Cashew Nut Shell Liquid (CNSL) Market growth is attributed to the Increased Demand for Coating Industry

According to Precision Business Insights (PBI), latest report, The Cashew Nut Shell Liquid (CNSL) Market is expected to be worth USD 431.6 million in 2022, growing at a 6.9% CAGR from 2022 to 2028. The global Cashew Nut Shell Liquid (CNSL) market is driven by factors such as increased use of CNSL in end-user industries and a growing preference for CNSL over unsaturated phenols. Technological advancements will improve the product's performance, even more, allowing it to be employed in additional downstream applications. The market is largely driven by rising demand for laminating resins, epoxy resins, cashew cements, and rubber compounding resins, as well as foundry chemicals and other industrial applications.

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The Coating Industry Segment Dominates the Cashew Nut Shell Liquid (CNSL) Market
The coating industry segment is expected to account for a larger revenue share in the global Cashew Nut Shell Liquid (CNSL) Market with value share in the global market and projected to grow at 6.6% CAGR over 2022 and 2028. The coating industry segment dominated the global CNSL market with a value of USD xx million in 2021. CNSL-based Surface coatings provide outstanding gloss and surface quality, as well as optimal toughness and elasticity. As a result, the shipping industry's increased requirement for corrosion-resistant, high-quality paints is pushing this market share.

Asia Pacific Leads Cashew Nut Shell Liquid (CNSL) Market:
Asia Pacific is expected to hold the 21.2% market share in the global Cashew Nut Shell Liquid (CNSL) Market in the forecast period, and it is projected to grow at a CAGR of 7.2% in the coming years. In the Asia Pacific, India is a major producer of CNSL, which is largely exported with no added value. In recent years, many new enterprises have started producing value-added products from this oil in India. As a result, the product's production potential is extremely high. There is a lot of potentials for CNSL to be exported and used in other nations, as well as in India.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The Global Cashew Nut Shell Liquid (CNSL) Market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region.

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Cashew Nut Shell Liquid (CNSL) market is segmented based on type, application, end-user, and geography.

Based on the type, the market is segmented into the following:
• Raw Cashew Nut Shell Liquid
• Technical Cashew Nut Shell Liquid (TCNSL)

Based on the application, the market is segmented into the following:
• Friction Linings
• Paints and Varnishes
• Laminating Resins
• Rubber Compounding Resins
• Cashew Cements
• Polyurethane based Polymers
• Surfactants
• Epoxy Resins
• Foundry Chemicals
• Others

Based on the end user, the market is segmented into the following:
• Coating Industry
• Automotive Industry
• Fuel Industry
• Leather Industry
• Tobacco Curing Industry
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key players in the Cashew Nut Shell Liquid (CNSL) Market report are Sri Devi Group, Muskaan, K2P Chemicals, Olam Agro India Pvt. Ltd, Cardolite, Shivam Cashew Industry, K Subraya Anantha Kamath and Sons, Senesel, Palmer International

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