In the cashew nutshell liquid (CNSL) market size is estimated to be 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. Increasing demand from the chemical and petrochemical industries, the rising demand for natural resources for various applications are significantly driving the market globally.
CSNL-based products are widely used in agriculture, chemical, petrochemical, and other industries. They help manufacturers address issues related to environmental norms and product performance. Increasing demand from the chemical and petrochemical industries, the rising demand for natural resources for various applications are significantly driving the market globally. The major challenges for resin manufacturers are the increasing prices and stringent regulations set by various governments. Fluctuations in raw material prices are also restraining the market.
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CNSL-based products offer exceptional performances and advantages for adhesives. Adhesives are exposed to varied environmental conditions for a number of applications; CNSL technology ensures structural bonds remain strong throughout the lifespan of the adhesives. CNSL-based adhesives offer water resistance, chemical resistance, thermal resistance, shock resistance, adhesion under adverse condition, and excellent mechanical properties.
Manufacturers are looking for solvent-free and waterborne solutions with enhanced performance under broad categories such as fast bond development under subzero temperatures and water, along with chemical resistance and corrosion protection for exposed surfaces.
The CNSL market in Asia Pacific is segmented into China, India, Japan, South Korea, Vietnam, Indonesia, and Rest of Asia Pacific. This region is one of the key markets for CNSL, accounting for 25.3% of the global market in 2021 in terms of value. The availability of raw materials and labor at economical prices, coupled with significant domestic demand, makes this the most attractive market for industry participants. The global demand for CNSL is increasingly driven by developments, such as rapid industrialization, increasing demand from industries such as automotive and electronics, in Asia Pacific, specifically in China, India, Vietnam, and Indonesia. Manufacturing activities in Asia Pacific are also increasing, due to rising income levels, increasing number of nuclear families, affordable interest rates, and changing lifestyles.
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The key market players are cardolite company(U.S.A), pelmer international(U.S.A), senesel(Poland), sri devi group(India). Cardolite Corporation is a manufacturer of CNSL-based products used in coatings, friction materials, adhesives, composites, and foams. The company is the leader in the production of quality CNSL-based materials. Cardolite delivers high-quality products and services across the globe and has sales offices, representatives, and distribution facilities in the Americas, Europe, and Asia.
Palmer International is a global leader in CNSL technology. The company provides polyols, chemicals, friction particles, and resins to automotive, transport, construction, and other industries worldwide. It is the world’s oldest producer of cashew derivatives and a leader in developing OEM friction particles. The company is the world’s leading producer of cashew-manic polyols and epoxy hardener chemistry.
CNSL is a versatile raw material to multiple products such as phenol formaldehyde (PF) resins, epoxy modifiers & resins, epoxy curing agents, surfactants, polyols & NCO blocking agents, friction materials, others are the major types of resins.
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