Pune, Maharashtra -- (SBWIRE) -- 11/17/2017 -- Global White Spirits Market is forecasted to reach $9 billion by 2024; growing at a CAGR of 6.6% between 2016 and 2024. White spirit is a mixture of straight and branched chain paraffins, naphthene and alkyl aromatic hydrocarbons, majorly used for cleaning paint and degreasing machine tools and parts. The major consumption of white spirit is used in paints, lacquers and varnishes. It is also used by individuals in their household to clean used paint brushes, and to remove adhesive from surfaces. White spirit is a light grade of kerosene and can also be used as substitute for kerosene in stoves.

Steady demand from the paints and coatings industry, unassuming jet kerosene prices, and increasing demand for white spirit as a turpentine substitute are the major factors driving the global white spirits market. Moreover, changing demographics and improving global economic conditions have also supplemented the growth of the market. However, high cost of white spirits may hamper the market growth in the coming years. Shifting focus towards low aromatic white spirits would provide attractive business opportunities for the market in the coming years.

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

By geography, the global white spirits market has been segmented into North America, Europe, Asia Pacific and rest of the world (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers France, Germany, UK and others. Asia-Pacific covers China, India, Japan and others. Rest of the world (RoW) covers South America, Middle East and Africa.

Major companies operating in this market are Royal Dutch Shell Plc, ExxonMobil Corporation, Total S.A., Idemitsu Kosan Co., Ltd., CEPSA, and Neste Oyj among others.

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The key takeaways from the report

- The report will provide detailed analysis of White Spirits Market with respect to major segments such as application and grade

- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024

- Comprehensive analysis of market dynamics including factors and opportunities is included in the report

- An exhaustive regional analysis of White Spirits Market will be provided in the report

- Profile of the key players in the White Spirits Market will be provided, which include key financials, product & services, new developments and business strategies

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