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Cashew Nutshell Liquid Market: By Product Type (Phenol Formaldehyde (PF) Resins, Epoxy Modifiers & Resins, Epoxy Curing Agents, Surfactants, Polyols & NCO Blocking Agents, Friction Materials), By Application (Adhesives, Coatings, Foams & Insulation, Laminates, Friction Linings, Personal Care), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Cashew nutshell liquid (CNSL) is a biomaterial that is naturally occurring, non-food chain, and annually renewable. It's a viscous reddish brown liquid derived from a soft honeycomb structure within the cashew nutshell. The major component of this nutshell liquid is anacardic acid, with a minor amount of cardol and its methyl derivatives. Cardanol, a highly sought alkylphenolic molecule in the chemical industry, can be made by decarboxylating CNSL and distilling it. For the automotive brake lining business, the distillation residue can be used to make durable friction particles and binders.
Global Cashew Nutshell Liquid Market to surpass USD 748 million by 2031 from USD 351.2 million in 2021 at a CAGR of 7.9% in the coming years, i.e., 2021-2031. The market is being driven by factors such as rising demand from the chemical and petrochemical sectors, as well as the rising need for natural resources for various uses. In growing economies like China, India, and Brazil, the retail sector is becoming more organized, which is helping the personal care market grow. The industry is always altering in order to keep up with changing consumer tastes.
On the basis of Product Type, the global Cashew Nutshell Liquid Market is fragmented into Phenol Formaldehyde (PF) Resins, Epoxy Modifiers & Resins, Epoxy Curing Agents, Surfactants, Polyols & NCO Blocking Agents, Friction Materials, and Others. The market is projected to be led by the Polyols & NCO Blocking Agents segment. Polyester and polyether polyols, as well as other natural oil polyols, have properties similar to CNSL polyols. Water resistance is provided by CNSL polyols and diols, which are less sensitive to moisture during isocyanate curing. In industries such as paints and adhesives, blocked isocyanates are well-known.
Global Cashew Nutshell Liquid Market is classified on the basis of Application into Adhesives, Coatings, Foams & Insulation, Laminates, Friction Linings, Personal Care, and Others. Personal care is one of the CNSL market's fastest-growing applications. In the production of non-ionic surface-active agents, CNSL is employed. It has a hydrocarbon group and a hydrophilic phenolic group in its structure. The sulphonic acid group, for example, is changed to improve ion exchange capacities. For oil-in-water and water-in-oil systems, ion exchange systems work well as emulsifiers. Following that, these components are used in personal care products.
Many companies are increasingly focusing on "green chemistry" to suit consumer demand for environmentally friendly products, which has given the personal care industry a new dimension. Surfactants derived from CNSL are used in a variety of personal care items, including skincare, hair care, ointments, gels, lotions, and other cosmetics. Due to the rising population and increased spending on better personal care products, the personal care industry is rapidly expanding.
The global cashew nut shell liquid (CNSL) market is being driven by factors such as the increased use of CNSL in end-user industries and a growing preference for CNSL over unsaturated phenols. The growing demand for laminating resins, epoxy resins, cashew cements, and rubber compounding resins, as well as foundry chemicals and other industrial uses, is having a significant impact on market growth.
The biggest hurdle for the global cashew nut shell liquid (CNSL) industry is the volatility in raw material costs and the inconsistent supply of raw materials.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Cashew Nutshell Liquid Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In Europe, the market is likely to have a dominant position. The improved global economy, increased domestic demand for bio-based products and exports, and an increase in demand for performance items are all projected to help the CNSL market flourish. The market is also projected to be driven by a focus on lowering VOC content. The market will benefit from environmental laws and variable raw material prices. Collaborations between companies in Europe and North America are taking place to develop environmentally friendly products.
The paucity of cash arising from investor concern has produced a slow reduction in prices since February, according to the findings. When restrictions have been imposed, this decline has been even more pronounced. Cashew purchases have even come to a halt in several of the research regions. The COVID-19 pandemic has reduced cashew producer income by 50% in the sixth week and 37.5 percent in the ninth and tenth weeks of our observation, compared to the first week of the campaign.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 351.2 million |
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Revenue forecast in 2031 |
USD 748 million |
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Growth Rate |
CAGR of 7.9% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product Type, Application, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled
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Senesel, CIONE, KSA Kamath and Sons, K2P Chemicals, Sri Devi Group, Muskaan, Shivam Cashew Industry, Cat Loi, LC BUFFALO, Son Chau, Palmer International, Olam Agro India Pvt. Ltd, Cardolite, C.Ramakrishna Padayatchi, Golden Cashew Products, Adarsh Industrial Chemicals, and Other Prominent Players. |
Cashew Nutshell Liquid Market size was estimated at USD 351.2 million in 2021 and is expected to reach USD 748 million in 2031.
Cashew nutshell liquid (CNSL) is a byproduct of the cashew industry that can be used for a variety of purposes. The nut has a 1/8-inch thick shell with a delicate honeycomb structure inside that contains a dark reddish brown viscous liquid.
The Polyols & NCO Blocking Agents segment accounted for the largest Cashew Nutshell Liquid Market share.
Key players in the Cashew Nutshell Liquid Market include Senesel, CIONE, KSA Kamath and Sons, K2P Chemicals, Sri Devi Group, Muskaan, Shivam Cashew Industry, Cat Loi, LC BUFFALO, Son Chau, Palmer International, Olam Agro India Pvt. Ltd, Cardolite, C.Ramakrishna Padayatchi, Golden Cashew Products, Adarsh Industrial Chemicals, and Other Prominent Players.
What are the factors driving the Cashew Nutshell Liquid Market?
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