Definitions, segmentations, and various classifications of the industry, applications of the industry, and chain structure are given in the White Spirit Market report presented by Stratview Research. Past, present, and future scenarios of the White Spirit Market in key regions, and industry policies and news are mentioned in this newly launched report.
Market Insights
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.
The prime factor contributing to the demand for white spirits is the increasing demand for paints and coatings from various industries.
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.
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 its needed halted operations. However, the market is expected to recover and register healthy growth in the forecast period.
Why buy this report?
The report provides an in-depth analysis of the White Spirit Market including critical market information and valuable insights which are of high value to the companies, enabling them to know and understand the growth strategies and other opportunities in the market. The report also aims at answering the following key questions –
- What is the current and future potential of White Spirit Market?
- How will the COVID-19 pandemic impact the market?
- How are other crucial market factors changing the market dynamics?
- When is the recovery expected from the pandemic?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the market competition?
- What are the key emerging trends?
- What are the strategic growth opportunities and key success factors?
Linchpins in the White Spirit Market –
To provide detailed information on competitive landscape, this report includes detailed profiles of White Spirit Market key players. For each player, product details, price, gross and revenue numbers are also mentioned. Here is a list of the major key players, that are mentioned in the White Spirit Market report –
- Royal Dutch Shell
- Total SA
- ExxonMobil
- Idemitsu Kosan Co. Ltd.
- Bharat Petroleum Corporation Limited
- Indian Oil Corporation Limited
- Thai Oil Company.
Region-wise analysis
The report sheds light on the locations or region-wise details of the White Spirit Market. Also, White Spirit Market industry growth in various regions and R&D status are also covered such as:
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.
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.
Several important topics included in the White Spirit Market research report are as follows:
- White Spirit Market Overall Overview
- White Spirit Market Competition by Manufacturers, Type and Application
- White Spirit Market by Volume, Value and Sales Price
- White Spirit Market Manufacturers Analysis
- White Spirit Market Technology and Development Trend
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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