paints & coatings in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Research Methodology

This report offers actionable insights and is the outcome of an extensive study comprising of secondary research, primary interviews with industry stakeholders, validation and triangulation with Stratview Research’s internal database. Experts at Stratview Research have conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

The report also covers market structure, market environment analysis, market segment trends and forecasts, competitive landscape and dynamics, attractive market segments and associated growth opportunities, emerging trends, strategic growth opportunities for the existing and new players, and key success factors.   

Key Players

Some of the key players in the White Spirit Market mentioned in the report are -

  • Royal Dutch Shell
  • Total SA
  • ExxonMobil
  • Idemitsu Kosan Co. Ltd.
  • Bharat Petroleum Corporation Limited
  • Indian Oil Corporation Limited
  • Thai Oil Company.

Key Insights Presented in the Report:

  • Market Drivers - After several interviews with the key players active in the White Spirit Market, the researchers have listed down few factors that have majorly affected the growth of the key players. This can assist the users in formulating their growth strategies accordingly.
  • Industry Life Cycle Analysis: The report consists of evolution of an industry or business based on its stages of growth and decline. The four phases of the industry life cycle that are covered in the study are the introduction, growth, maturity, and decline phases.
  • Market Attractiveness – Taking into account the market size, and growth rate, and the level of competition and other constraints, the report also is aided with market attractiveness.
  • Key success factors- KSFs refer to one of the crucial strategic tools. Correct understanding of the key success factors is a good base for a well-structured company differentiation. To help the user with proper development and execution of strategy.

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