The global cashew nutshell liquid market size is expected to reach USD 699.5 million by 2030, according to a new study by Polaris Market Research. The report “Cashew Nutshell Liquid Market Share, Size, Trends, Industry Analysis Report, By Product (Surfactants, Epoxy Curing Agents, Polyols & NCO Blocking Agents, Epoxy Modifiers & Resins, Phenol Formaldehyde Resins, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing demand for natural resources in various applications and rising demand for cashew nut shell liquid in chemical and petrochemical industries accelerate the market growth. In addition, increasing environmental norms and growing R&D in sustainable and eco-friendly products may spur market expansion.
Cashew nutshell liquid is increasingly used for friction linings, surfactants, synthetic rubber compounds, paints and varnishes, epoxy resins, adhesives, and laminating resins. Its application has increased in diverse industries such as automotive, aerospace, marine, construction, personal care, and others. It offers fast curing, high water resistance, reduced viscosity, greater flexibility, superior adhesion, and thermal & chemical resistance.
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Moreover, CNSLs are used in various personal care items, including skin care, ointments, gels, lotions, and other cosmetics. Due to the rising population and increased consumer spending on improved personal care products, the personal care business is quickly expanding. In emerging economies like China, India, and Brazil, the retail sector is becoming more organized, helping the personal care market growth. Thus, the aforementioned factor drives the market globally.
The outbreak of COVID-19 offered several limitations to the growth of the industry. The market suffered reduced demand from the automotive, industrial, aerospace, and construction sectors. Lockdown impositions across the world resulted in the disruption of supply chain and distribution networks, workforce impairment, and limitations on the movement of goods. The closure of global industry and the limited supply of raw materials further hampered the market during the pandemic.
The coatings segment dominated the global market in 2021. Coatings derived from cashew nutshell liquid offer high gloss and enhanced surface finish, elasticity, and toughness. It also provides acid resistance and anti-microbial properties. It is increasingly used as a raw material in anti-corrosive paints because of its rustproof properties.
Europe accounted for a significant share of the global market in 2021. Growing environmental awareness coupled with investments in R&D for developing sustainable and bio-based solutions supports the market’s growth. Greater demand from the automotive sector and strict environmental regulations further boosts the adoption of cashew nutshell liquid in the region.
Cashew Nutshell Liquid Market Report Highlights
Polaris Market Research has segmented the cashew nutshell liquid market report based on product, application, and region:
Cashew Nutshell Liquid, Product Outlook (Revenue - USD Million, 2018 - 2030)
Cashew Nutshell Liquid, Application Outlook (Revenue - USD Million, 2018 - 2030)
Cashew Nutshell Liquid, Regional Outlook (Revenue - USD Million, 2018 - 2030)