The global white spirits market is bifurcated by application and grades. The segmentation by application include paint thinner, cleaning solvent, degreasing solvent, fuel, disinfectant, and others. Regular flash grade, high flash grade, and low flash grade are the various classifications of white spirits by grades.
Global White Spirits Market Report, published by Variant Market Research, forecast that the global market was valued at $5 billion in 2016 and expected to reach $9 billion by 2024; growing at a CAGR of 6.6% from 2016 to 2024. In geographical segments, Rest of the World (RoW) and Europe anticipated to grow at a fastest CAGR of 7.8% and 6.8%, respectively, over the forecast period 2016 – 2024.
Global white spirits market is majorly driven by unpretentious jet kerosene prices, steady demand from the paints and coatings industry, and increasing demand for these spirits as a turpentine substitute. Though, high cost of white spirits may hamper the market growth.
Changing focus towards low aromatic white spirits would provide growth opportunities for the market during the forecast period 2016 - 2024.
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The global white spirits market has been categorized into application, grades, and geography. The application segment contains paint thinner, cleaning solvent, degreasing solvent, fuel, disinfectant, and others.
Grades segment includes regular flash grade, high flash grade, and low flash grade. The paint thinner segment with the largest market share in 2016 dominated the application segment.
By grades, Regular flash grade was the maximum revenue generating segment.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific accounted for the highest market share of 36.1% in 2016, owning to the increasing infrastructural developments in the region.
The growth in demand for white spirits would be mostly driven by development in economical condition in the Asia-Pacific region. North America was the second highest market with a total market share of 28.6%.
Rest of the World (RoW) is predicted to grow at a fastest CAGR of 7.8% over the forecast period 2016-2024.
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Market players have used different strategies to raise their market share and global presence. For instance, company such as ExxonMobil Corporation has focused on research and development to offer low aromatic content white spirits in order to increase competition in the market.
The major key players operating in the market comprises ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd., CEPSA, Neste Oyj, Haltermann Carless, DHC Solvent Chemie, GSB Chemicals, and Al Sanea Chemical Products among others.
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Scope of white spirits Market
- Paint thinner
- Cleaning solvent
- Degreasing solvent
- Regular flash grade
- High flash grade
- Low flash grade
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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