WELLESLEY, Mass., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Modest jet kerosene prices, steady demand from the paints and coatings industry, and increasing demand for white spirits as a substitute for turpentine are among key drivers of the white spirits global market. In a new report, White Spirits: Global Markets to 2022, BCC Research estimates the global market for white spirits will reach $5.5 billion and $7.5 billion in 2017 and 2022, respectively, with a compound annual growth rate (CAGR) of 6.6%.
This comprehensive report provides a detailed multi-client study of the global market for white spirits, including the different types, grades and applications in various end-user industries. Report objectives include providing thorough coverage of the underlying business issues driving the market and identifying significant revenue growth drivers in specific market categories. Social, political, and other issues as well as international markets are also covered.
The ability of white spirits to substitute for turpentine, as well as their different product customizations in many applications, are contributing to market growth. Rising demand in major end-user industries, mainly the construction and automotive industries, are keying growth, as well. White spirits markets in developed regions are mature, and those in developing regions are expected to witness consistent growth. Growing infrastructure spending in developing regions, increasing demand for paints and coatings, increasing environmental concerns, and the favorable framing of legislation in the industry are other notable growth factors.
Research Highlights
- Demand from the construction industry, especially in the United States, is predicted to stimulate demand in North America.
- Cleaning solvent is predicted to grow the fastest among as application segments with a 7.4% CAGR.
- The Asia-Pacific region is expected to grow the fastest among all regions, in terms of volume and revenue.
“Increased expenditure related to construction in China and India coupled with growing industrialization rates in these countries are expected to spur growth of the market for white spirits,” said Karen Shah, BCC Research analyst and author of the report. “Rapid economic growth in many emerging countries has resulted in booming architectural construction and industrial activity. These activities have created significant demand for paint and, in turn, for paint thinners in Chinese and Indian markets. North America and Europe, on the other hand, are mature markets for white spirits and will soon reach saturation.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.