The Asia Pacific White Spirits Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 3434.2 Kilo Tonnes, showcasing a growth of 4.8% (2019-2022).
With stringent cleanliness standards and increasing emphasis on quality control, decreasing solvents play a crucial role in ensuring the smooth operation of machinery and equipment, as well as enhancing product durability and performance. Therefore, The South Korea market utilized 42.67 Kilo Tonnes of white spirits as degreasing solvents in 2022.
The China market dominated the Asia Pacific White Spirits Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,433.8 million by 2030. The Japan market is registering a CAGR of 5.3% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6% during (2023 - 2030).
The automotive industry has also witnessed a surge in the adoption of white spirits for cleaning and degreasing applications. White spirits are utilized in automotive manufacturing sites to eliminate contaminants such as grease and oil from vehicle parts and components. This process guarantees superior performance and strict adherence to quality standards. Similarly, in automotive maintenance and repair workshops, white spirits serve as essential cleaning agents for maintaining equipment and ensuring operational efficiency. White spirits find applications in manufacturing in various processes, such as degreasing metal surfaces, thinning paints and coatings, and cleaning equipment. They are also used in the production of adhesives, sealants, and printing inks.
Additionally, in recent years, there has been a flurry of launches and developments within the white spirits market, reflecting industry players' commitment to innovation and meeting the evolving needs of customers, such as the launch of eco-friendly white spirits formulations by leading manufacturers. These formulations, characterized by lower volatile organic compound (VOC) emissions and reduced toxicity, are designed to comply with stringent environmental regulations and cater to the preferences of environmentally conscious consumers.
Asia Pacific's construction industry is booming and driven by urbanization, infrastructure development, and real estate investment. In its May 2023 budget, the New Zealand Government committed approximately $41 billion for public infrastructure spending over the next five years (i.e., money for building schools, hospitals, public housing, roads, etc.) The Government has also set aside US$3 billion for a National Resilience Plan, focusing on future-proofing roads, rail, and other infrastructure wiped out by extreme weather. Thus, all these factors are supporting the growth of the market.
Free Valuable Insights: The Global White Spirits Market is Predict to reach $ 11 Billion by 2030, at a CAGR of 5.5%
Based on Grade, the market is segmented into Low Flash Point, Regular Flash Point and High Flash Point. Based on Application, the market is segmented into Paint Thinner, Solvent Extraction, Cleaning Solvent, Degreasing Solvent and Others. Based on Product Type, the market is segmented into Type 1, Type 2, Type 3, and Type 0. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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