White Spirits Market by Application and Geography - Forecast and Analysis 2022-2026

Published: Jun 2022 Pages: 130 SKU: IRTNTR73746

White Spirits Market Research Report 2022-2026

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). 

Key White Spirits Market Driver

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.

What will the White Spirits Market Size be During the Forecast Period?

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Key White Spirits Market Trends

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.

Key White Spirits Market Challenge

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.

What are the Revenue-generating Application Segments in the White Spirits Market?

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.

Which are the Key Regions for White Spirits Market?

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.

Who are the Major White Spirits Market Companies?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

  • 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
  • Vizag Chemical International

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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What are the Key Data Covered in this White Spirits Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive white spirits market growth during the next five years
  • Precise estimation of the white spirits market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the white spirits industry across APAC, Europe, North America, Middle East and Africa, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of white spirits market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Thinner and solvent - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Thinner and solvent - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Thinner and solvent - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Thinner and solvent - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Thinner and solvent - Year-over-year growth 2021-2026 (%)
    • 5.4 Fuels - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Fuels - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Fuels - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Fuels - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Fuels - Year-over-year growth 2021-2026 (%)
    • 5.5 Cleaning agent - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Cleaning agent - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Cleaning agent - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Cleaning agent - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Cleaning agent - Year-over-year growth 2021-2026 (%)
    • 5.6 Degreasing agent - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Degreasing agent - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Degreasing agent - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Degreasing agent - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Degreasing agent - Year-over-year growth 2021-2026 (%)
    • 5.7 Others - Market size and forecast 2021-2026
      • Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.8 Market opportunity by Application
      • Exhibit 48: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 50: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 51: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 52: Chart on Geographic comparison
      • Exhibit 53: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 70: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 Germany - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.12 UK - Market size and forecast 2021-2026
      • Exhibit 90: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 91: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 92: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 93: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 94: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 95: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 96: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 97: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 98: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 99: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 100: Matrix on vendor position and classification
            • 10.3 Al Sanea Chemical Products
              • Exhibit 101: Al Sanea Chemical Products - Overview
              • Exhibit 102: Al Sanea Chemical Products - Product / Service
              • Exhibit 103: Al Sanea Chemical Products - Key offerings
            • 10.4 Bharat Petroleum Corp. Ltd.
              • Exhibit 104: Bharat Petroleum Corp. Ltd. - Overview
              • Exhibit 105: Bharat Petroleum Corp. Ltd. - Product / Service
              • Exhibit 106: Bharat Petroleum Corp. Ltd. - Key offerings
            • 10.5 Compania Espanola de Petroleos SA
              • Exhibit 107: Compania Espanola de Petroleos SA - Overview
              • Exhibit 108: Compania Espanola de Petroleos SA - Business segments
              • Exhibit 109: Compania Espanola de Petroleos SA - Key offerings
              • Exhibit 110: Compania Espanola de Petroleos SA - Segment focus
            • 10.6 DHC Solvent Chemie GmbH
              • Exhibit 111: DHC Solvent Chemie GmbH - Overview
              • Exhibit 112: DHC Solvent Chemie GmbH - Product / Service
              • Exhibit 113: DHC Solvent Chemie GmbH - Key offerings
            • 10.7 Exxon Mobil Corp.
              • Exhibit 114: Exxon Mobil Corp. - Overview
              • Exhibit 115: Exxon Mobil Corp. - Business segments
              • Exhibit 116: Exxon Mobil Corp. - Key offerings
              • Exhibit 117: Exxon Mobil Corp. - Segment focus
            • 10.8 G.S.B Chemical Co. Pty. Ltd.
              • Exhibit 118: G.S.B Chemical Co. Pty. Ltd. - Overview
              • Exhibit 119: G.S.B Chemical Co. Pty. Ltd. - Product / Service
              • Exhibit 120: G.S.B Chemical Co. Pty. Ltd. - Key offerings
            • 10.9 HCS Group GmbH
              • Exhibit 121: HCS Group GmbH - Overview
              • Exhibit 122: HCS Group GmbH - Product / Service
              • Exhibit 123: HCS Group GmbH - Key offerings
            • 10.10 Shell plc
              • Exhibit 124: Shell plc - Overview
              • Exhibit 125: Shell plc - Business segments
              • Exhibit 126: Shell plc - Key news
              • Exhibit 127: Shell plc - Key offerings
              • Exhibit 128: Shell plc - Segment focus
            • 10.11 Thai Oil Public Co. Ltd.
              • Exhibit 129: Thai Oil Public Co. Ltd. - Overview
              • Exhibit 130: Thai Oil Public Co. Ltd. - Business segments
              • Exhibit 131: Thai Oil Public Co. Ltd. - Key offerings
              • Exhibit 132: Thai Oil Public Co. Ltd. - Segment focus
            • 10.12 TotalEnergies SE
              • Exhibit 133: TotalEnergies SE - Overview
              • Exhibit 134: TotalEnergies SE - Business segments
              • Exhibit 135: TotalEnergies SE - Key news
              • Exhibit 136: TotalEnergies SE - Key offerings
              • Exhibit 137: TotalEnergies SE - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 138: Inclusions checklist
                • Exhibit 139: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 140: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 141: Research methodology
                • Exhibit 142: Validation techniques employed for market sizing
                • Exhibit 143: Information sources
              • 11.5 List of abbreviations
                • Exhibit 144: List of abbreviations

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                INFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases

                DATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts

                REPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape

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                Key Questions Answered

                • What are the key global market and the regional market share?
                • What are the revenue-generating key market segments?
                • What are the key factors driving and challenging this market’s growth?
                • Who are the key market vendors and their growth strategies?
                • What are the latest trends influencing the growth of this market?
                • What are the variables influencing the market growth in the primary regions?
                • What are the factors influencing the growth of the parent market?

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