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White Spirits Market size is forecast to reach $8.6 billion by 2025, after growing at a CAGR of 4.8% during 2020-2025. With rise in paints and coatings industry, the demand for white spirits market will also grow, as white spirits are used majorly in the Paints and coating industry. Owing to the volatility and low bioavailability of its constituents, white spirit, although it is moderately toxic to aquatic organisms, but it is ecofriendly.
Type – Segment Analysis
Type 2 holds the largest market share in the white spirits market. Type 2 white spirit, also known as solvent extracted, is a combination of hydrocarbons, which is obtained as a raffinate from the solvent extraction process. The demand for type 2 white spirit is driven mainly by the growing demand from the paint & coating, adhesives, and cleaning chemical manufacturers. The increasing consumption of these compounds in the various end-use industries such as automotive, construction, composites, and chemicals, is another important factor leading to the high demand for type 2 white spirit. White spirit can be used as an extraction solvent, degreasing solvent, and as an aerosol solvent. It is used to clean paint brushes after usage in households. White spirit is a chemical mixture of alicyclic and aliphatic organic hydrocarbon atoms. It is derived from paraffin and is mainly used in painting as well as decorating works. Whereas the National Institute for Occupational Safety and Health (NIOSH) has set a recommended occupational exposure limit (REL) of 350 mg/m3 over an 8-hour workday and 1800 mg/m3 over 15 minutes.
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Application – Segment Analysis
Paint thinner holds the largest market share in the White Spirits Market. Paint thinners are solvents that can dissolve paint and reduce viscosity of paint or “thin” it for use in sprayer applicators or when simply needing a thinner mixture to work with. Paint that has been left open will begin to harden and dry and become thicker. Thinner can counteract this. A number of other solvents can be used to remove paint. These include acetone, turpentine, naptha, xylene, methyl ethyl ketone (MEK), and denatured alcohol. Normally paint thinner is used to remove oil-based paint from brushes, rollers, equipment, and surfaces. However, there are many other applications and uses for paint thinner saving you money and time. For health hazard assessments, reference values (Derived No Effect levels, DNELs) are calculated from toxicology data and compared to estimated exposure levels
Geography – Segment Analysis
APAC dominated the White Spirits market with a share of more than xx%, followed by North America and Europe. Countries such as India, China, among others are the major economies in this region. The growth of the construction industry in APAC is fueling the paints & coatings demand in these regions, which will directly have an impact on the demand for white spirit. The rapid construction activities in the emerging economies of APAC is driving the white spirit market. This is supported by the improving standard of living, rising housing construction expenditure, and investments across various industries. One of the main reason behind, being the largest market for White Spirits in APAC region is, APAC holds the largest market share for paints and coatings market around the world.
Drivers – White Spirits Market
Growing Demand from Cleansing and Degreasing Agent Application
White spirit is a very effective cleansing agent. It is a potent solution, known for its versatility and effectiveness. It can be used as a solvent to erase slip-ups, while painting. It can also be used to dissolve gum and resins stuck on clothing or carpets. It is commonly used in the automobile industry, where it acts as a cleaning agent for car parts or heavy machinery. It can eat away the toughest grease and chemical stains. Even dried paint, which thickens, can be dissolved and easily removed with white spirit. In addition, white spirit can cleanse and polish wooden furniture or floors.
Implementation of Stringent Environment Regulations
Governments Stringent regulations towards Building & construction for different projects such as building homes for homeless poor people will drive the market for white spirits, as building a home will also need paint. For painting the homes, we know without the white thinner or spirit, painting is not possible. So, white spirit becomes one of the very crucial part for building and construction industry. Other governments regulation towards promoting different industries for an example – by giving industries lands to setup their factory and to create employment. Such things also indirectly drive the market for white Spirits.
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Challenges – White Spirits Market
Impact of COVID 19 on White Spirit Market
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for White Spirits. Whereas the neurological effects of white spirit can be due to a reversible depression of the central nervous system from short?term exposures.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the White Spirits market. In 2019, the market of White Spirits has been consolidated by the top five players accounting for xx% of the share. Major players in the White Spirits Market are Exxon Mobil Corporation, Royal Dutch Shell PLC, DHC Solvent Chemie GmbH, Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited, among others.
Acquisitions/Technology Launches
In May 2017, Exxon Mobil Corporation has completed its acquisition of one of the world’s largest aromatics facilities on Jurong Island in Singapore. Proximity to company’s integrated refining and petrochemical complex will strengthen both sites with product and logistical synergies.
In June 2017, HCS Group GmbH (HCS), a leading global supplier of solutions for high-value hydrocarbon specialties, announced that it has signed a contract with Solventis Ltd., a distributor of petrochemical solvents and an existing producer of Automotive fluids, for the sale of its Haltermann Carless (HC) Fluids business.
Key Takeaways
Asia-Pacific dominates the White Spirits market owing to increasing demand from Paints and coatings industries.
With the presence of wide variety of application, this maintains the popularity of White spirits, is likely to aid in the market growth of White Spirits.
Growing Demand from Cleansing and Degreasing Agent Application will increase the market demand for White Spirits in the near future.
Hazardous nature, and toxicity concerns related to white spirits are expected to hinder the market growth in the near future.
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