As per Inkwood Research, the Global White Spirits Market is projected to register a CAGR of 5.75% in terms of revenue during the forecasting period of 2023-2032.
“Browse 52 Market Data Tables and 41 Figures spread over 135 Pages, along with an in-depth TOC on the Global White Spirits Market Forecast 2023-2032.”
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The improving economic prospects, changing demographics, and the steady demand from the paints & coatings industry drive the global white spirits market prospects. Also, white spirits have several applications as solvents used with cutting oil for reaming lubricant and thread cutting, degreasing and cleaning agents for machine tools & parts, solvents for extraction, and paint thinners.
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Booming Paints & Coatings Industry offers Growth Opportunities
White spirits are increasingly consumed as paint thinners due to the enhanced finishing they offer to decorative and architectural paints & coatings. The rising demand from infrastructural development activities in countries like India, China, and other ASEAN countries is beneficial to the global white spirits market growth. In addition, the flourishing automotive industry boosts the demand for paints & coatings, further raising the consumption of white spirits. Moreover, the use of white spirits in degreasing and cleaning applications as a solvent offers growth opportunities.
Paint Thinner is the Dominating Application
White spirit is a clear, petroleum-derived liquid that works as an effective organic solvent and is used as a paint thinner. Accordingly, white spirits used as paint thinners are petroleum-based solvents with a moderate evaporation rate. They eliminate oil-based paints and varnishes that dry quickly. In addition, white spirits can clean surfaces without damaging the pain and remove aromatic solvents, rendering the paint thin and acting as cleaning agents. The thriving automotive and construction industries offer growth opportunities for the paint thinner segment.
Asia-Pacific: Fastest-Growing Region
The Asia-Pacific white spirits market growth is attributed to the growing disposable incomes, rapid urbanization, and population growth in countries like Thailand, India, and China. Also, the rising construction activities, the flourishing automotive sector, and the increasing infrastructural developmental activities offer growth opportunities for white spirits.
Some of the leading companies in the global white spirits market include PMPI, Idemitsu Kosan Co Ltd, KH Chemicals, KIF, etc.
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