The new report by Expert Market Research titled, ‘Global White Spirit Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global white spirit market, assessing the market based on its segments like types, grades, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 6.30 billion
• Forecast CAGR (2020-2025): 4.5%
• Forecast Market Size (2025): USD 8.60 billion
The rising disposable incomes, rapid urbanisation, and growing population are aiding the market growth. The increased demand for cleaning and degreasing solvents is further propelling the market forward. The market is also aided by the increased construction activities, especially in the emerging regions, and the growing demand for the product from the automobile industry. The rising online sales of downstream products are expected to propel the market growth. The millennial population is expected to drive the online sales in the coming years as they are more digital-oriented. In offline stores, retailers are engaging in in-store promotions to influence millennials in the retail environment.
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Industry Definition and Major Segments
White spirit, also known as mineral turpentine, turpentine substitute, or mineral spirits, is a clear petroleum-derived liquid, which is widely used in painting as a solvent. Therefore, it is commonly utilised in the industries like automotive, paints and coatings, manufacturing, architecture, and building and construction sectors. Due to its high solubility, it could be used as a chemical cleaner, extractive resolver, resin degreasing, aerosol chemical, lacquer, and wood preserving agent, among others.
By type, the market is divided into:
• Type 0
• Type 1
• Type 2
• Type 3
Based on grade, the market can be segmented into:
• Low Flash Point
• Medium Flash Point
• High Flash Point
On the basis of application, the industry is categorised into:
• Paints Thinner
The regional markets for veterinary orthopaedic implants include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The robustly growing paints and coatings industry and the rising demand for solvent cleaning and degreasing primarily drive the growth of the global white spirit industry. Increasing activities in building the sector and the rising automobile industry have generated increased demand in developing regions for a synthetic paint thinner. This has also increased the demand for white spirits. The global white spirits market is also expected to be driven by factors such as the increasing demand for oil exploration, demographic changes, and improving global economic conditions. Moreover, the rising customer tendencies towards low aromatic white spirits could generate high growth prospects for the white spirit industry globally in the near future.
Key Market Players
The major players in the market are ExxonMobil Corporation (NYSE: XOM), Total S.A. (EPA: FP), Royal Dutch Shell Plc (AMS: RDSA), Neste Oyj (HEL: NESTE), GSB Chemicals, CEPSA Química, S.A., Haltermann Carless, and DHC Solvent Chemie GmbH, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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