The CNSL market size is estimated to be USD 393 million in 2022 and is projected to reach USD 564 million by 2027, at a CAGR of 7.5% between 2022 and 2027. Due to increasing environmental concern the stricter norms are being adopted, this is driving the CNSL market.
Coatings segment is projected to be the largest application of cashew nutshell liquid market.
CNSL-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.CNSL-modified hydrocarbons have improved intercoat adhesion and flexibility while maintaining fast curing time and anticorrosion properties.
CNSL-based products can also adhere to surfaces that are not prepared properly.
Phenol formaldehyde resins is one of the largest product type segment of the cashew nutshell liquid market. Cardanol is obtained from CNSL, a by-product of the cashew industry.CNSL contains anacardic acid, cardanol, cardol, 2- methylcardol, and unidentified polymeric material.
Due to the presence of the phenolic groups in cardanol, it is used as a natural substitute for phenol in the PF resin.Novolac and resol resins are synthesized with partial substitution with cardanol.
The proportion in which substitution is made impacts the mechanical and thermal properties of the resulting resin.
South America is the fastest-growing market for cashew nutshell liquid during the forecast period. The CNSL market in South America includes Brazil and Rest of South America.Brazil leads the production and consumption of the CNSL market in the region.
Recovery in the Brazilian economy has widened the growth prospects for the CNSL market.The demand for CNSL in this region is projected to grow higher than in other regions, such as Asia Pacific, North America, and Europe.
South America shows great potential for the growth of the CNSL market as countries such as Brazil are planning to increase CNSL exports to other countries.CNSL is widely used bio-based products that can enhance the product performance while meeting stringent environmental norms.
South America is an emerging market; it provides a great opportunity for global chemical manufacturers to expand and generate considerable demand in the future.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Breakdown of Primary Interviews: • By Company Type: Tier 3 – 27%, Tier 2 – 27%, and Tier 1 – 46% • By Designation: D Level – 18%, C Level – 36%, and Others – 46% • By Region: APAC – 18%, North America – 37%, Europe – 36%, South America and Middle East & Africa – 9%
The key market players are cardolite company(U.S.A), pelmer international(U.S.A), senesel(Poland), sri devi group(India).
Research Coverage: Cashew Nutshell liquid market by product (PF Resins, Epoxy Resins, Epoxy Curing Agents, Surfactants, Polyols), by application (Adhesive, Coating, Foam, Laminate, Personal Care), By Region (Asia Pacific, North America, Europe) - Global Forecast to 2027
Reasons to Buy the Report From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on cashew nutshell liquid offered by top players in the market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market • Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for timber laminating adhesives across regions • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market.
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