The global white spirit market size was US$ 6.8 billion in 2021. The global white spirit market is forecast to grow to US$ 9.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
White spirit, also known as mineral spirit, is a petrochemical solvent composed of aliphatic, acyclic, and aromatic hydrocarbons. The spirit has a boiling range of 65-230C. White spirits, also referred to as mineral turpentine, turpentine substitute, petroleum spirits, solvent naphtha (petroleum), various, and Stoddard solvent, is a colourless liquid that is flammable and insoluble in water.

Factors Influencing the Market
The global white spirit market is forecast to witness potential growth, owing to the rising demand for painting and coatings all across the world. Moreover, white spirit is used as a thinner, solvent, disinfectant, cleansing agent, etc. Thus, all of these factors will contribute to the growth of the white spirit market.
The benefits of white spirit, such as versatility and effectiveness, will also drive the growth of the global white spirit market. Further, the product can be utilized as a solvent, majorly to extract slip-ups while painting. Thus, the growing grange of projects related to painting and coating will escalate the growth of the global white spirit market.
In the automobile industry, white spirit is used as a cleaning agent for car parts or heavy machinery. Moreover, it is also used to remove heard grease and chemical stains, which will benefit the overall market during the forecast period. On the contrary, environmental and health concerns related to the white spirit may limit the growth of the market during the forecast period.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for white spirit decreased drastically as the automotive and construction sector recorded a sharp decline. Most automobile manufacturers registered a sharp drop in terms of revenue, which hampered the growth of the global white spirit market. In addition, environmental and health concerns related to the white spirit further impeded its adoption during the forecast period. The industry also witnessed a shortage of labor and raw materials, which hampered the growth of the overall market.

Regional Analysis
Asia-Pacific is forecast to dominate the white spirit market in terms of revenue. It is majorly due to the rising urbanization and industrialization across the region. Further, the demand for white spirit is expected to increase due to growing construction activities and the growing living standards of people. In addition, the presence of the largest automotive industry will also upsurge the demand for white spirit as it is used as a cleaning agent.

Competitors in the Market
Royal Dutch Shell
Total SA
Exxon Mobil Corporation
Idemitsu Kosan Co. Ltd
Bharat Petroleum Corporation Limited
Indian Oil Corporation Limited
ThaiOil Company
Neste,
DHC Solvent Chemie GmbH.
Other Prominent Players

Market Segmentation
The global white spirit market segmentation focuses on Product, Flash Point, Application, and Region.
By Product Type
Type 0
Type 1
Type 2
Type 3
Type 4
By Flash Point
Low
Medium
High
By Application
Thinner & Solvent
Cleansing and Degreasing Agent
Disinfectant
Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America