The report titled “White Spirit Market by Type (Type 0, Type 1, Type 2, Type 3), Flash Point, Application (Thinner & Solvent, Fuels, Cleaning Agent, Degreasing Agent), Region (North America, Europe, APAC, Middle East & Africa, South America ) – Global Forecast to 2024” sheds a concentrated focus on the White Spirit industry in terms of market driver, opportunities, restraints terms of global segmentation. Further data on the reports also includes demographic conditions and analyzing country-to-market.
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The White Spirit Market size is estimated to be USD 6.7 Billion in 2019 and projected to reach USD 8.1 Billion by 2024, at a CAGR of 4.0%.
Top Companies Profiled in the White Spirit Market:
- Royal Dutch Shell (The Netherlands)
- Total SA (France)
- ExxonMobil (US)
- Idemitsu Kosan Co. Ltd (Japan)
- Bharat Petroleum Corporation Limited (India)
- Indian Oil Corporation Limited (India)
- ThaiOil Company (Japan)
“The type 3 product segment is projected to register the highest CAGR during the forecast period.”
The type 3segment is projected to witness a higher growth rate than other types during the forecast period. The demand for type 3 white spirit is driven mainly by the growing demand for low aromatic white spirit from the coating, adhesives, and industrial cleaning chemical manufacturers.
“The market in the thinner & solvent segment to account for the largest share during the forecast period.”
White spirit is an essential ingredient in the manufacturing of solvent-based paints &coatings and is used as a thinner. The main purpose of the white spirit as a thinner is to reduce the viscosity of the paint and provide a slower rate of evaporation.
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