Product Overview

White spirit or mineral spirit is a petrochemical solvent consist of aliphatic, acyclic, and aromatic hydrocarbons with a boiling range varying between 65-230°C. Other common names of white spirits are mineral turpentine, turpentine substitute, petroleum spirits, solvent naphtha (petroleum), various and Stoddard solvent. White spirit is a clear colorless and flammable liquid insoluble in water. White spirits are of four types categorized on the basis of their aromatic content- Type 1, Type 2, Type 3, and Type 0. White spirit is utilized in a wide range of applications such as cleaning agents, extraction solvent, degreasing solvent, paint thinners, varnishes, printing inks, waxes, and disinfectants. White spirit is primarily used in households to clean paint brushes or thin paint.

Market Highlights

Global White Spirit Market is expected to project a notable CAGR of 4.64% in 2030.

Global White Spirit Market to surpass USD 9.95 billion by 2030 from USD 6.05 billion in 2019 at a CAGR of 4.64% in the coming years, i.e., 2020-30. Global White Spirit market is estimated to grow due to its growing demand for painting and coatings from various end-user industries. Additionally, growing demand from cleansing and degreasing agent application is anticipated to boost the market for white spirits in the near future. With the presence of a wide range of applications, white spirit is popular which is likely to aid in the market growth of white spirits.

Recent Highlights in Global White Spirit Market

In May 2017, Exxon Mobil Corporation completed its acquisition of one of the world’s largest aromatics facilities on Jurong Island in Singapore. Proximity to company’s integrated refining and petrochemical complex will strengthen both sites with a product and logistical synergies.

In June 2017, HCS Group GmbH (HCS), a leading global supplier of solutions for high-value hydrocarbon specialties, announced that it has signed a contract with Solvents Ltd., a distributor of petrochemical solvents and an existing producer of Automotive fluids, for the sale of its Alterman Carless (HC) Fluids business

Global White Spirit Market: Segments

Type 2 segment to grow with the highest CAGR during 2020-30

Global White Spirit market is segmented by Type into type 0, type 1, type 2, type 3, and type 4. Type 2 segment held the largest market share in the year 2019. Type 2 white spirit commonly known as solvent extracted, is a mixture of hydrocarbons which is produced as the raffinate from the solvent extraction process. The demand for type 2 white spirit is fueling due to increasing demand from the paint & coating, adhesives, and cleaning chemical manufacturers.

Thinner & Solvent Segment to grow with the highest CAGR during 2020-30

Global White Spirit market is distributed by Application into Thinner & Solvent, Cleansing and Degreasing Agent, Disinfectant, and Others. Thinner & Solvent Segment held the largest market share in the year 2019. White spirit is used in the manufacturing of solvent-based paints and coatings and utilized as a thinner. As a thinner, it reduces the viscosity of the paint and offers a slower rate of evaporation. The demand for paints & coatings is mounting owing to the growth of the construction industry, which is projected to fuel the demand for white spirit.

Market Dynamics

Drivers

Rising demand from cleansing and degreasing agent application

White spirit is consumed as a cleansing agent due to its versatility and effectiveness. It can be utilized as a solvent to remove slip-ups while painting. White spirit is primarily used in the automobile industry as cleaning agents for car parts or heavy machinery. It assists in removing the toughest grease and chemical stains. In addition, the usage of cleaning agents is expected to rise due to the increasing industrial activities and rising hygienic needs. This, in turn, is anticipated to surge the demand for white spirit.

Increasing application in paints and coatings industry

White spirits are majorly used in the paints and coating industry as they are effective as a synesthetic paint thinner. White spirit may be present as a minor component of water-based paints. With the increasing paints and coating industry, the global white spirit market is expected to boost in the coming years.

Restraint

Environmental and health concern

Exposure to white spirit is toxic and hazardous for health as well as for the environment. Skin contact with white spirit may lead to irritation, drying, and cracking. Prolonged contact can cause blistering, redness, and burns.

Global White Spirit Market: Key Players

Royal Dutch Shell

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.

Total SA

Exxon Mobil Corporation

Idemitsu Kosan Co. Ltd

Bharat Petroleum Corporation Limited

Indian Oil Corporation Limited

ThaiOil Company

Neste,

DHC Solvent Chemie GmbH.

Other Prominent Players

Global White Spirit Market: Regions

Global White Spirit market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa

Global White Spirit market in North America held the largest market share of XX.X% in the year 2019. Asia Pacific will continue to dominate the global White Spirit market due to rising urbanization and industrialization in this region, which is expected to fuel the demand for the white spirit. Additionally, due to the mounting demand for paint thinners and cleaning agents for household requirements, the market is anticipated to grow in the coming years.

Global White Spirit market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global White Spirit market report also contains analysis on:

White Spirit Market Segments:

By Product Type

Type 0

Type 1

Type 2

Type 3

Type 4

By Flash Point

Low

Medium

High

By Application

Thinner & Solvent

Cleansing and Degreasing Agent

Disinfectant

Others

Global White Spirit market Dynamics

Global White Spirit market size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Contents

1. Executive Summary

2. Global White Spirit Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Global White Spirit Market Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Global White Spirit Market

11.1. Market Size & forecast, 2020A-2030F

11.1.1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12. Global White Spirit Market: Market Segmentation

12.1. By Regions

12.1.1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2. By Type: Market Share (2020-2030F)

12.2.1. Type 0, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.2. Type 1, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.3. Type 2, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.4. Type 3, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.5. Type 4, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3. By Flash point: Market Share (2020-2030F)

12.3.1. High, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.2. Medium, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.3. Low, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F.

12.4. By Application: Market Share (2020-2030F)

12.4.1. Thinner and Solvent, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.4.2. Cleansing and Degreasing Agent, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.4.3. Disinfectant, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030

13 Company Profile

13.1. Royal Dutch Shell

13.1.1. Company Overview

13.1.2. Company Total Revenue (Financials)

13.1.3. Market Potential

13.1.4. Global Presence

13.1.5. Key Performance Indicators

13.1.6. SWOT Analysis

13.1.7. Product Launch

13.2. Total SA

13.3. Cisco Systems, Inc

13.4. Fujitsu Limited

13.5. Nokia Corporation

13.6. Hewlett Packard Enterprise Development LP

13.7. Airspan Networks

13.8. Casa Systems

13.9. Aviat Networks, Inc.

13.10. Other Prominent Players

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)