The petroleum-derived solvents are known as white spirit and used extensively across numerous applications. The white spirit has application as paint thinner and turpentine substitute. Additionally, its ubiquitous properties are widening its applications in a different atmosphere, temperature, and pressure conditions. These factors are propelling growth if the global white spirit market.
Additionally, changing production principles and criteria’s in the petroleum industry is influencing the production of white spirits and in turn, is reflecting on the growth of the global white spirits market. Also, the white spirits market, especially in the petroleum-rich regions, is expected to be benefited by the high revenues in the region.
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What are other factors driving the growth of the white spirits market?
Growing usage of white spirits as paint thinner and solvents is boosting the growth of the global white spirits market. Paints have a wide range of applications across industries is boosting the growth of the white spirit market. Degreasing and equipment cleaning which again helping to expand demand for the white spirits and is likely to propel the growth of the market. Furthermore, white spirits also have applications as lubricants on the industrial level. The aforementioned factors are also influencing positively on the growth of the global white spirit market.
Which is key region contributing to the growth of the white spirits market?
The Middle East and Africa are dominating the global market and rising at a robust rate in recent times. Thanks to the large amount of petroleum sources available mainly in the region. Furthermore, the market in North America is escalating with a fair growth rate due to progressions in industrial processes across the developed countries in the US and Canada.
Some of the prominent players operating in the global white spirits market are Idemitsu Kosan Co., Ltd., Royal Dutch Shell Plc., Total S.A., S.A.U., and Compaa Espaola de Petrleos.
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