Global White Spirits Market is Estimated to Reach $11 Billion by 2025, Says Accurize Market Research
Global White Spirits Market report published by Accurize Market Research forecast that the global market is expected to reach $11 billion by 2025; growing at a CAGR of 6.5% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Paint & coating industry demand, reasonable price hike of jet kerosene to drive the market
Unobtrusive jet kerosene prices, steady demand from the paints and coatings industry, changing demographics, improving global economic conditions, and the increasing demand for these spirits as a turpentine substitute, are the chief factors driving the global white spirits market. However, high cost of white spirits is expected to restrain the market growth. Shifting focus towards low aromatic white spirits would provide several growth opportunities for the market in the coming years.
The global white spirits market is bifurcated by application, grades and geography. The application segment includes paint thinner, cleaning solvent, degreasing solvent, fuel, disinfectant, and others. The grade segment of white spirits market is divided into regular flash grade, high flash grade, and low flash grade. Geographically, the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW).
"Paint thinner accounted for the largest market share in the application segment", says Accurize
The paint thinner segment dominated the application segment with the largest market share in 2017. Regular flash grade was the maximum revenue generating grades segment.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific accounted for the largest market share of 36% in 2017, owning to the growing infrastructural developments in the region. Improvement in economic condition also has also led to the growth in demand for white spirits in the region. North America is the second largest market with a total market share of 29%. In terms of growth, rest of the world (RoW) is expected to attain the fastest CAGR during the forecast period.
Top players in the market
Major companies operating the market are ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd., CEPSA, NesteOyj, and others.
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