[150 Pages Report] The white spirit market size is projected to grow from the estimated USD 6.7 billion in 2019 to USD 8.1 billion by 2024, at a compound annual growth rate (CAGR) of 4.0%, during the forecast period. White spirit, also known as mineral spirit 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. There are four types of white spirits that are produced as the fractional distillation fractions obtained from naphtha and kerosene cut of crude oil. The composition of these types might vary within some specific limits because of the difference in the raw material used during the production process. White spirits are clear, colorless, and flammable liquids with flash points ranging between 21-68 °C and an aromatic content ranging between 2% to 25%.
Type 2 white spirit, also known as solvent extracted, is a combination of hydrocarbons, which is obtained as a raffinate from the solvent extraction process. The demand for type 2 white spirit is driven mainly by the growing demand from the paint & coating, adhesives, and cleaning chemical manufacturers. The increasing consumption of these compounds in the various end-use industries such as automotive, construction, composites, and chemicals, is another important factor leading to the high demand for type 2 white spirit.
White spirit is an essential ingredient in the manufacturing of solvent-based paints & coatings and is used as a thinner. The main purpose of the white spirit as a thinner is to reduce the viscosity of the paint and provide a slower rate of evaporation. Hence, the paints that are thinned with white spirit dry to a smoother surface and form a leveled coat on the surface it is being applied to. 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 expected to increase in the future. The growth of the construction industry is fueling the paints & coatings demand in these regions, which will directly have an impact on the demand for white spirit.
The growth of the construction industry in APAC is fueling the paints & coatings demand in these regions, which will directly have an impact on the demand for white spirit. The rapid construction activities in the emerging economies of APAC, Middle East & Africa, and South America is driving the white spirit market. This is supported by the improving standard of living, rising housing construction expenditure, and investments across various industries, such as appliances, automotive, general industrial, architectural, and furniture.
The leading players in the white spirits market are Royal Dutch Shell (The Netherlands), Total SA (France), ExxonMobil (US), Idemitsu Kosan Co. Ltd (Japan), Bharat Petroleum Corporation Limited (India), Indian Oil Corporation Limited (India), and ThaiOil Company (Japan). Most of these leading players operate globally and have a widespread distribution network.
Market size available for years
Value (USD Billion and USD Thousand) and Volume (Kiloton and Ton)
Type, Flash Point, Application, and Region
North America, APAC, Europe, Middle East & Africa, and South America
Royal Dutch Shell (The Netherlands), Total SA (France), ExxonMobil (US), Idemitsu Kosan Co. Ltd (Japan), Bharat Petroleum Corporation Limited (India), Indian Oil Corporation Limited (India), and ThaiOil Company (Japan).
This research report categorizes the global white spirits market based on type, flash point, application, and region.
The market is analyzed further for key countries in each of these regions.
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Table of Contents
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.5 Package size
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
220.127.116.11 Key Data from Secondary Sources
2.1.2 Primary Data
18.104.22.168 Key Data from Primary Sources
22.214.171.124 Key Industry Insights
126.96.36.199 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulations
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in White Spirit Market
4.2 White Spirit Market, By Type
4.3 White Spirit Market, By Application
4.4 Burning Issues
4.5 Winning Imperatives
5 Market Overview
5.2 Market Dynamics
5.3 Porter’s Five Forces
5.4 Value Chain Analysis
5.5 Macroeconomic Overview
6 White Spirit Market, By Type- Forecast till 2024 (in Tons and USD Million)
6.1 Type 0
6.2 Type 1
6.3 Type 2
6.4 Type 3
7 White Spirit Market, By Flash Point- Forecast till 2024 (in Tons and USD Million)
7.1 Low Flash (21-30OC)
7.2 Regular Flash (31-54OC)
7.3 High Flash (>55OC)
8 White Spirit Market, By Application- Forecast till 2024 (in Tons and USD Million)
8.1 Solvent & Thinners
8.3 Cleaning Agents
8.4 Degreasing Agent
8.5 Others (Corrosion Inhibitors, and surface active agents)
9 White Spirit Market, By Region – Forecast till 2024 (in Tons and USD Million)
9.2 North America
9.3.8 Rest of the Europe
9.4.4 South Korea
9.4.5 Rest of Asia-Pacific
9.5 Middle East & Africa
9.5.1 Saudi Arabia
9.5.3 Rest of Middle East & Africa
9.6 South America
9.6.3 Rest of South America
10 Competitive Landscape
10.2 New Product Launches
10.3 Expansion Activities
10.4 Partnerships, Agreements and Collaborations
10.5 Mergers and Acquisitions
10.6 Industry Structure
10.6.1 Market share/ Capacities of key players/ Operational Growth
10.6.2 Fragmented market or Consolidated
10.7 Company Strategies – working/not working OR winners vs losers
11 Company Profiles
(Business Overview, Financials^, Products & Services, Key Strategy, and Recent Developments)
11.2 Royal Dutch Shell
11.3 Total S.A
11.4 ExxonMobil Corporation
11.5 Thaioil Group
11.6 Idemitsu Kosan Co. Ltd
11.7 Türkiye Petrol Rafinerileri A.S.
11.8 DHC Solvent Chemie GmbH
11.9 Neste OYIJ
11.10 Bharat Petroleum Corporation Limited
11.11 Indian Oil Corporation Limited
11.12 Eagle Petrochem
11.13 Al Sanea Chemical Products
11.14 Haltermann Carless Deutschland GmbH
11.15 Kuwait International Factory
11.16 Al-Oga Factory for Manufacturing White spirit
11.17 K H Chemicals
11.18 Gulf Factory for White Solvent
11.19 Brenntag AG
11.20 Banner Chemicals Limited
11.21 Pon Pure Chemical Group
Note:The above list of suppliers is indicative, top 10 plus other significant companies will be identified and profiled during study.^ Financials will be available for listed companies only
The study involves four major activities in estimating the current market size of white spirit, also known as mineral spirit or mineral turpentine oil (MTO). Exhaustive secondary research was done to collect information related to the white spirit market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg, BusinessWeek, and Dun & Bradstreet have been referred to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, trade directories, and databases.
The white spirit market comprises several stakeholders, such as raw material suppliers, technology developers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of the construction and transportation industries. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Following is the breakdown of primary respondents
To know about the assumptions considered for the study, download the pdf brochure
Both top-down and bottom-up approaches were used to estimate and validate the size of the global white spirit market and estimate the sizes of various other dependent submarkets. The research methodology used to estimate the market size includes the following steps:
After arriving at the total market size through the estimation process explained above, the overall market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market size estimation process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size was validated by using both the top-down and bottom-up approaches. It was then verified through primary interviews. Hence, for every data segment, there are three sources-top-down approach, bottom-up approach, and expert interviews. The data was assumed to be correct when the values arrived at from the three sources matched.
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