Global White Spirits Market size is projected to be valued $9 Billion by 2024; with a CAGR of 6.5% from 2017 to 2025. White spirit is primarily used for cleaning paint and degreasing machine tools and parts. Unassuming 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 major factors driving the global white spirits market. However, high cost of white spirits may hamper the market growth. Shifting focus towards low aromatic white spirits would provide several growth opportunities for the market in coming years.
The global white spirits market is bifurcated by application and grades. The segmentations by application include paint thinner, cleaning solvent, degreasing solvent, fuel, disinfectant, and others. Regular flash grade, high flash grade, and low flash grade are the various classifications of white spirits by grades. The paint thinner segment dominated the application segment with the largest market share in 2016. Regular flash grade was the maximum revenue generating segment by grades.
Based on geography, the market has been segmented into North America, Europe, Asia Pacific and rest of the world (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers France, Germany, UK and others. Asia-Pacific covers China, India, Japan and others. Rest of the world (RoW) covers South America, Middle East and Africa.
Major companies operating in this market are CEPSA, ExxonMobil Corporation, Royal Dutch Shell Plc, Total S.A., Idemitsu Kosan Co., Ltd., and Neste Oyj among others.
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Scope of the Global White Spirits Market