Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The "Global White Spirits Market 2024 Edition: Market Size, Trends, Opportunities and Forecast by Application, Product Type, Grade, Region, By Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
White Spirits Market valued at USD 7.97 billion in 2023 is expected to grow at a CAGR of 6.7% during 2025-2030.
The White Spirits market has experienced significant growth in recent years, driven by increasing demand for solvents in the paint and coatings industry, rising construction activities, and growth in the automotive sector. White spirits, also known as mineral spirits, are petroleum-derived solvents used in various applications such as paint thinners, degreasers, and cleaning agents. The market's expansion is fueled by the need for effective and versatile solvents in industrial and commercial applications.
One of the primary drivers of the White Spirits market is the robust growth of the paint and coatings industry. White spirits are extensively used as solvents in the formulation of paints, varnishes, and lacquers, enhancing their application and drying properties. The increasing demand for paints and coatings in the construction and automotive sectors is driving the growth of the white spirits market.
The rise in construction activities, particularly in emerging economies, has also played a crucial role in the market's growth. The expansion of residential, commercial, and infrastructure projects requires significant amounts of paint and coatings, boosting the demand for white spirits. Additionally, growing renovation and remodeling activities in developed regions further contribute to the market's expansion.
The increasing focus on effective cleaning High Flash Point in industrial and commercial settings has influenced the White Spirits market. White spirits are widely used as degreasers and cleaning agents in various industries, including manufacturing, automotive, and marine. The demand for efficient cleaning products that can remove grease, oil, and other contaminants is driving the adoption of white spirits in these applications.
Segment Insights
By grade, the low & regular flash grade segment holds the largest market share, accounting for approximately 55% of the global White Spirits market in 2023. Low flash grade white spirits are preferred for their high solvency and lower toxicity, making them suitable for use in paints, coatings, and cleaning products.
Geographical Insights
Americas represent the largest market for White Spirits in value terms, driven by the strong presence of the paint and coatings industry, advanced industrial infrastructure, and significant construction activities. The United States, in particular, is a key market due to its extensive use of white spirits in various industrial and commercial applications.
In the Americas, the market is further bolstered by favorable government policies, increasing investments in infrastructure projects, and a strong focus on industrial growth. The presence of leading chemical companies and a high level of consumer awareness about effective cleaning High Flash Point contribute to the market's dominance in this region.
The Asia Pacific region is expected to witness the highest growth rate due to rapid industrialization, increasing construction activities, and growing demand for automotive products. Countries like China, India, and Japan are at the forefront of this growth, with expanding industrial sectors and a growing focus on infrastructure development.
Reasons to buy this report:
- In-Depth Comparative Assessment of Top 20 Markets in the White Spirits Market Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
- Comprehensive Historical, Present, and Future Analytics of the White Spirits Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of White Spirits Market.
- Detailed Analysis of White Spirits Market By Application, Product Type, and Grade Across 20 Countries
- Gain insights specific to new entrants or new market areas to tap: The study provides detailed market entry strategies, including analysis of barriers to entry, pricing strategies, opportunities, trends, drivers, and challenges and product positioning using the Opportunity Portfolio Matrix (OPM)
- Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis
Key Companies
- Exxon Mobil Corporation
- TotalEnergies
- Shell plc
- Pacer
- DHC Solvent Chemie GmbH
- Rahaoil Inc.
- Alshall International Co.
- Ahmadullins: Sciences & Technologies
- Kuwait International Factory
- Kapco Petroleum Industries FZC
Market Segmentation
By Application
- Solvent Extraction
- Paint Thinner
- Degreasing Solvent
- Cleaning Solvent
- Other Applications
By Product Type
- Type 0
- Type 1
- Type 2
- Type 3
By Grade
- Low & Regular Flash Point
- High Flash Point
By Geography
- Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
- Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
- Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)
For more information about this report visit https://www.researchandmarkets.com/r/t9lpo8
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