In 2016, Europe dominated the global market, owing to the growing demand for low aromatic solvents in the paints & coatings industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 4.9% in terms of revenue.
According to a new report published by Allied Market Research, titled, White Spirits Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global white spirits market was valued at $5,360 million in 2016, and is estimated to reach $7,671 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. In 2016, the type 3 segment is anticipated to grow at the highest rate during the forecast period.
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Each type comprises three different grades: low flash grade (flash point: 21-30C and initial boiling point: 130-144C), regular flash grade (flash point: 31-54C and initial boiling point: 145-174C), and high flash grade (flash point: >55C and initial boiling point: 175-200C). The type 0 white spirit is defined as a distillation fraction with no further treatment, consisting predominantly of saturated C9-C12 hydrocarbons with a boiling range of 140-220C.
In 2016, the paint thinner segment was the leading revenue contributor to the global market. However, the cleaning solvent and degreasing solvent segments are also expected to witness healthy growth rates during the forecast period.
White spirit is a mixture of saturated aliphatic & alicyclic C7-C12 hydrocarbons containing 15-20% aromatic C7-C12 hydrocarbons (by weight) and exhibiting a boiling range of 130-230C. There are three different types and grades of white spirits. The classification based on type depends on whether the solvent is subjected to only hydrodesulfurization (type 1), solvent extraction (type 2), or hydrogenation (type 3). The hydrodesulfurized type contains less than 25% aromatic hydrocarbon, the solvent extracted white spirit contains less than 5%, while the hydrogenated contains less than 1%.
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Key Findings of the White Spirits Market:
- In 2016, Europe dominated the global market with around two-fifths share in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate of 6.6% during the forecast period.
- In 2016, China was the leading contributor to the Asia-Pacific white spirits market, accounted for around half of the market.
- The type 1 segment generated the highest revenue to the global market in 2016, and is expected to grow at a CAGR of 5.4%.
- The paint thinner segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 5.8%.
The key players profiled in the report are ExxonMobil Corporation, Royal Dutch Shell Plc., Total S.A., Idemitsu Kosan Co., Ltd., CEPSA, Neste Oyj, Haltermann Carless, DHC Solvent Chemie GmbH, Al Sanea Chemical Products, and GSB Chemicals.