Global Cashew Nut Shell Liquid Market Analysis by Type, Application and Industry –Trends and Forecast
- PUBLISHED ON
- 4/19/2023
- NO OF PAGES
- 260
- CATEGORY
- Food & Beverages
Global Cashew Nut Shell Liquid market was valued at USD 331.38 million in 2022 and is expected to increase at a steady CAGR of 7.5 % over the forecast period (2023-2033). Cashew nut shell liquid (CNSL) is a dark brown viscous liquid contained within the soft honeycomb structure of the cashew nutshell and is an important agricultural by-product of cashew nut and cashew apple production. The nut has a shell of around 1/8-inch thickness inside which is a soft honey comb structure containing a dark reddish brown viscous liquid. CNSL is often considered as the improved and inexpensive material for unsaturated phenols.
The chemically stable nature of CNSL, the inherent hydrophobicity and chemical resistance, the solubility of the resin in various solvents, the film-forming nature, and a high degree of unsaturation make cashew nut shell liquid polymers highly suitable for coating industry. Thus surging demand for the corrosion resistant, high quality paints from the shipping industry is triggering the market growth.
Additionally, CNSL polymers are a natural choice for Brake linings and clutch facings in automotive industry because of an excellent blend of properties such as absorption of heat generated due to friction, high impact strength and modulus, longer retention of braking efficiency, low fade characteristics, and low cold wear which indeed propels the use of CNSL in automotive industry.
Furthermore, Polymers derived from CNSL have certain outstanding properties which make them unique for many Industries such as coating, automotive, fuel, leather, tobacco curing, and others. The low cost of CNSL as a starting material is the most attractive aspect. The polymer shows flexibility, due to internal plasticization resulting from the presence of a long side-chain and also gives water resistance which surges the use of CNSL in the end use industries, which in turn fosters the growth of Cashew Nut Shell Liquid Market over the forecast period. The impact of this driver is estimated to be high in short term.
Report Scope
Report Attributes | Description |
Market Size in 2023 | USD 331.38 Million |
Market Forecast in 2031 | USD 595.56 Million |
CAGR % 2023-2031 | 7.5% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Application and Industry |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | CASHEW CHEM INDIA) , Orbitta Exports , Sun Cashew Company, Paranjape Agro Products (India) Private Limited , PRATIPA CASHEWS, PEEKAY AGENCIES PVT. LTD, R.K.Agro solutions , Caskyd Industries, Sri Devi Group , Shivam Cashew Industry, K Subraya Anantha Kamath and Sons, Senesel , Kimmy Farm, VAVIMEX COMPANY LIMITED , CAT LOI CASHEW OIL PRODUCTION & EXPORT JOINT STOCK COMPANY |
Global Cashew Nut Shell Liquid Market Segmentations
Major Companies
- CASHEW CHEM INDIA)
- Orbitta Exports
- Sun Cashew Company
- Paranjape Agro Products (India) Private Limited
- PRATIPA CASHEWS
- PEEKAY AGENCIES PVT. LTD
- R.K.Agro solutions
- Caskyd Industries
- Sri Devi Group
- Shivam Cashew Industry
- K Subraya Anantha Kamath and Sons
- Senesel
- Kimmy Farm
- VAVIMEX COMPANY LIMITED
- CAT LOI CASHEW OIL PRODUCTION & EXPORT JOINT STOCK COMPANY
By Type
- Natural Cashew Nut Shell
- Technical Cashew Nut Shell
By Application
- Paints and Varnishes
- Laminating Resins
- Rubber Compounding Resins
- Cashew Cements
- Polyurethane Based Polymers
- Surfactants
- Epoxy Resins
- Foundry Chemic
- Others
By Industry
- Coating
- Automotive
- Fuel
- Leather
- Tobacco Curing
- Others
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• Rest of Asia pacific
South America
• Brazil
• Argentina
• Colombia
• Rest of South America
Middle East & Africa
• UAE
• Saudi Arabia
• Egypt
• South Africa
• Rest of MEA
Impact of COVID
The declaration of coronavirus as a global pandemic has dealt a huge blow to the cashew industry. All markets have come to a halt due to the closure of borders, the suspension of public and private transportation, self-isolation, and quarantine administration in major cities.
The decision to self-isolate has shown to be effective in slowing the spread of the virus, giving optimism that humanity will be able to overcome this global calamity. Recovery of losses made by business owners and important players, on the other hand, may prove more difficult than anticipated. Lockdowns were enacted in cities, provinces, and countries. Businesses (including factories) were shuttered or operated at a reduced capacity.
The initial perception was that the impact on the cashew market would be limited to a slight decrease in sales, but because the virus has spread to almost every continent, the movement of RCN (raw cashew nut) from Africa to Asia and kernels from Asia and Africa to consuming countries has been hampered by reduced sailings.
