The white spirit market is expected to grow at a CAGR of 6% during the forecast period. White spirit is a type of clear, translucent liquid that is generated from petroleum and is utilized as a common organic solvent in a variety of applications, including painting. White spirits have the effect of lowering the paint's viscosity, which in turn allows the paint to dry more slowly. After the paints on which white spirits are used as a thinner have dried, a smooth and levelled coat is formed on the surface, which is then painted over. White spirits are chemically stable and do not corrode in their natural state. In the end-use industries of paint and varnish, fabric, metal cleaning, and rubber, these substances are utilized as solvents and diluents, respectively. In Australia and New Zealand, white spirit is also known as Mineral Turpentine Oil (MTO), whereas in the United States and Canada, it is known as mineral spirit. It is a type of petrochemical solvent that is created from the fractional distillation of naphtha and kerosine that is extracted from crude oil. White spirits are available as colorless liquids that are flammable and transparent. Their flashpoint ranges from 21 degrees Celsius all the way up to 68 degrees Celsius. White spirits have a range of boiling points that goes from 150 degrees Celsius to 220 degrees Celsius.
Demand in the global market is being driven by an increase in the application of white spirits in end-use sectors such as paints and coatings, adhesives, and inks and dyes. Because it is made up of aliphatic and alicyclic hydrocarbons as well as aliphatic hydrocarbons, the white spirit can be used for a variety of solvent applications, including degreasing solvent, cleaning solvent, and aerosol solvent. In addition, the white spirit can be used as a solvent in wood preservatives, varnishes, and lacquer solvents, among other things. The paint industry is the biggest consumer of white spirit since it is used in such a wide variety of applications, including as a paint thinner and a cleaning agent for paint brushes.
Paint Industry Fuels Growth of The White Spirits Market
The application of white spirits in the paint industry is predicted to present fresh opportunities for growth in the global market for white spirits. The addition of white spirit helps to reduce the viscosity of the paint, which in turn reduces the amount of time needed for the paint to dry. In addition, white spirit, which helps to aid the smoothness of paint products, is another significant factor that boosts the demand of the global market and is therefore anticipated to offer new growth opportunities during the forecast period. This prediction is based on the fact that the white spirit helps to aid the smoothness of paint products. Other uses for white spirit include preservation of wood, removal of grease, prevention of corrosion in metal working fluids, and use in the products for cleaning and polishing automobiles. All of these factors contribute to an increase in the demand for the white spirit.
Health Risk with The Exposure to White Spirits Hinders Market Growth
However, the risk to one's health that comes with prolonged contact with white spirit is a factor that slows the expansion of the worldwide market for white spirit. Mineral spirit's presence in the surrounding environment may or may not result in exposure, which would then pose risks to human health. White spirits can be exposed to the body by inhalation, ingestion, and direct skin contact, among other routes. The dangers to one's health that can result from drinking white spirits or being exposed to them rely not only on the quantity of white spirit consumed or inhaled but also on the length of time spent in contact with the substance. In addition, exposure over a prolonged period of time can cause cardiac issues and pneumonitis (severe lung damage. It is projected that each of these factors will work together to slow the expansion of the worldwide market for white spirits. It is anticipated that the hazardous nature of white spirits, concerns regarding toxicity, and the high expense of white spirits all act as barriers to the global market for white spirits.
Availability Of Alternate and Less Hazardous Products Restrains Market Growth
The availability of substitute drugs is also one of the primary factors that are restraining the demand for white spirits. When working with oil paint, turpentine can be used instead of white spirit to get a thinner consistency. Additionally, turpentine can be used to clean the equipment used for painting. Instead of white spirit, one can use denatured alcohol to clean and degrease metal equipment. This is a more environmentally friendly option. Acetone can be used instead of white spirit to clean items that have grime and adhesive on them.
Market Opportunities
The market for white spirits is expected to expand only in developing nations due to the strong demand in the coatings industry, the automobile industry, the manufacturing sector, the building and construction industry, and the building and construction industry. Increasing demand from household applications has the potential to fuel the white spirits market. White spirit is commonly used to clean paint brushes after use, to clean auto parts and tools, as a starter fluid for charcoal grills, to remove adhesive residue from non-porous surfaces, and many other common applications. Increasing demand for household applications is expected to continue throughout the forecast period.
