Press release
Global Cashew Nut Shell Liquid (CNSL) Market is expected to grow at a CAGR of 7.81% during the forecast period from 2019-2026
Global Cashew Nut Shell Liquid (CNSL) Market 2019, Global Cashew Nut Shell Liquid (CNSL) Market Growth,
"Cashew Nut Shell Liquid (CNSL) Market by Type (Raw Cashew Nut Shell Liquid, Technical Cashew Nut Shell Liquid), Application, End User Industry, Regions",and Global Forecast 2019-2026.
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Major players in the global cashew nut shell liquid (CNSL)market are K2P Chemicals, Sri Devi Group, K Subraya Anantha Kamath and Sons, Muskaan, Senesel, Shivam Cashew Industry, Cardolite, Palmer International, and Olam Agro India Pvt. Ltd among others.CNSL is extensively used in polymer based industries such as friction linings, paints and varnishes, laminating resins, Rubber compounding resins, cashew cements, polyurethane based polymers, surfactants, epoxy resins, foundry chemicals and intermediates for chemical industry, Automobile, pesticides.
The type segment is divided into raw cashew nut shell liquidand technical cashew nut shell liquid. The raw cashew nut shell liquid segment emerged as the leader in the global CNSL market with a market share of 56.82% in 2018. Growing demand for the raw CNSL from the processing industries was one of the primary reason driving this increase in demand. The application segment includes friction linings, paints and varnishes, laminating resins, rubber compounding resins, cashew cements, polyurethane based polymers, surfactants, epoxy resins, foundry chemicals, and others.The friction linings segment is anticipated to grow at the highest CAGR of 9.92% over the forecast period. This increased growth rate can be attributed to the growing utilization of the CNSL in the stabilizing agent in disk pad brakes and drum linings. The application is fragmented into coating industry, automotive industry, fuel industry, leather industry, tobacco curing industry, and others. The coating industry segment dominated global cashew nut shell liquid (CNSL)market with a market share of 36.17% in 2018. CNSL based surface coatings possess excellent gloss and surface finish with optimum levels of toughness and elasticity. Thus increase demand for the corrosion resistant, high quality paints form the shipping industry is driving this market share.
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Even though the factors such as rising utilization of CNSL in the end user industries as well as rising preference for CNSL over unsaturated phenols are driving the global cashew nut shell liquid (CNSL)market. The volatility in the raw material prices and erratic supply of raw materials is expected to hinder the market growth over the forecast period.
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