The Global White Spirits Market was valued at USD 50.82 billion in 2019 and is projected to reach USD 86.59 billion by 2028, growing at a CAGR of 6.1% over the forecast period of 2016-2028. Globally, the white spirits market has witnessed increasing demand from several market segments, such as paints, fuel, solvents, wood preservatives, and some other applications segments.
Some of the factors that are likely to propel the global white spirits market are rising demand for oil exploration, changing demographics, and improving global economic conditions. Another major factor that will drive the white spirits market is the growing social acceptance of alcohol consumption.
White spirit is used as a cleaning solvent, as an extraction solvent, as a degreasing solvent and as a solvent in paints, aerosols, wood preservatives, varnishes, lacquers, and asphalt products. White spirit is the most widely used solvent in the paint industry. It is commonly used to clean paint brushes in households after use.
Factors such as a flourishing paints and coatings industry and increasing demand for cleaning and degreasing solvents have led to the growth of the global white spirits market in recent times.
Increasing construction activities across the globe and the growth of the automotive industry in developing countries have increased the demand for synthetic paint thinners. This, in turn, has given a major boost to the growth of the white spirits market. On the other hand, the high cost associated with white spirits has the potential to hinder the growth of the global market.
White Spirits Market, By Type:
Based on Type, the type 1 white spirit segment will grow with the highest CAGR during the forecast period. Type 1 white spirits refers to the solvent subjected to hydrodesulfurization alone, which has a boiling range of 130–144 °C (266–291 °F). It is widely used in petroleum refineries to remove sulfur from natural gas and refined petroleum products. Type 3 refers to the solvent subjected to hydrogenation, which is most commonly used for the processing of vegetable oils.
White Spirits Market, By Application:
White spirit is an essential ingredient in the manufacturing of solvent-based paints & coatings, as it has application as a thinner. As a thinner, white spirit provides a slower rate of evaporation and reduces the viscosity of the paint. Hence, the paints that are thinned form a leveled coat on the surface on which they are applied, as white spirit helps smoothen the surface. The extensive use of white spirit as a paint thinner in the paints & coatings industry has resulted in the growth of the paint thinner segment.
White Spirits Market, By End-use Industry:
The growing demand for new houses due to the rising number of nuclear families has led to the construction of new residential and commercial buildings, and this is likely to increase further in the future. The growth of the construction industry is fueling the demand for paints and coatings in these regions, which will drive the building and construction segment in the End-use Industry.
White Spirits Market, By Region:
The Asia Pacific held a major share in the global market in 2019. The Asia Pacific is projected to become a relatively fast-growing region, owing to an increasing demand for white spirits from the paints & coating industry, along with the growth in wood and plastic industries.
In 2019, the European region witnessed the highest demand for white spirits in the paints & coatings industry. As per the United Nations Health and Safety Program Guide 103, the white spirit consumption in Western Europe in paints, lacquers, and varnishes account for about 60% of the total consumption.
Some Key Findings of the Global White Spirits Market Report Include:
By End-use Industry:
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