Type 1 White Spirit Increased Usage as An Active Solvent in Aerosol, Other Wood Preservative Products
It is predicted that the type 1 product type will have the highest compound annual growth rate (CAGR) over the forecast period. The hydro-desulfurization method is applied to type 1 white spirit, which consists of hydrocarbons with carbon numbers ranging from C7 to C12 and is purified using white spirit. Because of its high boiling point (90-230 degrees Celsius), type 1 white spirit is frequently utilized in the extraction and cleaning solvent industries. In addition, the demand in the global market is driven by the usage of type 1 white spirit as an active solvent in aerosol and other wood preservative products.
Type 2 Market Is Second-Fastest Expanding Market
The Type 2 segment is projected to be the white spirits market's second-fastest expanding component. During the process of solvent extraction, a mixture of hydrocarbons called type 2 white spirit is obtained as a raffinate. This type of white spirit is also known as solvent extracted white spirit. The increasing demand from makers of paint and coating, adhesives, and cleaning chemicals is the primary factor driving the need for type 2 white spirit. Another significant aspect that contributes to the increased demand for type 2 white spirit is the growing consumption of these compounds across a variety of end-use industries, including the automotive, construction, composites, and chemical sectors, amongst others.
The Low Flash Point White Spirit Grade Market Set to Grow Further
The low flash point white spirit grade generated the most revenue in 2020 and is projected to rise at the fastest CAGR during the projected period. White spirit of the low flash point grade has a flash point that ranges from 31 to 54 degrees Celsius, which makes it an excellent choice for use in paints, varnishes, and asphalt products. This, in turn, is boosting demand in the global market. Paint thinner was the application that generated the most revenue in 2020 and will continue to grow through the projected period. The fact that white spirit can be manufactured from petroleum distillate, which makes it suitable for use as a solvent in paint thinner, is the primary factor driving demand for white spirits in the application of paint thinner.
White Spirit Application Market Will See Strong Growth
Because of its application in paints and coatings, waxes, adhesives, and printing ink, the global market for white spirits is anticipated to demonstrate significant growth potential in the coming years. In addition, it finds widespread use in applications such as cleaning and degreasing solvent and paints thinner, both of which contribute significantly to the demand in the global market. Another significant element that is expected to give the new potential for growth throughout the forecast period is the fact that white spirit may be employed as a solvent for the extraction of oil-bituminous rock organic components from minerals. In addition, coal samples have pollutants, and these contaminants need to be removed before the samples can be used. As a result of this, white spirit is typically utilized as a cleaning solvent in order to remove a mixture of organic liquids from a sample of coal. In addition, the combination of white spirit and aromatic compounds can be utilized during the production of alkyd resin from camelina oil as an extraction or processing solvent. This is something that is expected to lead to an increase in demand in the global market.
White Spirits Market Will Expand in The APAC Region
The market for the white spirits has been expanding at a consistent rate as a result of a rise in disposable income, an increase in urbanization, a shift in lifestyle preferences, and an increase in the number of construction projects. In addition, it is anticipated that Asia-Pacific will experience a solid growth rate during the time covered by the forecast. This is because there has been a surge in the number of construction activities, as well as a quick growth in the number of manufacturing industries, such as autos. In addition to this, the rise in the low aromatic white spirits subsegment is anticipated to be a driving force behind the expansion of the white spirit market.
European Automobile Market Is Set to Grow and Increase the Use of White Spirits
It is anticipated that the market in Europe will maintain a stable growth rate throughout the period covered by the forecast. The rapidly expanding automobile industry is one of the primary contributors to the market's rapidly growing revenue. The use of white spirit makes it possible to degrease and clean vehicle parts in a quick and effective manner. The production of varnishes, lacquers, and paints accounts for around sixty percent of Western Europe's entire usage of white spirit. This growth will be driven by the coatings used in the packaging, furniture, and metal industries.
Fragmented Market, R&D to Offer Competitive Advantage
The market for white spirit is fragmented with the presence of a significant number of market players. It has been observed that a number of producers are maintaining their attention on research and development operations in order to provide low aromatic content white spirits (LAWS), with the goal of achieving a competitive advantage that is both long-lasting and sustainable. In addition, significant firms are concentrating on broadening their product portfolios by acquiring a variety of small and large white spirit manufacturers. This is being done with the intention of consolidating its market share and growing its client base. Royal Dutch Shell from the Netherlands, Total SA from France, ExxonMobil from the United States, Idemitsu Kosan Co. Ltd from Japan, Bharat Petroleum Corporation Limited from India, Indian Oil Corporation Limited from India, and ThaiOil Company from Thailand are the leading competitors in the market for white spirits (Japan). The majority of these significant firms have operations in multiple countries and a distribution network that is extensive.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of White Spirits market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
