Published on : Sep 19, 2019
Petroleum-based products have gained popularity across a plethora of industries. The need for paints and solvents is felt across multiple processes pertaining to the chemical, constructions, and energy sectors.
Furthermore, the changing standards of production across the petroleum industry have led to abundant production of white sprits. It is expected that the global white spirits market would witness an escalation in its sales graph over the forthcoming years.
Baijiu is a famous white spirit that originated in China, and is one of the most sought-after varieties across the globe. International Wine & Spirits Competition (IWSC) cites this white spirit to attract humongous demand in the years to follow. This factor is expected to prompt market vendors towards including baijiu in their product portfolio.
Some of the prominent players in the global white spirits market are Compaa Espaola de Petrleos, Idemitsu Kosan Co., Ltd., Royal Dutch Shell Plc., Total S.A., and S.A.U.
Research Moz provides pragmatic insights on the growth of the global white spirits market in one of its syndicate reports.
Need for Paint Thinners
The most prominent driver of demand within the global white spirits market is the need for paint thinners in various industries. Furthermore, cleansing and degreasing applications also involve the use of white spirits which also propels market demand. The growing need for cost-efficient lubricants has brought white spirits under the spotlight of attention.
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Growth of Middle East Market
The petroleum industry in the Middle East has set the tone for prosperous growth and development. This factor has given a thrust to the growth of the regional market for white spirits. Furthermore, the need for mineral spirits across the chemical industry has also generated a plethora of opportunities for market growth. Other regional segments pertaining to the global white spirits market are South America, Europe, Asia Pacific, and North America.