DUBLIN--(BUSINESS WIRE)--The "Global Cashew Nutshell Liquid (CNSL) Market by Product (PF Resins, Epoxy Resins, Epoxy Curing Agents, Surfactants, Polyols), Application (Adhesive, Coating, Foam, Laminate, Personal Care), and Region (Asia Pacific, North America, Europe) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cashew nutshell liquid (CNSL) market is estimated to be worth 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.
Market Dynamics
Drivers
- Demand for CNSL-based Phenolic Resins
- Growth in Mass Timber (Woodworking) Industry
- Rising Demand from Various Applications
- Rise in Residential and Commercial Building Construction in Asia-Pacific
Restraints
- Volatile Raw Material Prices
Opportunities
- Growing Demand for Bio-based and Sustainable Green Products
- Implementation of Stringent Regulations by Government Agencies
Challenges
- Availability of Substitutes
Companies Mentioned
- Adarsh Industrial Chemicals
- Admark Polycoats Pvt. Ltd.
- C. Ramakrishna Padayatchi
- Cardolite Company
- Cashew Chem India
- Cat Loi Cashew Oil Production & Export Joint Stock Company (Cat Loi)
- Golden Cashew Products Pvt. Ltd.
- K Subraya Anantha Kamath and Sons
- K2P Chemicals
- LC Buffalo Co. Ltd.
- Muskaan Group
- Paladin Paints & Chemicals Pvt. Ltd.
- Palmer International
- R.K. Agro Processing
- Rishab Resins and Chemicals
- Satya Cashew Chemicals (P) Ltd.
- Senesel
- Shivam Cashew Industry
- Son Chau Co. Ltd.
- Sri Devi Group
- Zantye Agro
- Zhejiang Wansheng
For more information about this report visit https://www.researchandmarkets.com/r/x8fbmq
