White Spirit Market Analysis | 2023-2028

Market Insights

The white spirit market was estimated at USD 7.34 billion in 2022 and is likely to grow at a CAGR of 4.11% during 2023-2028 to reach USD 9.37 billion in 2028.

Want to know more about the market scope? Click Here

Market Dynamics

Introduction

White Spirit or mineral seat or mineral turpentine oil (MTO) is a petrochemical solvent, which contains C7 to C12 aliphatic, acyclic, and aromatic hydrocarbons with a boiling range varying between 65-230°C. It is a clear, colorless, and flammable liquid with flash points between 21-68 °C and an aromatic content ranging between 2% to 25%.

COVID-19 IMPACT

The COVID-19 pandemic negatively impacted the white spirit market in the year 2020. Several countries imposed strict restrictions and lockdowns during the pandemic. The demand for the white spirit declined as the various industries where it was needed halted operations. However, the market is expected to recover and register healthy growth in the forecast period.

Market Drivers

Growing demand for paints and coatings in different sectors is driving the demand for white spirits. Below given are a few key drivers:

• Increasing construction activities – The construction industry is one of the largest in the world economy. By 2030, global spending on construction is expected to touch $17.5 trillion. White spirit is commonly used in paints and coatings in the construction industry. The growth of the global construction industry is boosting the demand for paints and coatings that require white spirits.
• Growing demand from the furniture industry – The furniture industry also requires paints, and spirits for wooden furniture, or floors. Rising urbanization and modernization are demanding modern furniture. People are also moving towards an aesthetic view of their homes. Due to this change in trend, the furniture market is growing and this growth, in parallel, is expected to create apparent demand for white spirit over the years to come.
• High demand from the Automotive Industry – The automotive industry is significantly growing and the use of white spirits in this industry is clear. The paints, primers, and coatings for every single automotive part need spirits. For refurbishing or manufacturing a new machine, the industry needs white spirits. The automotive industry is set to grow at a healthy CAGR in the coming years. Along with this grows the demand for white spirits.
• Use of spirits in cleaning products – The demand for white spirits is also growing from the cleaning products manufacturers. Be it household, oil and gas industry, or any other industry, white spirits are used in paint thinners, degreasers, and cleaning agents. The need for cleaning agents clearly pushes the growth of the white spirits market globally.

Want to have a closer look at this market report? Register Here

Key Players

Some of the major suppliers of white spirit are:

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

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segment Analysis

By Type

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 2022 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.

By Application Type

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.

Regional Insights

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 the 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.

Know which region offers the best growth opportunities. Register Here

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects white spirit market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The white spirit market is segmented into the following categories.

By Type

• Type 0
• Type 1
• Type 2
• Type 3

By Flash Point Type

• Low
• Medium
• High

By Application Type

• Thinner & Solvent
• Fuels
• Cleansing Agent
• Degreasing Agent
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Want to know the most attractive market segments? Register Here

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.