Press release
Cashew Nutshell Liquid Market to move forward at a double-digit CAGR by 2030
The improving global economy, rising domestic demand for bio-based products and exports, and increased demand performance products are expected to drive CNSL market growth. A focus on reducing VOC content will also drive the market. Environmental regulations and volatile raw material prices will positively impact the market. Increasing demand from the chemical and petrochemical industries and rising demand for natural resources for various applications are driving the global market.
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COVID-19 Impact on the Global Cashew Nutshell Liquid Market
The COVID-19 outbreak has drastically altered the cashew nutshell liquid industry. Worldwide, the industry saw signs of recovery in the second quarter, but the industry remains concerned about long-term recovery prospects as COVID-19 cases continue to rise. The industry has been dealt several blows and surprises since the outbreak began. The pandemic has also influenced buyer behavior and attitudes. As a result, it is putting additional strain on the industry. This, in turn, is expected to restrain the market growth.
Global Cashew Nutshell Liquid Market Dynamics
Drivers: Increasing demand from a wide range of applications
The use of CNSL-based surfactants in agrochemicals is critical because surfactants improve pesticide efficiency through various mechanisms. Surfactants derived from CNSL improve herbicide, growth regulator, and defoliant foliar uptake. Many companies' increasing emphasis on "green chemistry" to meet consumer demand for eco-friendly products has propelled the personal care industry to new heights. Surfactants based on CNSL are an important component of personal care products such as skin care, hair care, ointments, gels, creams, and other cosmetic products. The personal care industry is rapidly expanding as a result of the rising population and increased spending on better personal care products. Emerging economies such as China, India, and Brazil are organizing their retail sectors, assisting the personal care industry's growth. The industry is constantly changing to meet changing consumer preferences.
Restraints: High Raw material prices
Raw material prices and availability are critical factors for manufacturers in determining the cost structure of their products. Plastic resins, synthetic rubbers, inorganic chemicals, industrial inorganic chemicals, and refined petroleum products are among the raw materials used by the industry. Most of these raw materials are petroleum-based derivatives susceptible to commodity price fluctuations. Oil prices have recently been extremely volatile.
Opportunities: Growing demand for bio-based and environmentally friendly green products
Petrochemical production results in environmentally hazardous byproducts and carbon emissions. As a result, various non-hazardous and environmentally friendly products are being manufactured. This has resulted in the development of bio-based solution synthesizers. Bio-based products can be formulated to meet a wide range of customer demands and have lower carbon footprints. The growing awareness of the benefits of biodegradable products has resulted in the developing of innovative products, which are expected to create significant market growth opportunities. Manufacturing firms constantly adapt to changing demands by developing new products and technologies. Bio-based products are one of the companies' primary focus areas.
Scope of the Global Cashew Nutshell Liquid Market
The study categorizes the cashew nutshell liquid market based on product type and application the regional and global levels.
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By Product Type Outlook (Sales, USD Million, 2017-2030)
Phenol Formaldehyde (PF) Resins
Epoxy Modifiers & Resins
Epoxy Curing Agents
Surfactants
Polyols & NCO Blocking Agents
Friction Materials
Others
By Application Outlook (Sales, USD Million, 2017-2030)
Adhesives
Coatings
Foams & Insulation
Laminates
Friction Linings
Personal Care
Others
By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
Polyols & NCO blocking agents segment is projected to account for the largest market share by product type
Based on Product type, the global cashew nutshell liquid market is divided into phenol formaldehyde (PF) resins, epoxy modifiers & resins, epoxy curing agents, surfactants, polyols & NCO blocking agents, friction materials and others. CNSL polyols have advantages over polyester and polyether polyols and other natural oil polyols. CNSL polyols and diols are water resistant and less sensitive to moisture during isocyanate curing.
Blocked isocyanates are well-known in the coatings and adhesives industries. This technology enabled 1K polyurethane systems with lower VOC content and better moisture sensitivity. This technology has been used in coating applications such as electrostatic spraying, powder coating, and coil coatings because it provides a solution to health concerns while coating.
Personal care segment accounts for the highest CAGR during the forecast period by application
Based on application, the global cashew nutshell liquid market is divided into adhesives, coatings, foams & insulation, laminates, friction linings, personal care, and others. Personal care is one of the CNSL market's fastest-growing applications. CNSL is a chemical that is used in the production of non-ionic surface-active agents. It has a hydrocarbon group and a hydrophilic phenolic group in its structure. These structures, such as the sulphonic acid group, are modified to improve ion exchange capabilities. Ion exchange systems work well as emulsifiers in both oil-in-water and water-in-oil systems. These materials are then used in the manufacture of personal care products.
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Europe is projected to account for the largest market share, by Region
Based on the regions, the global Cashew Nutshell Liquid Market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Europe is projected to account for the largest market share. The European CNSL market is divided into Germany, France, the United Kingdom, Italy, the Netherlands, and the Rest of Europe. The chemical industry contributes significantly to the region's economy. Though the steady European economic recovery is expected to drive the market, implementing several stringent regulations prohibiting petroleum-based products is likely to hinder regional market growth.
Key Market Players in the Global Cashew Nutshell Liquid Market
The global Cashew Nutshell Liquid Market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players 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
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