The report "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" 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%. The growing white spirit production is due to increasing demand from various end-use industries, such as paints & coatings, industrial cleaning, and oil & gas, which is expected to drive the market.
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Type 2 is expected to be the larger type segment of the white spirit market.
Type 2 white spirit, also known as solvent extracted, is a combination of hydrocarbons, which is obtained as a raffinate from the solvent extraction process. Type 2 mainly consists of aliphatic hydrocarbon in between the range of C7-C12 with a boiling point in the range of 90-230°C. The maximum amount of aromatic content in this type is not more than 5% by weight.
The demand for type 2 white spirit is driven mainly by the growing demand from the paint & coating, adhesive, and cleaning chemical manufacturers. The increasing consumption of these compounds in the various end-use industries, such as automotive, construction, composites, and chemicals, is another important factor driving the high demand for type 2 white spirit.
The high flash point segment in the white spirit is expected to register the highest CAGR during the forecast period.
Flash point of any solvent is the temperature at which it ignites. A high flash point is an ideal state for any hydrocarbon as it caters to a larger set of end-use applications as compared to low and medium flash points. High flash point liquids ignite less easily as compared to the other types that reduces the risk of any accidents and make the storage of the product easier.
APAC accounts for the largest share in terms of volume of the white spirit market.
The developing economies of APAC and Middle East & Africa are witnessing an increase in urbanization; increasing middle-class population; and the growing demand for new houses due to the rising number of nuclear families has led to the construction of new residential and commercial buildings, and this is expected to increase in the future. The growth of the construction industry is fueling the paints & coatings demand in these regions, which will directly have an impact on the demand for white spirit. Hence, it is the largest, as well as the fastest-growing region in the white spirit market.
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The key players are include Royal Dutch Shell (The Netherlands), Total S.A (France), ExxonMobil (US), Idemitsu Kosan Co. Ltd (Japan), Bharat Petroleum Corporation Limited (India), Indian Oil Corporation Limited (India), and ThaiOil Company (Japan) and others.
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), and ThaiOil Company (Japan). These players have adopted the strategies of expansion and new product development to increase their product offerings and expand their regional presence.
The company opened the Shell Technology Centre, a new technology hub in Bengaluru, India, thereby expanding its R&D activities in Asia. This is a 52-acre, custom-built technology center, which can house up to 1,500 experts collaborating on innovative projects, globally. It is one of the three major technology hubs of the company, with the other two located in the Netherlands and the US.
ExxonMobil Chemical, Inc. announced the expansion of hydrocarbon fluid asset capacity by 250,000 tons, annually in Antwerp, Belgium; Baytown, Texas; and Jurong Island, Singapore. These capacity expansions helped the company produce a higher volume of hydrocarbon fluids, which will help it to broaden the portfolio of differentiated hydrocarbon fluids used for adhesive and coating applications.
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