White Spirits Market Size, Industry Share, and Analysis, By Type (Type 0, Type 1, Type 2, and Type 3), By Application (Thinner & Solvent, Fuels, Cleaning Agent, Degreasing Agent, and Others), and Regional Forecast, 2024-2032

White spirits are also known as mineral spirits in U.S. & Canada and mineral turpentine in Australia and New Zealand. It is also called petroleum spirit and is mainly used as a solvent in different end-use industries. White spirits are colorless, flammable liquids with flashpoints ranging from 21°C to 68°C. It is produced by fractional distillation of kerosine and naphtha obtained from crude oil. Different types of white spirits including type 0, type 1,  type 2, and type 3 are used in different applications such as thinner & solvent, fuels, cleaning agents, degreasing agents, and other applications in several industries.

The rapidly growing construction and automotive industry across the globe is the key driver for the global white spirits market. White spirits are prominently used as solvent and thinner in paints and coating which are extensively used in the construction and automotive industry.  Applications of white spirits for fuels and degreasing agents in the automotive industry are also significant contributors to its rising demand in different parts of the world. The recent past has witnessed rising oil exploration activities to deal with the complex geopolitical events and the inclination of consumers towards low aromatic spirits. This in turn is anticipated to present lucrative opportunities for the global white spirits market growth.

Toxicity concerns associated with the hazardous nature of white spirits and their high cost are estimated to hinder the market growth. Along with this, the availability of substitutes can also hurt the white spirits market. For instance, in oil paint thinning, white spirits can be substituted by turpentine while denatured alcohol can be used as a substitute for degreasing and cleaning metal equipment.

The outbreak of COVID-19 forced governments of various countries to enforce lockdowns and restrictions on movements. This has resulted in partial and complete stoppage of construction and transportation activities across the globe resulting in decreased demand for white spirits. Along with this, it has also resulted in the disruption of supply chains involved in the white spirits industry. Disruption of raw material supply chains coupled with the decreased demand led to a decline in the growth of the white spirits market. However, with significant control over the spread of COVID-19, several economies are coming back on track with the construction and automotive industry growing at a significant rate. This is anticipated to have a significant positive impact on the white spirits market.

Key Insights

The white spirits report will cover the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, Partnerships, and Others


• Latest Technological Advancement


• Regulatory Landscape


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis by Type

Depending on the types, the white spirits market is segmented into type 0, type 1,  type 2, and type 3. The composition and properties of different types of white spirits depend on their production process.  For instance, type 0 white spirit is the highly aromatic complex combination of hydrocarbons obtained by the distillation of crude oil. Among these types, type 1 held a significant share of the global white spirits industry. It is attributed to wider applications of type 1 white spirits as extraction and cleaning solvent owing to its higher boiling point.

Analysis by Application

Depending on the applications of the white spirits, the market is segmented as thinner & solvent, fuels, cleaning agents, degreasing agents, and others. Among these application segments, the thinner and solvent segment held the largest share of the global white spirits market in 2021. It is also anticipated to retain its position during the forecast period. The higher share held by the thinner and solvents is attributed to their extensive use in paints and coatings. Increasing demand for paints and coatings from the rapidly growing construction and automotive industry is anticipated to further boost the demand for white spirits for thinner and solvent applications.

Regional White Spirits Market Analysis

The global white spirits market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold a significant share of the global market owing to the developed construction and automotive industry in the region. The presence of prominent players in the market is another key factor contributing to the higher share held by these regions. The strong presence of major automotive giants in the region such as BMW Group, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, etc. is expected to further propel the growth in the region.

Asia Pacific is the fastest-growing white spirit market owing to rapid industrialization in the region. The recent past has witnessed higher population growth, rapid industrialization and urbanization, and increasing consumer spending in the region. All these factors have resulted in significant growth in the automobile and construction industry in the region. Initiatives by governments in the emerging economies in the region such as China and India to provide houses for all will have a significant impact on the construction industry in the region. For instance, the Government of India launched Pradhan Mantri Awas Yojan to provide affordable housing to poor families. Such initiatives in turn will have a positive impact on the white spirits market. 

Latin America, the Middle East & Africa are expected to witness considerable growth in the market owing to the rising construction and automotive industry in the region. Rising industrialization coupled with a better-positioned oil exploration industry in the region is anticipated to present lucrative opportunities for the white spirits market.

Key Players Covered

• ExxonMobil Corporation


• Royal Dutch Shell PLC


• DHC Solvent Chemie GMBH


• Total S.A.


• Abu Dhabi National Oil Company (ADNOC)


• GSB Chemicals


• Bharat Petroleum Corporation Limited


• ThaiOil Company


• Indian Oil Corporation Limited


• Neste Oyj


• GSB Chemical Co. Pty. Ltd.


• KH Chemicals BV


• Others

Segmentation

Key Industry Developments

• In July  2021, Indian Oil Corporation Limited announced the expansion of Panipat Refinery from the existing annual capacity of 15MMT to 25 MMT. The expansion will allow the company to meet the increasing demand for its products in North India.


• In February 2021, Abu Dhabi National Oil Company (ADNOC) announced that it has added white spirits and solvents to its product portfolio. The move will allow the company to enhance its presence in international market.