White Spirits Market Size Estimated to Observe Significant Growth by 2023
Posted by sanjayhande on December 2nd, 2019
According to a new report published by Allied Market Research, titled, White Spirits Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global white spirits market was valued at ,360 million in 2016, and is estimated to reach ,671 million by 2023, registering a CAGR of 5.3% from 2017 to 2023. In 2016, the type 3 segment is anticipated to grow at the highest rate during the forecast period.
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White spirit is a mixture of saturated aliphatic & alicyclic C7-C12 hydrocarbons containing 15-20% aromatic C7-C12 hydrocarbons (by weight) and exhibiting a boiling range of 130-230C. There are three different types and grades of white spirits. The classification based on type depends on whether the solvent is subjected to only hydrodesulfurization (type 1), solvent extraction (type 2), or hydrogenation (type 3). The hydrodesulfurized type contains less than 25% aromatic hydrocarbon, the solvent extracted white spirit contains less than 5%, while the hydrogenated contains less than 1%. Each type comprises three different grades: low flash grade (flash point: 21-30C and initial boiling point: 130-144C), regular flash grade (flash point: 31-54C and initial boiling point: 145-174C), and high flash grade (flash point: >55C and initial boiling point: 175-200C). The type 0 white spirit is defined as a distillation fraction with no further treatment, consisting predominantly of saturated C9-C12 hydrocarbons with a boiling range of 140-220C.
In 2016, the paint thinner segment was the leading revenue contributor to the global market. However, the cleaning solvent and degreasing solvent segments are also expected to witness healthy growth rates during the forecast period.
Key Findings of the White Spirits Market:
In 2016, Europe dominated the global market, owing to the growing demand for low aromatic solvents in the paints & coatings industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 4.9% in terms of revenue.
The key players profiled in the report are following:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Joined: October 17th, 2019
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