According to a research report by Stratview Research, the White Spirit Market was valued at USD 7.02 billion in 2021 and is likely to grow at a CAGR of 4.15% during 2022-2028 to reach USD 9.37 billion in 2028.

The prime factor contributing to the demand for white spirits is the increasing demand for paints and coatings from various industries.

What is white spirit?

White Spirit or mineral seat or mineral turpentine oil (MTO) is a petrochemical solvent, which contains C7 to C12 aliphatic, acyclic, and aromatic hydrocarbons with a boiling range varying between 65-230°C. It is a clear, colorless, and flammable liquid with flash points between 21-68 °C and an aromatic content ranging between 2% to 25%.

White Spirits are usually of four types (type 0, type 1, type 2, and type 3) that are produced as the fractional distillation fractions from naphtha and kerosene cut of crude oil. They are majorly used in applications such as thinner & solvent, fuels, cleansing agents, and degreasing agents.

COVID-19 IMPACT

The covid-19 pandemic negatively impacted the White Spirit Market in the year 2020. Several countries imposed strict restrictions and lockdowns during the pandemic. The demand for the white spirit declined as the various industries where its needed halted operations. However, the market is expected to recover and register healthy growth in the forecast period.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Segments' Analysis

Based on the type, the market is segmented as Type 0, Type 1, Type 2, and Type 3. The Type 2 segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. Increasing demand for Type 2 white spirit from the paint & coating, adhesives, and cleaning chemical manufacturers is the primary factor contributing to its dominance.

Based on the application type, the market is segmented as thinner & solvent, fuels, cleaning agents, and degreasing agents. Thinner & solvent application is likely to remain the dominant application of the market during the forecast period. White spirit plays a crucial role in the manufacturing of solvent-based paints & coatings, where it is used as a thinner. In the paints & coatings industry, white spirit acts as a thinner to reduce its viscosity and provides a slower rate of evaporation.

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for the white spirit during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by significant economic development in the region and expanding construction industry, which in turn, is fueling the demand for paints & coatings in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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