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The white spirit market is expected to register a CAGR of over 5% during the forecast period. The major factors driving the market studied include the increasing demand from the paints and coatings industry. Toxic and hazardous in nature is expected to significantly hinder the growth of the market studied.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- Customization of products more specific to application is likely to act as an opportunity in the future.
Key Market Trends
Growing Demand from Cleansing and Degreasing Agent Application
- White spirit is a very effective cleansing agent. It is a potent solution, known for its versatility and effectiveness.
- It can be used as a solvent to erase slip-ups, while painting. It can also be used to dissolve gum and resins stuck on clothing or carpets.
- It is commonly used in the automobile industry, where it acts as a cleaning agent for car parts or heavy machinery.
- It can eat away the toughest grease and chemical stains. Even dried paint, which thickens, can be dissolved and easily removed with white spirit. In addition, white spirit can cleanse and polish wooden furniture or floors.
- With the increasing industrial activities and rising hygienic requirements, the usage of cleaning agents is expected to increase. This, in turn, is expected to increase the demand for the white spirit market, during the forecast period.
Germany to Dominate the Demand in Europe
- Germany is one of the primary consumers of white spirit in Europe. The market for the white spirit in Germany is expected to register a significant CAGR, during the forecast period.
- In Europe, about 60% of the total white spirit consumption is used in paints, lacquers, and varnishes.
- White spirit is the most widely used solvent in the paint industry. In households, white spirit is commonly used to clean paint brushes after use.
- The paints and coatings industry in Germany is expected to experience high demand during the forecast period, especially due to the increase in the demand for decorative coating.
- The country is home to about 300 coatings, paints, and printing ink producing companies, consisting of both small- and medium-sized companies, who collectively employ over 25,000 citizens. Owing to the rising demand for paint thinners and cleaning agents for household needs, the market is expected to rise with the support of the paints and coatings industry.
- Furthermore, countries, such as the United Kingdom and France have also been contributing to the growth of the market studied. This is expected to further drive the demand for the white spirit market over the forecast period.
The white spirit market is fragmented in nature. Some of the major players of the market studied include Neste, Exxon Mobil Corporation, Royal Dutch Shell PLC, DHC Solvent Chemie GmbH, and Total SA, among others.
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