Cashew nutshell liquid (CNSL) is a dark brownish liquid derived from the shells of cashew nuts. It is used in various industries, such as plastics, paints, textiles, and inks. The global 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. The major drivers for this growth are the increasing use of Cashew Nutshell Liquid Market in various industries, such as plastics, paints, and inks, and the growing demand for CNSL in the automotive industry.
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According to a recent report by MarketsandMarkets., The increasing demand for CNSL in a wide range of industrial applications, such as resins and paints, is a major factor driving the growth of this market. Additionally, the rising demand for CNSL in the food and beverage sector is also driving the market growth. Moreover, the increasing demand for CNSL in the pharmaceutical and personal care industries is expected to further fuel the growth of the global CNSL market. Furthermore, the increasing demand for CNSL in the automotive industry is also expected to boost the growth of this market. The report also mentions that the rising demand for CNSL in the construction sector is expected to further fuel the growth of this market in the coming years. Additionally, the increasing focus on green solutions and the growth of the bio-based chemicals industry are expected to provide lucrative opportunities for market growth. However, the availability of substitutes and the high cost of production are some of the key factors that could hamper the growth of this market.
Epoxy curing agents segment accounted for the largest share of the cashew nutshell liquid market in 2021.
The cashew nutshell liquid (CNSL) market is segmented into two major categories – epoxy curing agents and polyester resins. Epoxy curing agents are the largest segment in the market and accounted for a share of over 50% in 2021. This is mainly due to the wide range of applications of epoxy curing agents in the packaging, automotive, and industrial sectors. Epoxy curing agents are used in the manufacture of various products, such as adhesives, coatings, insulation, and protective coatings. The polyester resin segment is expected to witness significant growth over the forecast period, driven by its increasing use in the construction industry. The polyester resin segment is used in the manufacture of coatings, sealants, and adhesives.
Coatings is projected to be the largest segment of cashew nutshell liquid market during the forecast period.
The coatings segment of the cashew nutshell liquid market is projected to be the largest segment in terms of value and volume during the forecast period. The growth of the coatings segment of the cashew nutshell liquid market is driven by the increasing demand for cashew nutshell liquid in the coatings applications in various end-use industries such as automotive, construction, and furniture. Additionally, the expanding automotive industry and the increasing demand for high-performance paints and coatings are expected to increase the demand for cashew nutshell liquid in the coatings sector.
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By Product Type Cashew Nutshell Liquid Industry
The cashew nutshell liquid industry is a large industry that produces liquid from the shells of cashew nuts. This liquid is used in many different industries such as cosmetics, food, and chemicals. It is a valuable commodity in the global market and is used for a variety of purposes. The industry is mainly concentrated in countries such as India, Vietnam, and Brazil, which are the world’s largest producers of cashew nuts. The industry has grown significantly in recent years due to the increasing demand for cashew products. The industry is highly competitive, and manufacturers must continually focus on innovation to stay ahead of the competition.
Polyols & NCO blocking agents’ segment to projected to be fastest growing in cashew nutshell liquid market in 2021.
Polyols are compounds that are used as a stabilizer and emulsifier in the production of cashew nutshell liquid. They are used to reduce the viscosity of the liquid and improve its stability. NCO blocking agents are used to prevent the oxidation of the cashew nutshell liquid, which can lead to the formation of off-flavors and odors. They also help to increase the shelf life of the product. The increasing demand for natural and clean label products, along with the growing awareness about the health benefits associated with cashew nutshell liquid, is driving the demand for these ingredients in the market.
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