The global white spirits market size is predicted to rise significantly over the forecast period. White spirits are also known as petroleum spirit and is widely preferred as a solvent in several end-use industries. With flashpoints ranging from 21°C to 68°C, these are colorless, flammable liquids. Increasing demand for white spirits in many industries is projected to foster market development in the coming years. Fortune Business Insights presents this information in their report titled “White Spirits Market, 2023–2030.”
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COVID-19 Impact
Disruption of Raw Material Supply Chains during the Pandemic Impeded Market Growth
The COVID-19 pandemic severely impacted the white spirits market growth due to lockdowns and movement restrictions. Decreased construction and transportation operations amid the pandemic restricted product sales. Disruption of raw material supply chains during the COVID-19 outbreak impeded market expansion.
Nevertheless, several economies are recovering and prospering considerably in the post-pandemic.
Segments:
By type, the market is classified into type 0, type 1, type 2, and type 3.
By application, the market is categorized into thinner & solvent, fuels, cleaning agent, degreasing agent, and others.
From the regional ground, the market is segregated into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage
The comprehensive market research report delves into crucial elements, including the competitive landscape, distribution channels, and notable product categories. The document provides valuable insights into prevailing market trends and significant industry advancements. It also encompasses various variables that have contributed to the recent market expansion. With a thorough examination of these factors, the report offers a holistic view of the market’s current and future potential. Stakeholders can leverage this information to make informed decisions and formulate effective strategies for success.
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Drivers and Restraints
Rapid Expansion of Construction and Automotive Industries is Boosting Market Progress
The growing usage of white spirits as a solvent and thinner in paints and coatings is expected to fuel market growth over the forecast period. The rapid expansion of the construction and automotive industries is boosting product sales. An increase in the adoption of white spirits for fuels and degreasing agents in the automotive industry is also contributing to market expansion. Increased oil exploration activities to address the complex geopolitical events and growing consumer preference for low aromatic spirits are supporting market growth.
On the other hand, the availability of alternatives and toxicity concerns related to the hazardous nature of white spirits and their high cost are hampering market expansion.
Regional Insights
Rapid Industrialization and Urbanization is Driving Market Growth in Asia Pacific
Asia Pacific is the fastest-growing market due to increasing industrialization in the region. Market growth in the region is attributed to the rapid growth of population, growing urbanization, and rising consumer spending. Increasing government initiatives to offer houses for all in developing countries, such as China and India, are supporting the market expansion in the region.
North America and Europe hold a significant white spirits market share. Increasing developments in the construction and automotive industries and the existence of top players are driving market growth in these regions.
Competitive Landscape
Production Capacity Expansion to Support Companies Cement their Market Positions
Prominent market participants are continuously working on enhancing production capacities to serve increasing consumer needs. Major companies are focusing on collaborations, partnerships, and product innovations to boost their market presence.
Key Industry Developments
- July 2021: Indian Oil Corporation Limited declared it will boost the Panipat Refinery’s current annual capacity of 15MMT to 25 MMT. The expansion will enable the company to fulfill the rising demand for its products in North India.
Major Players Profiled in the Report:
- ExxonMobil Corporation (U.S.)
- Royal Dutch Shell PLC (U.K.)
- DHC Solvent Chemie GMBH (Germany)
- Total S.A. (France)
- Abu Dhabi National Oil Company (ADNOC) (UAE)
- GSB Chemicals (Australia)
- Bharat Petroleum Corporation Limited (India)
- ThaiOil Company (Thailand)
- Indian Oil Corporation Limited (India)
- Neste Oyj (Finland)
- GSB Chemical Co. Pty. Ltd. (Australia)
- KH Chemicals BV (Netherlands)
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