A research report on the White Spirit Market has recently been published by Stratview Research, which addresses the significant changes in the White Spirit Market. The study's purpose is to recognize recent market sizes for various segments and countries, as well as forecast values for the coming years. This research gives an analytical review of the market’s present trend and future estimates in order to find additional opportunities. The report is meant to provide both qualitative and quantitative aspects of the market in each of the areas and countries studied.
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.
What is white spirit?
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%.
White Spirits are usually of four types (type 0, type 1, type 2, and type 3) that are produced as the fractional distillation fractions from naphtha and kerosene cut of crude oil. They are majorly used in applications such as thinner & solvent, fuels, cleansing agents, and degreasing agents.
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 its needed halted operations. However, the market is expected to recover and register healthy growth in the forecast period.
Profiling Key Companies –
• Royal Dutch Shell
• Total SA
• Idemitsu Kosan Co. Ltd.
• Bharat Petroleum Corporation Limited
• Indian Oil Corporation Limited
• Thai Oil Company.
The prime factor contributing to the demand for white spirits is the increasing demand for paints and coatings from various industries.
𝗞𝗲𝘆 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗥𝗲𝗽𝗼𝗿𝘁:-
- Assessment of the market
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
- Future Business Scope & Opportunities Forecast
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.
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Critical Questions Answered in the Report
- What are the key trends in the White Spirit Market?
- How the market (and its various sub-segments) has grown in the last five years and what growth trajectory will it follow in the next five years?
- On what scale has COVID-19 impacted the White Spirit Market?
- What are some key strategies adopted by the market leaders in the White Spirit Market?
- How much share of the White Spirit Market do the top players own?
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