[FURL=https://www.industryarc.com/Research/White-Spirits-Market-Research-501662]White Spirits Market [/FURL] size is forecast to reach $8.6 billion by 2025, after growing at a CAGR of 4.8% during 2020-2025. With rise in paints and coatings industry, the demand for white spirits market will also grow, as white spirits are used majorly in the Paints and coating industry. Owing to the volatility and low bioavailability of its constituents, white spirit, although it is moderately toxic to aquatic organisms, but it is ecofriendly.Key Takeaways
Asia-Pacific dominates the White Spirits market owing to increasing demand from Paints and coatings industries.
With the presence of wide variety of application, this maintains the popularity of White spirits, is likely to aid in the market growth of White Spirits
Growing Demand from Cleansing and Degreasing Agent Application will increase the market demand for White Spirits in the near future.
Hazardous nature, and toxicity concerns related to white spirits are expected to hinder the market growth in the near future.
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Geography - Segment Analysis
APAC dominated the White Spirits market with a share of more than xx%, followed by North America and Europe. Countries such as India, China, among others are the major economies in this region. The growth of the construction industry in APAC is fueling the paints & coatings demand in these regions, which will directly have an impact on the demand for white spirit. The rapid construction activities in the emerging economies of APAC is driving the white spirit market. This is supported by the improving standard of living, rising housing construction expenditure, and investments across various industries. One of the main reason behind, being the largest market for White Spirits in APAC region is, APAC holds the largest market share for paints and coatings market around the world.
Drivers – White Spirits Market
Growing Demand from Cleansing and Degreasing Agent Application
Implementation of Stringent Environment Regulations
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the White Spirits market. In 2019, the market of White Spirits has been consolidated by the top five players accounting for xx% of the share. Major players in the White Spirits Market are Exxon Mobil Corporation, Royal Dutch Shell PLC, DHC Solvent Chemie GmbH, Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited, among others.
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