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Historical Year
Forecast Year
The global white spirit market reached a value of about USD 7.26 billion in 2023. The industry is further expected to grow at a CAGR of about 5.4% in the forecast period of 2024-2032 to reach a value of around USD 11.63 billion by 2032.
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The Asia Pacific is one of the leading regions for the industry, with the industry projected to witness a significant growth rate in the region in the coming years. Population growth, rapid urbanisation, and growing disposable incomes are expected to play a significant role in driving the industry growth in the coming years, particularly in countries like China, India, and Thailand. In these countries, the increasing infrastructural developments and rising construction activities are expected to bolster the demand for white spirit. European countries like Germany and the United Kingdom also contribute to the significant global demand for white spirit, with the demand mostly stemming from the paints and coatings industry in these countries.
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White spirit, also variously known as mineral turpentine, turpentine substitute, or mineral spirits, is a clear liquid derived from petroleum, which finds extensive use as a solvent in painting. It is, thus, widely used in the automotive, paints and coatings, manufacturing, design, and building and construction sectors. It could be used as a solvent cleaner, extractive resolver, degreasing solvent, aerosol solvent, lacquer, and wood preservation agent, among others, due to its high solubility.
Based on type, the industry can be divided into the following:
The grades of the product can be divided into:
White spirit finds applications in the following segments:
The regional markets for white spirit can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The booming paints and coatings sector, as well as the increasing demand for cleaning and degreasing solvents, mainly stimulate the development of the global market for white spirits. The rising activities in the construction sector and the growing automobile industry have propelled the demand for a synthetic paint thinner in emerging regions. This has also increased the demand for white spirits. In addition, the global white spirits market is expected to be driven by factors, such as the growing demand for oil exploration, shift in demography, and better global economic conditions. In addition, the rising customer inclinations toward low aromatic white spirits could, in the near future, generate high growth prospects for the white spirit industry globally.
The report gives a detailed analysis of the following key players in the global white spirit market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Grade |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global white spirit market attained a value of nearly USD 7.26 billion.
The market is projected to grow at a CAGR of 5.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 11.63 billion by 2032.
The major drivers of the industry, such as rising disposable incomes, rapid urbanisation, growing population, rising demand for cleaning and degreasing solvents, increasing construction activities, and rising demand from the automobile industry, are expected to aid the market growth.
The key trends guiding the growth of the market include the rising oil exploration and growing customer inclinations toward low aromatic white spirits.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading types of white spirit in the industry are type 0, type 1, type 2, and type 3.
The major grades of the products in the market are low flash point, medium flash point, and high flash point.
The significant application segments in the industry are paints thinner, cleaning, degreasing, fuel, and disinfectant, among others.
The major players in the industry 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.
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+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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