The global white spirit market size is projected to grow from USD 6.7 billion in 2019 to USD 8.1 billion by 2024, at a compound annual growth rate (CAGR) of 4.0%, during the forecast period. White spirit is a colorless, clear, and flammable hydrocarbon solvent with a high aromatic content (varying from 2% to 25%). These liquids are obtained in the middle distillate of the crude oil refining process. Based on the aromatic content and flash point, these hydrocarbon solvents are differentiated into type 0, type 1, type 2, and type 3 white spirits. The main application of white spirit includes paints, coatings, waxes, varnishes, adhesives, and printing inks.
The use of the white spirit depends on the end-use applications. For instance, a low aromatic white spirit is preferred more in industries, such as paints & coatings, and industrial and institutional cleaning, whereas in the oil & gas industry, high aromatic white spirit is used in the drilling process. The major difference between the four types of white spirits is the flashpoint, aromatic content, and the boiling point range.
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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.
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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