Cashew Nutshell Liquid Market worth $876.5 million by 2030 - Exclusive Report by MarketsandMarkets™
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The CNSL market is experiencing stable growth on an international level owing to the increased demand for bio-based and high-performance substitutes to petroleum-derived chemicals in many sectors. CNSL, which is a renewable phenolic oil, obtained as a by-product of the cashew production process, is used on a wide scale in coatings, adhesives, foam & insulation, friction linings and fuel additives, as a result of its superb thermal stability, chemical resistance, and reactivity. Applications to automotive parts, building materials, and industrial processing such as brake pads, corrosion-resistant coatings, and insulating boards are gaining popularity. CNSL is also an important raw product in manufacturing phenol-formaldehyde resins, epoxy curing agents, surfactants, and demulsifiers, a factor that has seen it being useful in the energy, transport, and personal care industries. As people are increasingly embracing sustainable and circular economic solutions, the use of CNSL in the formulation of fuel and lubricants is becoming prominent clean-burning and renewable energy solutions.
Strict environmental regulations, high industrial demand for green chemicals, and specialty applications have contributed to making Europe the current leader in the global CNSL market. North America comes next, and its implementation is based on integrating CNSL in automotive and industrial applications and in line with the objectives of ESG, whereas the Asia Pacific is growing rapidly with the growth of industrial activities and sources of raw materials in countries, such as India, Vietnam, and Indonesia. The problems of supply dependency on cashew producing areas, uneven quality of raw CNSL, and the necessity to increase the size of refining operations encourage investing in value-added processing and regional production centers and foster sustainable sourcing and waste valorization behavior at the same time.
The other product types is projected to be the fastest-growing segment, in terms of value and volume, of the global CNSL market.
The other product types segment of the CNSL market, which includes demulsifiers, additives, and other specialty intermediates, is projected to be the fastest-growing category between 2025 and 2030, in terms of both value and volume. The demand in the bio-based performance chemicals market is spurred by the following factors: the rising demand in the oil & gas industries, mining industries, lubricants, and agrochemicals markets of bio-derived performance chemicals that are either biodegradable or renewable, is fairly complemented by CNSL-based chemicals existing in the market providing an alternative to synthetic additives. CNSL-based demulsifiers are emerging as a promising solution in the process of crude oil separation, as the latter have shown to be sufficient in subjecting emulsions and minimizing their harm to the environment. At the same time, CNSL-based additives are being used in lubricants, anti-corrosive lacquer, and special formulations due to their high thermal stability, oxidation resistance and surface activity. With the global chemical industry moving toward green chemistry, low-toxicity substances, and circular economy processes, the segment is experiencing intense adoption. R&D and product innovation is also broadening the functional application of CNSL derivatives, strengthening the position of this segment as the most vibrant and fastest increasing segment of the CNSL market.
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The coatings segment accounted for the largest application of CNSL market, in terms of value, in 2024.
Coating held the highest value application segment in the CNSL market for 2024, due to the excellent properties of CNSL (including chemical resistance, adhesion, water repellency, and thermal stability). Resins and modifiers with CNSL are applied in industrial, marine, and protective coatings and especially in markets with a sustainable, low-VOC orientation. These are materials appreciated in enhancing corrosion resistance and durability, particularly in metal structures and high performing environments. Nevertheless, the fuel application is expected to experience the most rapid growth in the period between 2025 and 2030, both in terms of value and volume. This has been stimulated by the rising trend on bio-based and clean-burning fuels worldwide, CNSL therefore has gained momentum as a prospective raw material for fuel additives and its renewable energy applications because of its high calorific value, controlled sulfur level, and clean burning characteristics.
Asia Pacific was the second-largest region in the global CNSL market in terms of volume, in 2024.
The Asia Pacific is the second-largest regional market in CNSL, which is attributed to the number of cashew nut producing nations, including India, Vietnam and Indonesia among others, which guarantees raw material provision and affordable source prices. With the increasing production of automobiles, construction, and mounting exposure to the environment, the region is experiencing an upsurge in the demand for CNSL in friction linings, like adhesives, personal care, and industrial coatings. Furthermore, rising investments in the cashew processing and CNSL refining plants are boosting the market presence of Asia Pacific in the realm of value addition products. The region is likely to become and continue to remain an important contributor to the global CNSL market during the forecast period with the increasing infrastructure, local manufacturing, and the movement toward bio-based solutions.
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Key Players
The key players profiled in the report include Cardolite Corporation (US), GHW (Vietnam) Co. Ltd., Palmer International (US), LC Buffalo Co.Ltd. (Vietnam), Cat Loi Cashew Oil Production & Export Joint Stock Company (Vietnam), SENESEL sp. z o.o. (Poland), Zhejiang Wansheng Co., Ltd. (China), Cashew Chem India (India), Sri Devi Group (India), and ADMARK Polycoats Pvt. Ltd. (India).
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