Which is the fastest growing region in White Spirit Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in White Spirit Market?

In 2024, the Asia Pacific accounts for the largest market share in White Spirit Market. Read More

What years does this White Spirit Market cover?

The report covers the White Spirit Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the White Spirit Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

White Spirit Market Size

Market Size of White Spirit Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR	> 5.00 %
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

White Spirit Market Analysis

The white spirit market is expected to register a CAGR of more than 5% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is now estimated to reach pre-pandemic levels and is expected to grow steadily.

The increasing demand from the paints and coatings industry and augmenting infrastructure development are driving the market's growth.
On the flip side, toxic and hazardous nature is expected to significantly hinder the market's growth.
Customization of products more specific to an application and the increasing demand as a substitute for turpentine will likely act as opportunities in the future.
Asia-Pacific is expected to dominate the global market during the forecast period.

White Spirit Industry Segmentation

White spirit is a petroleum-derived clear, transparent liquid used as a common organic solvent in painting and other applications. White spirits reduce the paint viscosity and let the paint dry for longer. The paints on which white spirits are used as a thinner dry out to form a smooth and leveled coat on the surface. The white spirit market is segmented by grade, application, and geography. By grade, the market is segmented into low-flash grade, regular-flash grade, and high-flash grade. By application, the market is segmented into paint thinner, cleansing agent, degreasing agent, fuel, disinfectant, and other applications. The report also covers the market size and forecasts for the market in 15 countries across the globe. The market sizing and forecasts are based on each segment's value (USD million).

Grade
		Low-flash Grade
		Regular-flash Grade
		High-flash Grade

Application
		Paint Thinner
		Cleansing Agent
		Degreasing Agent
		Fuel
		Disinfectant
		Other Applications

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Rest of Asia-Pacific

North America
	United States
	Canada
	Mexico

Europe
	Germany
	United Kingdom
	Italy
	France
	Rest of Europe

South America
	Brazil
	Argentina
	Rest of South America

Middle-East and Africa
	Saudi Arabia
	South Africa
	Rest of Middle-East and Africa

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White Spirit Market Size Summary

The white spirit market is poised for steady growth, driven by increasing demand from the paints and coatings sector and ongoing infrastructure development. This petroleum-derived solvent is essential in the construction industry, particularly as a paint thinner, and its demand is bolstered by the global expansion of construction activities. The market is recovering from the setbacks caused by the COVID-19 pandemic and is expected to reach pre-pandemic levels. However, the market faces challenges due to the toxic and hazardous nature of white spirit, which could impede its growth. Despite these challenges, opportunities exist in product customization and the growing preference for white spirit as a turpentine substitute.

Asia-Pacific is anticipated to lead the global white spirit market, with significant contributions from countries like China and India. The region's dominance is supported by robust construction activities and a burgeoning paints and coatings industry. China's urbanization and expansion of residential and commercial buildings, along with India's substantial investment in housing, are key factors driving market demand. The fragmented nature of the market sees major players like Exxon Mobil Corporation, Shell plc, and TotalEnergies actively participating in market dynamics. Strategic investments and expansions, such as those by PPG in China, further underscore the region's growth potential.

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White Spirit Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Increasing Demand from the Paints and Coatings Industry
  2. 1.1.2 Augmenting Infrastructure Development
2. 1.2 Restraints
  1. 1.2.1 Toxic and Hazardous Nature of White Spirit
  2. 1.2.2 Other Restraints
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Consumers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Value)
1. 2.1 Grade
  1. 2.1.1 Low-flash Grade
  2. 2.1.2 Regular-flash Grade
  3. 2.1.3 High-flash Grade
2. 2.2 Application
  1. 2.2.1 Paint Thinner
  2. 2.2.2 Cleansing Agent
  3. 2.2.3 Degreasing Agent
  4. 2.2.4 Fuel
  5. 2.2.5 Disinfectant
  6. 2.2.6 Other Applications
3. 2.3 Geography
  1. 2.3.1 Asia-Pacific
    1. 2.3.1.1 China
    2. 2.3.1.2 India
    3. 2.3.1.3 Japan
    4. 2.3.1.4 South Korea
    5. 2.3.1.5 Rest of Asia-Pacific
  2. 2.3.2 North America
    1. 2.3.2.1 United States
    2. 2.3.2.2 Canada
    3. 2.3.2.3 Mexico
  3. 2.3.3 Europe
    1. 2.3.3.1 Germany
    2. 2.3.3.2 United Kingdom
    3. 2.3.3.3 Italy
    4. 2.3.3.4 France
    5. 2.3.3.5 Rest of Europe
  4. 2.3.4 South America
    1. 2.3.4.1 Brazil
    2. 2.3.4.2 Argentina
    3. 2.3.4.3 Rest of South America
  5. 2.3.5 Middle-East and Africa
    1. 2.3.5.1 Saudi Arabia
    2. 2.3.5.2 South Africa
    3. 2.3.5.3 Rest of Middle-East and Africa