White Spirits Market Growth
white spirits market is anticipated to witness substantial growth driven by an increase in usage across various industries, such as adhesives, coatings.
WILMINGTON, DELAWARE, UNITED STATES, January 31, 2024 /EINPresswire.com/ -- The global white spirits market is anticipated to witness substantial growth driven by an increase in usage across various industries, such as adhesives, coatings, inks & dyes. White spirits find extensive applications as aerosol solvents, cleaning solvents, and degreasing solvents, contributing to their widespread use in the painting industry. According to a report by Allied Market Research, the market generated $6.5 billion in 2020 and is projected to reach $11.2 billion by 2030, exhibiting a CAGR of 5.7% from 2021 to 2030.
The low flash segment dominated in terms of revenue in 2020. The Asia Pacific region is expected to witness the fastest Compound Annual Growth Rate (CAGR) by 2030. The report provides a comprehensive analysis of investment opportunities, winning strategies, market drivers, opportunities, size estimations, competitive scenarios, and evolving market trends.
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The growth of the white spirits market is attributed to their increasing use in various industries and applications. However, concerns related to health due to prolonged exposure to white spirits may impede growth to some extent. Nevertheless, opportunities arise from the use of white spirits to enhance paint smoothness and reduce paint viscosity.
The COVID-19 pandemic negatively impacted the market, with lockdowns leading to the closure of manufacturing units worldwide. This resulted in decreased production and demand for white spirits. Despite these challenges, the market is expected to recover soon.
The report offers a detailed segmentation based on product type, grade, application, and region. In 2020, the type 1 segment held the majority share, while the type 3 segment is expected to exhibit the fastest CAGR. The low flash point segment dominated in 2020, with the high flash point segment anticipated to grow at the fastest CAGR.
Europe held the largest market share in 2020, while the Asia-Pacific region is expected to witness the fastest CAGR. Key players in the global white spirits market include Kuwait International Factory, Kapco Petroleum Industries FZC, Hell Plc, Exxon Mobil Corporation, TotalEnergies, Alshall International Co., Ahmadullins: Sciences & Technologies, DHC Solvent Chemie GmbH, Pacer, and Rahaoil Inc.
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About Us:
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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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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