Market Challenges And Opportunities

Market Restraints

The risk associated with the usage of white spirits as acute exposure can cause central nervous system depression, resulting in a lack of coordination are expected to hinder the market growth. Moreover, exposure to white spirits can also create narcotic effects such as drowsiness, dizziness, nausea, etc. Hence, such side-effects associated with the usage of white spirits is expected to restrict market growth.

Growing demand for the bio-based product is expected to curb the market growth of the white spirit over the forecast period. Crude oil-based solvents such as white spirits are a key component of paints, coatings, and inks. However, these solvent-based paints, coatings, and inks, release a high amount of VOCs as compared to other bio-based alternatives due to which most of the manufacturers are focusing on introducing a bio-based white spirit. Hence, growing demand for bio-based white spirit is expected to restrict market growth.

Drivers

Strong economic growth and changing demographics across major countries such as Brazil, Russia, China, and India is expected to propel the demand for white spirit. Moreover, the development of infrastructure across the developing region coupled with the growing demand for white spirit from the automotive industry is another major factor projected to fuel the market growth of the white spirit. Furthermore, the rising number of the manufacturing industry around the globe is also expected to foster the market growth of white spirit over the forecast period.

Growing demand for the white spirit as a turpentine substitute as it is an inexpensive petroleum-derived product commonly used as a paint thinner for oil-based paint and cleaning brushes is expected to fuel the market growth of white spirit. Moreover, rising demand for white spirit from artists since it is less flammable and comparatively less toxic is also projected to foster the market growth of white spirit over the forecast period. Furthermore, it is also preferred by end-user because it doesn't contain any residual sulfur.

Market Opportunities

The rising launch of new and innovative products in the white spirit is expected to fuel market growth over the forecast period. For instance, in October 2017, THAI Beverage Plc (ThaiBev), Thailand’s biggest beverage and food conglomerate, announced the launch of a new white spirit product – Ruang Khao Silver – to tap core white spirit markets in Myanmar, Vietnam and the Philippines. Hence, the increasing launch of a new and innovative product is projected to fuel market growth.

Ongoing urbanization, increasing population, and rising per capita income of the consumers are some of the other important factors fueling the market in the Asia Pacific. According to the Economic Times, the per capita net national income of India during 2017-18 is estimated to be Rs 1,11,782 showing a rise of 8.3 percent as compared to Rs 1,03,219 during 2016-17 with the growth rate of 9.7 per cent. Hence, the rising per capita income of the individuals in the Asia Pacific region is expected to fuel the market growth.