Rockville, MD, Aug. 26, 2024 (GLOBE NEWSWIRE) -- According to a new industry report compiled by skilled analysts at Fact.MR, worldwide revenue from the white spirit market is projected to reach US$ 7.56 billion in 2024 and thereafter increase at a CAGR of 4.2% from 2024 to 2034.
The paints and coatings industry uses white spirit extensively as a solvent since it is effective in cleaning equipment and thinning paint. Expanding building and infrastructure development initiatives across several countries in the world are boosting the demand for paints and coatings, which is further driving up white spirit sales. Due to its well-known capacity to dissolve greases and oils, white spirit has become more common in household cleaning solutions. Because it can easily remove dirt, residue, and tough stains, it is widely used as a cleaning solution.
The East Asia region is projected to lead over the next ten years due to continuously increasing infrastructure projects and large production capacities. North America also accounts for a significant market share due to increasing demand for white spirits from the well-established automotive and industrial sectors.
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Key Takeaways from Market Study:
- The global market for white spirit is projected to reach US$ 11.4 billion by 2034-end.
- East Asia is estimated to hold 4% of the global market share by 2034.
- The market in the United States is expected to generate revenue worth US$ 1.63 billion in 2024.
- The market in Japan is projected to expand at a CAGR of 5.4% through 2034.
- The market in China is forecasted to reach a size of US$ 2.51 billion by the end of 2034.
- Based on product type, the type 2 segment is estimated to account for 7% of the global market share in 2024.
- The North American region is forecasted to generate revenue worth US$ 3.32 billion by 2034.
“Prominent companies manufacturing white spirit are focusing on developing new formulations, such as eco-friendly and low-volatile organic compound (VOC) variants, to satisfy the increasing demand for environmentally safe products,” says a Fact.MR analyst
Leading Players Driving Innovation in the White Spirit Market:
Bharat Petroleum Corporation Limited; Royal Dutch Shell; Indian Oil Corporation Limited; ThaiOil Company; Idemitsu Kosan Co. Ltd.; ExxonMobile Corporation; Neste; DHC Solvent Chemie GmbH; GSB Chemical Co. Pty. Ltd.; Haltermann Carless Deutschlan GmbH; Rahaoil Inc.,; Alshall Internation Co.
Growing White Spirit Application in Paint Thinners:
Application of white spirit is increasing in paint thinners due to its effectiveness at altering the viscosity. White spirit is a versatile solvent that helps to reduce paint viscosity, making it easier to apply and distribute paint evenly over surfaces. This results in improved coverage and a smoother finish.
White spirit also evaporates quickly, which speeds up the drying process for paint. The increasing demand for professional-grade finishes in both residential and commercial painting sites is another factor contributing to the growing use of white spirit in paint thinner.
Regional Analysis:
By 2024, East Asia is expected to command a commanding 36.5% of the world market share for white spirits. The country's market is expanding because to its large manufacturing capacity and the ongoing infrastructure projects in nations like South Korea, Japan, and China. In 2024, the North American region is expected to hold a 28.6% global market share. Because of its well-established automotive and industrial sectors, North America is experiencing an increase in demand for white spirit.
White Spirit Industry News:
- In July 2022, ExxonMobil presented its corporate plan spanning five years. A large portion of the increased funding will go into reducing emissions and acquiring lower-emission initiatives, such as its Low Carbon Solutions company. The business plan calls for raising lower-emissions investments to about US$ 17 billion by 2027 while keeping annual capital expenditures at US$ 20 to 25 billion.
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Segmentation of White Spirit Market Research
By Type:
- Type 0
- Type 1
- Type 2
- Type 3
By Grade:
- Low Flash Point
- Regular Flash Point
- High Flash Point
- By Application :
- Paint Thinners
- Solvent Extraction
- Cleaning Solvents
- Degreasing Solvents
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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