White Spirits Market to Witness a Healthy Growth during 2018-2026
Global White Spirits Market was valued US$ 5.4 Bn in 2017 and is anticipated to reach US$ 8.2 Bn by 2026 at a CAGR of about 5.36 % during a forecast period.
Global White Spirits market is segmented by product, by application, and by region. White Spirits market is segmented into Type 1(Hydrodesulphurization), Type 2(Solvent Extraction), Type 3(Hydrogenation) and Type 0 (Distillation fraction with no further treatment). Paint Thinner, Extraction solvent, Cleansing solvent, Degreasing solvent, and others are application segment of White Spirits market. Geographically into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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White spirit is a mixture of straight and branched chain paraffin’s, naphthene and alkyl aromatic hydrocarbons, majorly used for cleaning paint and degreasing machine tools and parts. It is also used by individuals in their household to clean used paint brushes and to remove adhesive from surfaces.
In terms of product, Type 1 (Hydrodesulfurization) is a catalytic chemical process widely used to remove sulfur from natural gas and from refined petroleum products, such as gasoline or petrol, jet fuel, kerosene, diesel fuel, and fuel oils. The Type 1 segment has been estimated to account for a 46.1% share by 2026 end.
In terms of value, the paint thinner segment has been estimated to account for more than 50% share by 2017 end. Paint thinner segment is expected to grow over the forecast period, owing to the increasing demand for white spirits in the paints and coatings industry. White spirits find high application in the paints and coatings industry where they are used as thinners for paints. Type 1 and Type 2 white spirits find the highest application as paint thinners, due to the high aromatic content, which is required for better solvency.
Significant growth of the paint and coating industry in North America, especially in the U.S., owing to growing demand from automotive and transportation industries, Europe holds a significant share in the global automotive production. The Middle East and Africa is a growing market for the decorative paints, which is expected to grow with moderate CAGR over the period of 2017–2026.
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ExxonMobil Corporation, Royal Dutch Shell Plc., Total S.A., Idemitsu Kosan Co., Ltd., Compaa Espaola de Petrleos, S.A.U., Neste Oyj, Haltermann Carless, DHC Solvent Chemie GmbH, Al Sanea Chemical Products, GSB Chemicals, ICPC UAE, Solvent Solutions LLC., Ganga Rasayanie Pvt. Ltd., Kuwait International Factory, Kapco Petroleum Industries FZC, Stockmeier Chemie, KH Chemicals, CEPSA are key players included in the Global White Spirits market.