For instance, Vietnam's cashew industry experienced several complications in 2021 as a result of the Covid-19 outbreak and high shipping costs. Furthermore, the chairman of the Vietnam Cashew Association, Mr. Pham Van Cong, stated that as a result of the global spread of the Covid-19 pandemic over the last two years, VINCAS and cashew industries have been unable to organize promotional activities, scale up markets, and conduct market research particularly for deep-processed products. As a result, cashew production and export activities were reliant on market and customer availability.
Type Insights
By Natural Cashew Nut Shell segment is projected to create a total absolute $ opportunity of USD 131.60 million between 2023 to 2033. Natural Cashew Nut Shell segment is expected to expand at Incremental Opportunity of 65.3% during the forecast period.
By Technical Cashew Nut Shell segment is projected to create a total absolute $ opportunity of USD 69.84 million between 2023 to 2033.Technical Cashew Nut Shell segment is expected to expand at Incremental Opportunity of 34.7% during the forecast period.
Application Insights
Paints and Varnishes segment is projected to create a total absolute $ opportunity of USD 55.53 million between 2023 to 2033. Paints and Varnishes segment is expected to expand at Incremental Opportunity of 19.4% during the forecast period.
Laminating Resins segment is projected to create a total absolute $ opportunity of USD 39.71 million between 2023 to 2033. Laminating Resins segment is expected to expand at Incremental Opportunity of 13.9% during the forecast period.
Rubber Compounding Resins segment is projected to create a total absolute $ opportunity of USD 16.94 million between 2023 to 2033. Rubber Compounding Resins segment is expected to expand at Incremental Opportunity of 5.9% during the forecast period.
Cashew Cements segment is projected to create a total absolute $ opportunity of USD 24.70 million between 2023 to 2033. Cashew Cements segment is expected to expand at Incremental Opportunity of 8.6% during the forecast period.
Industry Insights
Coating segment is projected to create a total absolute $ opportunity of USD 125.63 million between 2023 to 2033. Coating segment is expected to expand at Incremental Opportunity of 62.4% during the forecast period. Automotive segment is projected to create a total absolute $ opportunity of USD 40.25 million between 2023 to 2033. Automotive segment is expected to expand at Incremental Opportunity of 20.0% during the forecast period.
Fuel segment is projected to create a total absolute $ opportunity of USD 26.77 million between 2023 to 2033. Fuel segment is expected to expand at Incremental Opportunity of 13.3% during the forecast period. Leather segment is projected to create a total absolute $ opportunity of USD 57.53 million between 2023 to 2033. Leather segment is expected to expand at Incremental Opportunity of 28.6% during the forecast period.
Regional Insights
North America is projected to create a total absolute $ opportunity of USD 90.55 million between 2023 to 2033. The North America is expected to expand at Incremental Opportunity of 31.7% during the forecast period. Europe is projected to create a total absolute $ opportunity of USD 38.43 million between 2023 to 2033. The Europe is expected to expand at Incremental Opportunity of 13.4% during the forecast period.
Asia Pacific is projected to create a total absolute $ opportunity of USD 125.17 million between 2023 to 2033. Asia Pacific is expected to expand at Incremental Opportunity of 43.8% during the forecast period. MEA is projected to create a total absolute $ opportunity of USD 12.26 million between 2023 to 2033. MEA is expected to expand at Incremental Opportunity of 4.3% during the forecast period.
Competitive Analysis
Some of the major companies operating within the market are CASHEW CHEM INDIA) , Orbitta Exports , Sun Cashew Company, Paranjape Agro Products (India) Private Limited , PRATIPA CASHEWS, PEEKAY AGENCIES PVT. LTD, R.K.Agro solutions , Caskyd Industries, Sri Devi Group , Shivam Cashew Industry, K Subraya Anantha Kamath and Sons, Senesel , Kimmy Farm, VAVIMEX COMPANY LIMITED , CAT LOI CASHEW OIL PRODUCTION & EXPORT JOINT STOCK COMPANY
Recent News
• In November 2021, In the presence of Senator Matthew Urhoghiye and other distinguished guests the Farmforte Agro & Allied Solutions Limited, has unveiled a new Cashew Processing Facility in Benin city, Edo state. This is a major milestone in line with Farmforte’s commitment to consistently ensure market access for over 112,000 smallholder farmers within the agriculture value chain. The processing facility is equipped with state-of-the-art machinery that has a production capacity of 24MT per day that will provide jobs and enterprise opportunities for the youths and people of Edo State.
• In November 2018 — The Palmer International, Inc. signed a Limited Liability Partnership agreement to jointly promote and distribute cashew-based derivatives in India and globally. Novosis Green Technologies, LLP, Palmer’s newest partner, will provide the manufacturing platform and local expertise to ensure success for the partnership.
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