The White Spirits Market is Predict to reach USD 11 Billion by 2030, at a CAGR of 5.5%

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White Spirits Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global White Spirits Market size is expected to reach $11 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 9000.7 Kilo Tonnes, experiencing a growth of 4.7% (2019-2022).

The emergence of new application areas such as electronics manufacturing, precision engineering, and pharmaceuticals presents untapped opportunities for market expansion. Furthermore, digitalization and automation technologies are poised to transform the white spirits market, enabling manufacturers to optimize production processes, improve efficiency, and reduce operational costs. By leveraging data analytics, artificial intelligence, and Internet of Things (IoT) solutions, companies can enhance product quality, streamline supply chain management, and respond rapidly to changing market demands.

White Spirits Market Size - By Region

The high flash point segment is poised to have a CAGR of 6.2% during (2023 - 2030). The need for safety, durability, versatility, and regulatory compliance in various industrial applications drives the demand for white spirits with high flash points. White spirits with high flash points are often preferred in applications where compatibility with other chemicals and materials is essential. These solvents can be used safely with a wide range of substrates, coatings, and formulations without causing damage or adverse reactions, making them versatile options for various industrial processes and applications.

The Paint Thinner segment is leading the Global White Spirits Market by Application in 2022 thereby, achieving a market value of $4.8 billion by 2030. Increased demand for paint thinners can be attributed to home improvement trends, construction activity, industrial applications, DIY culture, environmental regulations, and specialized market needs. Industries such as automotive, aerospace, manufacturing, and construction rely heavily on paint thinners for surface preparation, cleaning, and thinning paints and coatings.

The Type 2 segment is anticipated to have a CAGR of 5.1% during (2023 - 2030). Type 2 white spirits are commonly used as thinners, diluents, and solvents in the formulation of paints, varnishes, lacquers, and coatings. They help achieve the desired viscosity, flow, and drying properties of the final product. With increasing construction and infrastructure development activities worldwide, the demand for paints and coatings is growing, thereby propelling the demand for type 2 white spirits.

Full Report: https://www.kbvresearch.com/white-spirits-market/

The Asia Pacific region dominated the Global White Spirits Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.8 billion by 2030. The Europe region is experiencing a CAGR of 5.1% during (2023 - 2030). Additionally, The North America region would exhibit a CAGR of 5.3% during (2023 - 2030).

List of Key Companies Profiled

Idemitsu Kosan Co., Ltd.
Shell plc
Exxon Mobil Corporation
TotalEnergies SE
Thai Oil Public Company Limited (Petroleum Authority of Thailand (PTT))
Indian Oil Corporation Ltd.
Bharat Petroleum Corporation Limited
DHC Solvent Chemie GmbH (BP Europa SE)
Rahaoil, Inc.
Alshall International Co.

White Spirits Market Report Segmentation

By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)

Low Flash Point
Regular Flash Point
High Flash Point

By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)

Paint Thinner
Solvent Extraction
Cleaning Solvent
Degreasing Solvent
Others

By Product Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)

Type 1
Type 2
Type 3
Type 0

By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)

North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Netherlands
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Egypt
- South Africa
- Nigeria
- Rest of LAMEA