The global cashew nutshell liquid market size was US$ 366.3 million in 2021. The global cashew nutshell liquid market size is forecast to reach US$ 690.9 million by 2030, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period from 2022 to 2030.
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An agricultural byproduct of the cashew nut and cashew apple production, made by the cashew nut tree, is cashew nut shell liquid (CNSL), a dark brown viscous liquid found inside a soft honeycomb structure of the cashew nutshell. CNSL can be extracted using a number of techniques, primarily hot oil and local roasting procedures, solvent extraction, mechanical extraction, vacuum distillation, or supercritical fluids processes.
Factors Influencing Market Growth
The advancing global economy, increasing domestic demand for bio-based products and exports, and rising demand for performance products drive the global market.
The fluctuation of raw materials prices and the irregular supply of raw materials may slow down the overall market growth.
The rising disposable income and improving living standards of people resulted in the construction sector expansion. Thus, this factor boosts global market growth.
The growing demand for phenolic resins derived from cashew nutshell liquid, an increase in use in the woodworking industry, and wider application areas are forecast to offer lucrative opportunities for the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on global market growth. Demand for CNSL fell due to the downturn in international industries like the automobile and construction sectors. The supply chain and distribution networks on the worldwide market were disrupted, which had an impact on the availability of raw materials. Market closures, operational difficulties, and workforce deterioration were all results of global lockdown impositions. Due to governmental restrictions and social segregation restrictions, the pandemic also had an impact on construction activity around the world. The demand for cashew nutshell liquid was further lowered by restrictions on trade and import/export operations.
Due to favorable government regulations, developments in green chemistry, and supportive environmental policies, the market is anticipated to expand after COVID-19.
Regional Analysis
Europe garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the high industrial development, increasing environmental awareness, and growing demand for bio-based products. In addition, the presence of well-established automotive and energy sectors and rising initiatives to decrease carbon emissions. Thus, these factors drive the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global cashew nutshell liquid market are:
Cardolite Company
Pelmer International
Senesel
K Subraya Anantha Kamath and Sons
Sri Devi Group
Shivam Cashew Industry
Cat Loi
Golden Cashew Products
Olam Agro India Pvt. Ltd.
LC BUFFALO
Other Prominent Players
Scope of the Report
The global cashew nutshell liquid market segmentation focuses on Product Type, Application, and Region.
Segmentation based on Product Type
Phenol Formaldehyde (PF) Resins
Epoxy Modifiers & Resins
Epoxy Curing Agents
Surfactants
Polyols & NCO Blocking Agents
Friction Materials
Others
Segmentation based on Application
Adhesives
Coatings
Foams & Insulation
Laminates
Friction Linings
Personal Care
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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