"Innovative Market Solutions to Help Businesses Make Informed Decisions"

White Spirits Market Size, Share, and COVID-19 Impact Analysis, By Type ( Type 0, Type 1, Type 2, and Type 3), By Application (Thinner & Solvent, Fuels, Cleaning Agent, Degreasing Agent, and Others), and Regional Forecast, 2024-2032

Region :Global | Report ID: FBI107275 | Status : Ongoing

 

KEY INDUSTRY INSIGHTS

White spirits are also known as mineral spirits in U.S. & Canada and mineral turpentine in Australia and New Zealand. It is also called petroleum spirit and is mainly used as a solvent in different end-use industries. White spirits are colorless, flammable liquids with flashpoints ranging from 21°C to 68°C. It is produced by fractional distillation of kerosine and naphtha obtained from crude oil. Different types of white spirits including type 0, type 1,  type 2, and type 3 are used in different applications such as thinner & solvent, fuels, cleaning agents, degreasing agents, and other applications in several industries.


The rapidly growing construction and automotive industry across the globe is the key driver for the global white spirits market. White spirits are prominently used as solvent and thinner in paints and coating which are extensively used in the construction and automotive industry.  Applications of white spirits for fuels and degreasing agents in the automotive industry are also significant contributors to its rising demand in different parts of the world. The recent past has witnessed rising oil exploration activities to deal with the complex geopolitical events and the inclination of consumers towards low aromatic spirits. This in turn is anticipated to present lucrative opportunities for the global white spirits market.

Toxicity concerns associated with the hazardous nature of white spirits and their high cost are estimated to hinder the market growth. Along with this, the availability of substitutes can also hurt the white spirits market. For instance, in oil paint thinning, white spirits can be substituted by turpentine while denatured alcohol can be used as a substitute for degreasing and cleaning metal equipment.

Impact of COVID-19 on the White Spirits Market


The outbreak of COVID-19 forced governments of various countries to enforce lockdowns and restrictions on movements. This has resulted in partial and complete stoppage of construction and transportation activities across the globe resulting in decreased demand for white spirits. Along with this, it has also resulted in the disruption of supply chains involved in the white spirits market. Disruption of raw material supply chains coupled with the decreased demand led to a decline in the growth of the white spirits market. However, with significant control over the spread of COVID-19, several economies are coming back on track with the construction and automotive industry growing at a significant rate. This is anticipated to have a significant positive impact on the white spirits market.

Key Insights


The report will cover the following key insights:


  • Regulatory Scenario of the White Spirits Market.

  • Key developments in the White Spirits Market.

  • Impact of COVID-19 on the White Spirits Market.


Analysis by Type


Depending on the types, the white spirits market is segmented into type 0, type 1,  type 2, and type 3. The composition and properties of different types of white spirits depend on their production process.  For instance, type 0 white spirit is the highly aromatic complex combination of hydrocarbons obtained by the distillation of crude oil. Among these types, type 1 held a significant share of the global white spirits market. It is attributed to wider applications of type 1 white spirits as extraction and cleaning solvent owing to its higher boiling point.

Analysis by Application


Depending on the applications of the white spirits, the global white spirits market is segmented as thinner & solvent, fuels, cleaning agents, degreasing agents, and others. Among these application segments, the thinner and solvent segment held the largest share of the global white spirits market in 2021. It is also anticipated to retain its position during the forecast period. The higher share held by the thinner and solvents is attributed to their extensive use in paints and coatings. Increasing demand for paints and coatings from the rapidly growing construction and automotive industry is anticipated to further boost the demand for white spirits for thinner and solvent applications.

Regional Analysis


To gain extensive insights into the market, Request for Customization


The global white spirits market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold a significant share of the global white spirits market owing to the developed construction and automotive industry in the region. The presence of prominent players in the market is another key factor contributing to the higher share held by these regions. The strong presence of major automotive giants in the region such as BMW Group, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, etc. is expected to further propel the growth of the white spirits market in the region.

Asia Pacific is the fastest-growing white spirit market owing to rapid industrialization in the region. The recent past has witnessed higher population growth, rapid industrialization and urbanization, and increasing consumer spending in the region. All these factors have resulted in significant growth in the automobile and construction industry in the region. Initiatives by governments in the emerging economies in the region such as China and India to provide houses for all will have a significant impact on the construction industry in the region. For instance, the Government of India launched Pradhan Mantri Awas Yojan to provide affordable housing to poor families. Such initiatives in turn will have a positive impact on the white spirits market. 

Latin America, the Middle East & Africa are expected to witness considerable growth in the white spirits market owing to the rising construction and automotive industry in the region. Rising industrialization coupled with a better-positioned oil exploration industry in the region is anticipated to present lucrative opportunities for the white spirits market.

Key Players Covered


The report will include the profiles of key players such as ExxonMobil Corporation, Royal Dutch Shell PLC, DHC Solvent Chemie GMBH, Total S.A., Abu Dhabi National Oil Company (ADNOC), GSB Chemicals, Bharat Petroleum Corporation Limited, ThaiOil Company, Indian Oil Corporation Limited, Neste Oyj, GSB Chemical Co. Pty. Ltd., KH Chemicals BV and others.

Segmentation
















By Material


By  Application


By Geography



  • Type 0

  • Type 1

  • Type 2

  • Type 3




  • Thinner & Solvent

  • Fuels

  • Cleaning Agent

  • Degreasing Agent

  • Others




  • North America (U.S. and Canada)

  • Europe (Germany, France, Italy, U.K., and the Rest of Europe)

  • Asia Pacific (China, India, Japan, ASEAN, and Rest of APAC)

  • Middle East & Africa (GCC, South Africa, and Rest of MEA)

  • Latin America (Brazil, Mexico, and Rest of LATAM  



Key Industry Developments



  • In July  2021, Indian Oil Corporation Limited announced the expansion of Panipat Refinery from the existing annual capacity of 15MMT to 25 MMT. The expansion will allow the company to meet the increasing demand for its products in North India.

  • In February 2021, Abu Dhabi National Oil Company (ADNOC) announced that it has added white spirits and solvents to its product portfolio. The move will allow the company to enhance its presence in international market.





  • Ongoing
  • 2023
  • 2019-2022

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

Samsung
UBS
Petronas
Citibank
GM

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X