Global White Spirits Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $5 billion in 2016; growing at a CAGR of 6.6% from 2016 to 2024. The factors supporting the growth of the global white spirits market are increasing demand for these spirits as a turpentine substitute, improving global economic conditions, steady demand from the paints and coatings industry, changing demographics and unassuming jet kerosene prices. However, high cost of white spirits is anticipated to slowdown the market growth. Additionally, shifting focus towards low aromatic white spirits would provide several growth opportunities for the global white spirits market in the future years.

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The global white spirits market is categorized by application and grades. The segmentations by application comprise paint thinner, degreasing solvent, cleaning solvent, fuel, disinfectant, and others. The paint thinner sub segment dominated the application segment with the largest market share in 2016. The white spirits market by grades is high flash grade, regular flash grade and low flash grade. Regular flash grade was the maximum revenue generating sub segment.

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Geographically, the market is bifurcated into North America, Europe, Asia-Pacific and Rest of the world. Asia-Pacific accounted for the largest market share of 36.1% in 2016, driven by the rising infrastructural developments in the region. Improvement in economic condition has also led to the growth in demand for white spirits in the Asia-Pacific region. North America was the second largest market with a total market share of 28.6%. Rest of the world (RoW) is anticipated to grow at a fastest CAGR of 7.8% during the forecast period 2016-2024.
Market players have used various strategies to increase their market share and global presence. For instance, company such as ExxonMobil Corporation has focused on research and development to provide low aromatic content white spirits in order to gain popularity in the market. The major key players operating in the market are ExxonMobil Corporation, Total S.A., Royal Dutch Shell Plc, CEPSA, Idemitsu Kosan Co., Ltd., and Neste Oyj, among others.
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