White Spirits Market: Introduction
· White spirit is also called Mineral Turpentine Oil (MTO) in Australia and New Zealand and mineral spirit in the U.S. and Canada. It is a petrochemical solvent produced from fractional distillation of naphtha and kerosine cut from crude oil. White spirits are available in the form of colorless, flammable, and clear liquids, with flashpoint range of 21°C to 68°C. The boiling point range of white spirits is 150°C to 220°C.
· The global white spirits market is driven by the rise in demand for white spirits in several segments. White spirits are extensively used in automobile, color & painting, manufacturing, and building & construction industries. It can be used as a cleaning solvent, extraction solvent, degreasing solvent, aerosols solvent, and in paints, lacquers, wood preservatives, and asphalt products owing to its high solubility.
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Key Drivers of White Spirits Market
· Expansion of the paints & coatings industry and rise in demand for cleaning and degreasing solvents are primarily boosting the global white spirits market
· Increase in construction activities and growth of the automotive industry in developing countries are propelling the demand for synthetic paint thinners. This is driving the demand for white spirits.
· Rise in demand for oil exploration, changing demographics, and improving global economic conditions are also likely to augment the global white spirits market
· Growth in inclination of consumers toward low aromatic white spirits is expected to create lucrative opportunities for the global white spirits market in the near term
Restraints of White Spirits Market
· Despite the potential economic advantages associated with white spirits, there are several drawbacks that are projected to restrain the overall development of the global market. For instance, hazardous nature, toxicity concerns, and high cost of white spirits are estimated to hinder the global white spirits market. These hindrances can be easily overcome by increase in government support to the global white spirits market in prominent regions.
· Availability of alternative substances is also one of the key restraints of the white spirits market. Turpentine can be used instead of white spirit to thin oil paint. Turpentine is also suitable for cleaning painting tools.
· Denatured alcohol can be used instead of white spirit in degreasing metal equipment and cleaning them. White spirit can be substituted by acetone for items that need to be cleaned out of dirt and glue.
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COVID-19 impact on White spirits Market
· The COVID-19 outbreak is hampering the demand for white spirits in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for white spirits across the globe.
· Key players operating in the white spirits market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of white spirits.
Asia Pacific to be Rapidly Expanding Region of Global White Spirits Market
· Asia Pacific is expected to be a rapidly growing region of the global white spirits market in the near future. Growth in infrastructure development in countries in the region is likely to drive the white spirits market in Asia Pacific.
· Rise in demand for multiple houses and initiatives such as “Pradhan Mantri Awas Yojna” by the Government of India are projected to boost the construction of new houses in Asia Pacific. This growth of the construction industry is fueling the demand for paints and coatings. In turn, this is anticipated to directly impact the white spirits market in Asia Pacific.
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White Spirits Market: Key Players
Some of the major companies operating in white spirits market are:
· Exxonmobil Corporation
· DHC Solvent Chemie GMBH
· Royal Dutch Shell PLC
· Total S.A.
· GSB Chemicals
· Idemitsu Kosan Co. Ltd.
· Bharat Petroleum Corporation Limited
· Indian Oil Corporation Limited
· ThaiOil Company
· Compañía Española de Petróleos, S.A.U. (CEPSA)
· Neste Oyj
· Haltermann Carless Deutschland GmbH
· Al Sanea Chemical Products
· GSB Chemical Co. Pty. Ltd.
· THAI Beverage PLC
· KH Chemicals BV
White Spirits Market: Research Scope
White Spirits Market, by Grade
· Low Flash Point
· Regular Flash Point
· High Flash Point
White Spirits Market, by Type
· Type 0
· Type 1
· Type 2
· Type 3
White Spirits Market, by Application
· Thinner
· Cleaning Agent
· Degreasing Agent
· Fuel
· Others (including Disinfectant and Wood Treatment)
White Spirits Market, by Region
· North America
o U.S.
o Canada
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Russia & CIS
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o ASEAN
o Rest of Asia Pacific
· Latin America
o Brazil
o Mexico
o Rest of Latin America
· Middle East & Africa
o GCC
o South Africa
o Rest of Middle East & Africa
The White Spirits market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the White Spirits market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the White Spirits market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.
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