High economic growth and shifting demographics in key nations such as Brazil, Russia, China, and India are likely to drive white spirit consumption. Furthermore, the expansion of infrastructure across the developing area, along with rising demand for white spirit from the automotive industry, is expected to drive white spirit market growth. Additionally, the growing manufacturing industry throughout the world is likely to drive white spirit market growth over the forecast period. The danger connected with the use of white spirits is projected to impede market expansion since acute exposure can cause central nervous system depression, resulting in a loss of coordination. Moreover, exposure to white spirits might produce narcotic symptoms such as sleepiness, dizziness, nausea, and so forth. As a result, such negative effects connected with the use of white spirits are projected to limit market expansion.
According to coherent market Insights. The global White Spirits Market was valued at US$ 10,551.3 Mn in 2019 and is predicted to reach US$ 13,575.2 Mn by the end of 2027, growing at a CAGR of 3.2% during the forecast period (2020 to 2027).
Prominent Players in the White Spirits Industry:
1. Exxon Mobil Corporation
Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments The Company was founded in 1870 and is headquartered in Irving, Texas.
2. Shell plc
Shell plc operates as an energy and petrochemical company Europe, Asia, Oceania, Africa, the United States, and Rest of the Americas. The company operates through Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. Shell plc was founded in 1907 and is headquartered in London, the United Kingdom.
3. TotalEnergies SE
TotalEnergies SE operates as an integrated oil and gas company worldwide. The company operates through four segments: Integrated Gas, Renewables & Power; Exploration & Production; Refining & Chemicals; and Marketing & Services. TotalEnergies SE has strategic partnerships with PureCycle Technologies, Plastic Energy, Freepoint Eco-Systems, and Plastic Omnium for various development projects. TotalEnergies SE was incorporated in 1924 and is headquartered in Courbevoie, France.
4. Idemitsu Kosan Co.,Ltd
Idemitsu Kosan Co.,Ltd. operates in petroleum, basic chemicals, functional materials, power and renewable energy, and resources businesses in Japan and internationally. Idemitsu Kosan Co.,Ltd. was founded in 1911 and is headquartered in Tokyo, Japan.
5. compañía española de petróleos
Operator of a Spanish energy company engaged in the exploration and production of crude oil. The company engages distribution and sale of crude oil derivatives, manufacturing and sale of petrochemicals, supply of gas petrochemicals, natural gas operations and electric power generation and sales. The company was founded in 1929, headquartered in Madrid, Spain.
6. Neste Oyj
Neste Oyj provides renewable diesel and sustainable aviation fuel in Finland and other Nordic countries, Baltic Rim, other European countries, North and South America, and internationally. The company operates in four segments: Renewable Products, Oil Products, Marketing & Services, and Others. Neste Oyj was founded in 1948 and is headquartered in Espoo, Finland.
7. Haltermann Carless
Haltermann Carless is an international producer of hydrocarbon-based products and solvents. The company is headquartered in Hamburg, Germany, founded in 1859.
8. Al Sanea Chemical Products
Al Sanea Chemical Products is a chemical manufacturing company for industrial cleaners, disinfectants, and household maintenance chemicals. The company was founded in 1977, headquartered in Kuwait.
9. GSB
GSB manufactures and supplies chemical products and material that includes UV, roller, and blanket washes as well as paint and hardware. The company was founded in 1954, headquartered in Melbourne,Austria.
*Definition- White spirit, commonly known as mineral turpentine, is a transparent petroleum-based liquid used as an organic solvent in the paint industry. White spirit is made up of alicyclic, aliphatic, and aromatic hydrocarbons ranging in carbon number from C7 to C12. They are mostly utilised as paint thinners and solvents for extraction, degreasing, and cleaning machine components.
