“Global White Spirits Market to reach a market value of USD 11 Billion by 2030 growing at a CAGR of 5.5%”
The Global White Spirits Market size is expected to reach $11 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 9000.7 Kilo Tonnes, experiencing a growth of 4.7% (2019-2022).
The automotive industry in Asia Pacific is experiencing rapid growth. White spirits are used in manufacturing automotive coatings, which are essential for protecting and enhancing the aesthetic appeal of vehicles. Consequently, the Asia Pacific region would generate USD 3,076.3 million in 2022. Also, Russia would utilize 132.3 kilo tonnes of high flash point white spirits by 2030. Additionally, the automotive industry in the Asia Pacific region is one of the largest consumers of white spirits, particularly for automotive coatings, paints, and cleaning products.
Rapid construction and infrastructure development have become defining features of the modern world, reshaping landscapes and urban environments on a global scale. Construction activity is experiencing significant growth on all continents due to urbanization, population expansion, and economic expansion. The primary outcome of this effort is the construction of vital infrastructure like roads, bridges, buildings, and utilities. Thus, as construction activity escalates, so does the need for white spirits to support these applications, driving the expansion of the market.
Additionally, Ongoing research and development efforts have led to the development of advanced white spirit formulations with improved performance characteristics, such as lower odor, faster drying times, and enhanced cleaning power. For instance, the introduction of nanotechnology has enabled the creation of nano-enhanced white spirits formulations. Hence, all these developments will further aid in the growth of the market.
However, the market encounters a formidable challenge in the form of substitution by alternative solvents and chemicals. Hydrocarbons, glycol ethers, and bio-based solvents are among the contenders that offer comparable properties and functionalities to white spirits. This competition stems from various factors, including cost-effectiveness, performance, and environmental considerations, all of which influence the attractiveness of substitutes over traditional white spirits. As a result, the availability of such substitutes poses a significant threat to the growth prospects of the market.
On the basis of grade, the market is divided into low flash point, regular flash point, and high flash point. The low flash point segment acquired 48.8% revenue share in the market in 2022. Industries with strict safety regulations, such as the electronics, automotive, and aerospace sectors, often require solvents with low flash points to minimize fire hazards during manufacturing processes. Compliance with safety standards and regulations necessitates using solvents with lower flash points to reduce the risk of fire accidents and ensure workplace safety.
By application, the market is categorized into paint thinner, solvent extraction, cleaning solvent, degreasing solvent, and others. The degreasing solvent segment garnered a 10.4% growth rate in the market in 2022. In terms of volume, cleaning solvent consumed 1,342.9 kilo tonnes in 2022. White spirits are commonly used as base solvents in degreasing formulations due to their excellent solvency power and compatibility with various materials. Maintaining clean and degreased surfaces is crucial for quality control and maintenance in industrial settings. These advantages of white spirits will aid in the growth of the market.
Based on product type, the market is segmented into type 1, type 2, type 3, and type 0. The type 1 segment garnered 51.31% revenue share in the market in 2022. Type 1 white spirits consist primarily of aliphatic, cycloaliphatic, and a small proportion of aromatic hydrocarbons. They typically contain less than 25% aromatic compounds, distinguishing them from other types of white spirits with higher aromatic content. The demand for type 1 white spirits is closely linked to infrastructure development activities such as construction, renovation, and maintenance projects.
Free Valuable Insights: Global White Spirits Market size to reach USD 11 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired 23.3% revenue share in the market in 2022. White spirits play a vital role in various industrial manufacturing processes in North America, including metalworking, electronics, textiles, and chemicals. Industries rely on white spirits for cleaning, degreasing, and surface preparation, contributing to the overall demand for these solvents.
Report Attribute | Details |
---|---|
Market size value in 2022 | USD 7.2 Billion |
Market size forecast in 2030 | USD 11 Billion |
Base Year | 2022 |
Historical Period | 2019 to 2021 |
Forecast Period | 2023 to 2030 |
Revenue Growth Rate | CAGR of 5.5% from 2023 to 2030 |
Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
Number of Pages | 355 |
Number of Tables | 750 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
Segments covered | Grade, Product Type, Application, Region |
Country scope |
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Companies Included | Idemitsu Kosan Co., Ltd., Shell plc, Exxon Mobil Corporation, TotalEnergies SE, Thai Oil Public Company Limited (Petroleum Authority of Thailand (PTT)), Indian Oil Corporation Ltd., Bharat Petroleum Corporation Limited, DHC Solvent Chemie GmbH (BP Europa SE), Rahaoil, Inc., Alshall International Co |
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 Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $11 billion by 2030.
Increasing Demand in Construction and Infrastructure Development are driving the Market in coming years, however, Significant Competition from Alternative Solvents restrictions issues restraints the growth of the Market.
Idemitsu Kosan Co., Ltd., Shell plc, Exxon Mobil Corporation, TotalEnergies SE, Thai Oil Public Company Limited (Petroleum Authority of Thailand (PTT)), Indian Oil Corporation Ltd., Bharat Petroleum Corporation Limited, DHC Solvent Chemie GmbH (BP Europa SE), Rahaoil, Inc., Alshall International Co
In the year 2022, the market attained a volume of 9000.7 Kilo Tonnes, experiencing a growth of 4.7% (2019-2022).
The Paint Thinner segment is leading the Market by Application in 2022 there by, achieving a market value of $4.8 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; there by, achieving a market value of $4.8 billion by 2030.
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