The latest report by Persistence Market Research (PMR) provides key insights and segment-wise analysis on the global water spirits market. A new report “White Spirits Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025),” offers in-depth analysis of the market for the forecast period of eight years from 2017 to 2025. The global white spirits market is estimated to register 4.2% CAGR during 2017-2025. The market is also projected to reach $8,103.2 million revenue by 2025 end, as compared to $5,832.3 million revenue in 2017. Owing to the increasing demand of white spirits in various application like cleaning & degreasing solvents, and paint thinner, the market is anticipated to witness steady growth.
However, various regulations have been implemented to reduce VOC emissions. Due to various regulations on VOC emissions, there has been a significant rise in the demand for low aromatic white spirits, thus hampering the demand for conventional white spirits. Hence, leading market players are focusing more on the production of white spirit with low aromatic content.
APAC to Gain Maximum Share in the Global White Spirits Market
APAC is expected to witness an impressive growth in the white spirits market during the forecast period 2017-2025. Towards the end of 2017, APAC region is projected to account for nearly 41.4% revenue share in the global white spirits market. APAC presents great opportunities in the white spirits market, due to the significant development of various including automotive, building & construction, paints & coatings, packaging, etc., in countries such as India and China. The manufacturing sector is also moving towards countries like India, China, and other countries in APAC.
Paint Thinner on Basis of Application to Witness Robust Growth
On the basis of application, the global market for white spirits is segmented into cleaning solvent, fuel, paint thinner, disinfectant, degreasing solvent and others. Among all these, paint thinner is expected to emerge as the largest applicant. Experiencing steady growth, the segment is projected to register 4.9% CAGR during the forecast period, due to the rising demand in the architectural and industrial coating. Meanwhile, during 2017-2025, building & construction will witness 1.3X growth.
The market on the basis of grade type includes regular flash grade, low flash grade and high flash grade. By the end of 2025, the regular flash grade is projected to gain revenue share of 60.9% in the global market for white spirits. The segment will also have high CAGR during the forecast period, 2017-2025. The high flash grade will be the second largest grade type followed by low flash grade type.
On the basis of the product, type 1 white spirits segment is expected to experience significant growth, accounting for 46.1% revenue share by the end of 2025. The type 1 is also estimated to increase to 4.3% CAGR during the forecast period 2017-2025.
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