Verified answer

Essentially white paint in a solvent that evaporates quickly, thus the odor. The white is from Titanium dioxide

Ingredients from the MSDS

Acrylic acid TLV-TWA: 2 ppm

NIOSH REL: TWA 2 ppm

(6 mg/m3) [skin]

1-5

107-21-1 Ethylene glycol 100 mg/m3 (CEILING) 1-5

1317-65-3 Limestone PEL: TWA: 15 mg/m3 (dust)

PEL: TWA: 15 mg/m3

(respirable)

NIOSH REL: TWA 10

mg/m3 (total);

TWA 5 mg/m3 (resp)

10-30

13463-67-7 Titanium dioxide

I'm pretty sure that white out is just a white pigment suspended in an easily evaporable fluid (ethanol, isopropyl alcohol, etc.) It applies as a fluid, which then evaporates, leaving the pigment behind on the paper. For specific ingredients just check around on the web.

It's similar to white paint.

But instead of water as the solvent, that latex paint uses, it has a volatile organic compound of some sort. That is what you smell. That makes it dry faster.

The white part is probably something like Zinc Oxide.

.