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The Global White Spirits Market share is expected to increase to USD 2.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.3%.
This white spirits market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers white spirits market segmentations by application (thinner and solvent, fuels, cleaning agent, degreasing agent, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The growing use of spirits as a cleaning and degreasing agent is one of the key drivers supporting the white spirits market growth. Primarily, white spirit is a fast-drying solvent that is being used for the cleaning of metal and painted surfaces. There are times when a greasy and oily layer develops around machines or their parts, chains of bicycles, automobile parts, and other metallic tools and equipment. However, white spirits are useful to degrease them. In addition, it is used in households for cleaning purposes, such as cleaning furniture and wood. Also, it is eco-friendly and available at an affordable price. Therefore, the increasing use of white spirits as a cleaning and degreasing agent is expected to drive the growth of the white spirits market in focus during the forecast period.
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Increasing demand from the construction industry is one of the key white spirits market trends contributing to the market growth. Rapid urbanization and significant investments in infrastructure development are aiding the growth of the construction industry in developing countries such as India and Australia. White spirits are commonly used in the construction industry, wherever paints are used because white spirits reduce the viscosity of the paint and let the paint dry for a longer time. In addition, in countries such as India and the US, the construction industry is expected to grow during the forecast period owing to the availability of affordable housing and the growing population. Therefore, such factors are expected to increase the demand for paints, which, in turn, will drive the growth of the white spirits market during the forecast period.
Health hazards associated with long-term exposure to white spirits is one of the factors challenging the white spirits market growth. The presence of white spirits in the environment might lead to exposure and cause health hazards. Moreover, the factors such as breathing, consumption, and skin contact expose a person to white spirits. Health hazards associated with ingestion or exposure to white spirits also depend upon the amount of white spirits exposure and duration of exposure. Also, ingestion of white spirits directly into the lungs can further increase the risk of vomiting sensation in the person. All these associated risk factors are expected to hinder the growth of the global white spirits market during the forecast period.
This white spirits market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The white spirits market share growth by the thinner and solvent segment will be significant during the forecast period. White spirit is an important ingredient in the manufacturing of solvent-based paints and coatings and is also used as a thinner.
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The main purpose of the white spirits as a thinner is to reduce the viscosity of the paint and provide a slower rate of evaporation. Therefore, the paints that are thinned with white spirits generally dry to a smoother surface and form a leveled coat on the surface to which it is being applied. Moreover, the growing demand for new houses due to the rising number of nuclear families worldwide has led to the construction of new residential and commercial buildings, which is expected to increase the demand for thinners and solvents in the construction industry during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the white spirits market size and actionable market insights on post COVID-19 impact on each segment.
35% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the white spirits market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The rising use of white spirits in end-user industries such as paints and coatings, adhesives, inks, and dyes will facilitate the white spirits market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The regional market was negatively impacted due to the COVID-19 pandemic in 2020. However, the initiation of vaccination drives led to the lifting of lockdowns in 2021. This has resulted in the resumption of operations in the end-user industries, which has increased the demand for white spirits in the region. Thus, such factors will drive the white spirits market growth during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the white spirits market encompasses successful business strategies deployed by the key vendors. The white spirits market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
White Spirits Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.3% |
Market growth 2022-2026 |
USD 2.43 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.52 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 35% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
2M Holdings Ltd., Al Oga Factory for Manufacturing White Spirit, Al Sanea Chemical Products, Bharat Petroleum Corp. Ltd., BRENNTAG SE, Compania Espanola de Petroleos SA, DHC Solvent Chemie GmbH, Exxon Mobil Corp., G.S.B Chemical Co. Pty. Ltd., HCS Group GmbH, KH Chemicals B.V., Pon Pure Chemicals Group, San Miguel Corp., SHANGHAI CHEMEX Group Ltd., Shell plc, Suntory Holdings Ltd., Thai Oil Public Co. Ltd., TotalEnergies SE, and Vizag Chemical International |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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