White Spirit Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 White spirit is a petroleum-derived, transparent liquid that stands to be an effective organic solvent widely used as a paint thinner.

White spirit is commonly used in the construction industry, wherever paints are used. The growth of the global construction industry is boosting the demand for paints and coatings, stimulating the white spirit market.

According to the US Census Bureau, during December 2021, the construction spending in the country was estimated at a seasonally adjusted annual rate of USD 1,639.9 billion, 0.2% more than the revised November estimate of USD 1,636.5 billion.

China's growth is fueled mainly by rapid residential and commercial building expansion. China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030. 

Asia-Pacific is expected to dominate the market for the white spirit during the forecast period due to increased demand from countries like India and China.

According to China's five-year plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of approximately 6% in 2022. China is planning to increase prefabricated building construction to reduce pollution and waste from construction sites.

The white spirit market is expected to register a CAGR of more than 5% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is now estimated to reach pre-pandemic levels and is expected to grow steadily.

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