White Spirits Market Trends and Forecast 2024-2028

The White Spirits Market size is projected to grow by USD 2.15 billion, with a CAGR of 5.6% between 2023 and 2028.White spirits, also known as mineral spirits or paint thinners, are essential petrochemical solvents widely used in industries such as paint and coating. Their growing use as cleaning and degreasing agents, along with increasing demand from the construction sector, is driving market growth. However, health concerns related to prolonged exposure, regulatory challenges, and the availability of alternative solvents pose obstacles

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Market Segmentation

By Application

• Thinner and Solvent
• Fuels
• Cleaning Agent
• Degreasing Agent
• Others

Regional Market

APAC

• China

• Japan

Europe

• Germany

• UK

North America

• US

Middle East and Africa

South America

By Application Insights

The thinner and solvent segment is expected to see significant growth during the forecast period. White spirits play a crucial role in paint and coating production, serving as effective thinners to reduce viscosity and ensure smooth application. Increasing demand in the construction industry for solvent-based paints and coatings is a major growth driver.

White spirits are composed of aromatic and aliphatic hydrocarbons, with a boiling range between 60-150°C (140-302°F). Their chemical properties make them highly effective as thinners, allowing easy blending with various paint composites derived from crude oil. Besides paints and coatings, white spirits are used in cleaning agents and industrial applications.

In 2018, the thinner and solvent segment was valued at USD 1.73 billion and has shown consistent growth.

Market Dynamics

Drivers

• Growing Usage as a Cleaning and Degreasing Agent
  White spirits are widely used in automotive, manufacturing, and metalworking industries to remove grease and oil from metal surfaces and tools. Their fast-drying properties make them essential in maintenance processes. Additionally, they are used as paint thinners to ensure smooth finishes.

Trends

• Increasing Demand from the Construction Industry
  White spirits are used as thinners and cleaners in construction, particularly in solvent-based paints and coatings. The sector's expansion, driven by urbanization and infrastructure projects, is increasing demand for these solvents. Countries such as India and Australia are witnessing significant growth in construction activities, further propelling the market.

Challenges

• Health Hazards Associated with Long-Term Exposure
  Prolonged exposure to white spirits can lead to respiratory issues, skin irritation, dizziness, and, in severe cases, heart problems and pneumonitis. Inhalation of vapors can cause throat irritation and breathing difficulties. Proper handling, ventilation, and protective equipment usage are essential to mitigate these risks.

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Key Players

• 2M Holdings Ltd.
• Al Oga Factory for Manufacturing White Spirit
• Al Sanea Chemical Products
• Bharat Petroleum Corp. Ltd.
• BRENNTAG SE
• Compania Espanola de Petroleos SA
• DHC Solvent Chemie GmbH
• Exxon Mobil Corp.
• G.S.B Chemical Co. Pty. Ltd.
• HCS Group GmbH
• KH Chemicals BV
• Pon Pure Chemicals Group
• San Miguel Corp
• SHANGHAI CHEMEX Group Ltd.
• Shell plc
• Suntory Holdings Ltd.
• Thai Oil Public Co. Ltd.
• TotalEnergies SE
• Vizag Chemical International

Future Market Insights

The white spirits market is expected to expand steadily, driven by demand from the construction, paint and coating, and petrochemical industries. However, regulatory challenges and health concerns may lead to the development of alternative solvents.