Cashew Nutshell Liquid Market by Application (Resins, Surface Coatings and Paints, Lamination, Adhesives, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026650 | Pages: 100 | Industry: Food and Beverages | Date: Oct 2022 | Type: Global

The market crossed US$ 393.0 million mark in 2022 and is expected to hit US$ 690.0 million by 2030, recording a CAGR of approximately 7.5% during the forecast period.

Increasing demand for cashew nutshell liquid in the automotive and construction industries

Increasing number of automobile manufacturers that are adopting cashew nutshell liquid-based friction dust in disc pad brakes and drum linings, rising demand for phenol and phenolic compounds in the polymer and pharmaceutical industries, growing usage of cashew nutshell liquid as paints and coatings for water-borne vessels, and emerging research initiatives that are discovering potential anti-cancer and anti-bacterial drug development applications of cashew nutshell liquid are some of the factors expected to drive market revenue growth. Furthermore, various industries' steady use of cashew nutshell liquid-based derivatives as plasticizers, demulsifiers, antioxidants, and stabilizers is another factor projected to augment the revenue growth of the market.

Within the report, the market is segmented into application and geography. Based on application, the market is divided into resins, surface coatings and paints, lamination, adhesives, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Growing demand for bio-based and sustainable green products

Raw cashew nut shell liquid refers to the liquid extracted from the honeycomb internal structures through cold press or solvent extraction techniques. It contains cardol, cardanol, anacardic acid, 6-methyl cardol, and other phenolic compounds. Friction dust made from the powdered product of cashew nutshell liquid resin cross-linked with paraformaldehyde is gaining adoption in the automobile brake industry, supporting market revenue growth. Further processing of raw cashew nutshell liquid causes decarboxylation of anacardic acid to cardanol, which results in the formation of Technical Cashew Nut Shell Liquid (tCNSL).

Rising demand for various applications is one of the major factors accelerating market growth

Cashew nutshell liquid-based coatings provide excellent corrosion protection and meet environmental norms for VOC content. They provide year-round applications. These products provide excellent corrosion protection under extreme conditions while maintaining structural bond strength. Cashew nutshell liquid-modified hydrocarbons have improved inter-coat adhesion and flexibility while maintaining fast curing time and anti-corrosion properties. Cashew nutshell liquid-based products can also adhere to surfaces that are not appropriately prepared.

Recent strategic developments in the cashew nutshell liquid market

The cashew nutshell liquid market has undergone several significant developments, and a few of these have been mentioned below:

  • In August 2019, UK-based AgDevCo expanded its geographic reach into Cote d'Ivoire with a US$ 9.75 million investment in DekelOil.

The cashew nutshell liquid market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Cardolite Corporation, Palmer International, SENESEL Sp. z o.o., Golden Cashew Products Pvt. Ltd., and Cat Loi Cashew Oil Production & Export Joint Stock Company are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Cashew producers association-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of cashew nutshell liquid
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Application:
    • Resins
    • Surface Coatings and Paints
    • Lamination
    • Adhesives
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Cardolite Corporation
    • Palmer International
    • SENESEL Sp. z o.o.
    • Golden Cashew Products Pvt. Ltd.
    • Cat Loi Cashew Oil Production & Export Joint Stock Company

The List of Companies
- Cardolite Corporation
- Palmer International
- SENESEL Sp. z o.o.
- Golden Cashew Products Pvt. Ltd.
- Cat Loi Cashew Oil Production & Export Joint Stock Company

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