Global White Spirit Market - Segmented by Grade, Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for white spirits is expected to register significant growth during the forecast period, 2018 to 2023. This tremendous growth is the consequence of growing demand for a synthetic paint thinner.
Growing Demand from the Paints & Coatings Industry
The most promising applications for white spirits are found in the paints & coatings industry because it is very effective as a synthetic paint thinner. White spirit may even be present as a minor constituent of water-based paints. Since the global paints & coatings market is expected to register a significant CAGR during the forecast period, it is likely to boost the market for white spirits.
Low Flash Grade Segment to Dominate the Market
Low flash grade white spirit is primarily used in paints and varnishes, in cleaning products, and as a degreasing and extraction solvent. It is also used by both amateur and professional painters as a diluent. As of 2017, the low flash grade segment accounted for the largest share of the global white spirits market. Low kerosene prices, a steady demand from the paints & coatings industry, and increasing demand for this spirit as a turpentine substitute will encourage the low flash grade white spirit market. A global shift towards low aromatic white spirits is expected to increase the application and product portfolio of the low flash grade white spirit.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific is the largest and fastest growing paints & coatings market in the world. The substantial growth in the paints and coatings industry of emerging economies like India and ASEAN countries, owing to the growing infrastructure development, makes the region witness an immense demand for white spirits. The large market size of China is also expected to drive the Asia-Pacific white spirits market.
Key Developments in the Market
July 2017: Exxon Mobil observed a clean shift from traditional white spirit and synthesized new products like Exxsol D40, Exxsol D60, and Exxsol D80 solvents.
Major Players: ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd, and DHC Solvent Chemie GmbH, amongst others.
Reasons to Purchase the Report
Identify the current and future prospects of the global white spirits market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel)
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