The growth of the market is driven by the increasing demand from different applications, such as laminating resins, epoxy resins, cashew cements and rubber compounding resins.
The Cashew Nut Shell Liquid (CNSL) Market is forecast to grow from USD 319.6 Million in 2021 to USD 590.2 Million by 2030, at a CAGR of 7.1%, during the forecast period. The market is primarily driven by the increasing demand from innumerable applications, such as laminating resins, epoxy resins, cashew cements and rubber compounding resins, foundry chemicals and other industrial applications.
The cashew shell is used to extract cashew nutshell liquid (CNSL), a major cashew industry by-product. The nut is inside a shell about 1/8-inch-thick, a soft honeycomb structure that contains a dark reddish brown viscous liquid. It is called the liquid cashew nut shell, which is the cashew nut per carp fluid.
Recent research has shown that CNSL constituents have special structural features for transformation of specialty chemicals and polymers of high value. This involves adding value to many orders of magnitude and providing 100% chemically pure products with the chemical transformation. CNSL therefore offers vast scope and opportunities for specialty chemicals, high-value products and polymers to be produced.
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Top Key Players: K2P Chemicals (India), Sri Devi Group (India), K Subraya Anantha Kamath and Sons (India), Muskaan (India), Senesel (India), Shivam Cashew Industry (India), Cardolite (India), Palmer International (India) and Olam Agro India Pvt. Ltd (India).
Key Companies in the market include:
The Cashew Nut Shell Liquid (CNSL) Market is forecasted to grow from USD 319.6 Million in 2021 to USD 590.2 Million by 2030, at a CAGR of 7.1%, during the forecast period. The market is primarily driven by the increasing demand from a variety of applications, such as laminating resins, epoxy resins, cashew cements and rubber compounding resins, foundry chemicals and other industrial applications.
The market for paint and varnishes is expected to reach USD 54.0 Million in 2030, at a CAGR of 8.4% during the forecast period. It is widely known that paint/varnish manufacturers are adding CNSL resin to synthetics to control properties and reduce costs. Its anti-microbial, acid-resistant and rust-proof properties are well known and are used to protect the boat hulls from the bottom. Its outlets are limited to anticorrosion primers, black enamels, and marine paints, among others due to its dark color.
The market for corrosion industry is estimated to reach USD 8.2 Million in 2030, at a CAGR of 7.2% during the forecast period. Corrosion factors are increasing due to different types of pollution. Prevention of corrosion is therefore of paramount importance in daily activities. This oil is available as a by-product in abundance from the cashew industry. CNSL is treated and polymerized to produce resins that act as good materials for coating. These resins are used in protective coverings that are anti-corrosive.
The market for North America is expected to reach USD 171.2 Million in 2030, at a CAGR of 8.0% during the forecast period. Compared to cashews grown in tropical regions, North American cashews contain less selenium. Most of the regional cashew demand comes from the U.S. and Canada. Because the region is not producing cashew as a major crop, the countries here are meeting their market demand from Africa, Brazil, and India. The U.S. continues to be the largest buyer of CNSL produced in India, and Brazil is another major exporter supplying the U.S.
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Market Segmentation:
Type Outlook (Revenue, USD Million; 2019-2030)
- Raw Cashew Nut Shell Liquid
- Technical Cashew Nut Shell Liquid
Application Outlook (Revenue, USD Million; 2019-2030)
- Friction Linings
- Laminating Resins
- Paints and Varnishes
- Adhesives
- Industrial Coating
- Rubber Compounding Resins
- Aldehyde Resins
- Binders
- Others
End-Use Outlook (Revenue, USD Million; 2019-2030)
- Coating Industry
- Automotive Industry
- Paint Industry
- Polymer Industry
- Pharmaceutical Industry
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Key questions covered in the global Cashew Nut Shell Liquid (CNSL) market report:
- What is the expected market size of the global Cashew Nut Shell Liquid (CNSL) market during the forecast period?
- What factors are expected to hamper global Cashew Nut Shell Liquid (CNSL) market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Cashew Nut Shell Liquid (CNSL) market?
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