New Jersey, NJ, Jan. 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cashew nut shell liquid (CNSL) market is expected to grow from USD 268.34 Million in 2018 to USD 489.63 Million by 2026, at a CAGR of 7.81% during the forecast period from 2019-2026. Increasing the use of CNSL as an alternative to the unsaturated phenols is anticipated to drive the global cashew nut shell liquid (CNSL) market over the forecast period.
Cashew nut shell liquid (CNSL) is a multipurpose by product of the Cashew industry. The nut has a shell of about 1/8 inch thickness inside which is a soft honey comb structure containing a dark reddish brown viscous liquid. CNSL undergoes all the conventional reactions of phenols, CNSL aldehyde condensation products and CNSL based phenolic Resins are used in applications such as surface coatings, adhesives. Various polyamines synthesised from CNSL are used s curing agents for epoxy resins. CNSL and its derivatives have been used as antioxidants, plasticizers and processing aids for rubber compounds, modifiers for plastic materials and used to provide oxidative resistance sulphur-cured natural rubber products. It is also added to rubber gum stock or nitrile rubber to improve the processability, mechanical properties and resistance to crack and cut properties of the vulcanisates. Thus increasing use of CNSL as an alternative to the unsaturated phenols is anticipated to drive the global cashew nut shell liquid (CNSL) market over the forecast period.
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Global Cashew Nut Shell Liquid (CNSL) Market Key Findings:
- Factors such as rising utilization of CNSL in the end user industries as well as rising preference for CNSL over unsaturated phenols are driving the global cashew nut shell liquid (CNSL) market.
- The volatility in the raw material prices and erratic supply of raw materials is expected to hinder the market growth. However, the erratic supply of raw materials is the major challenge for the global cashew nut shell liquid (CNSL) market
- The type segment is divided into raw cashew nut shell liquid and technical cashew nut shell liquid. The raw cashew nut shell liquid segment emerged as the leader in the global CNSL market with a revenue of USD 152.47 million in 2018. Growing demand for the raw CNSL from the processing industries was one of the primary reason driving market.
- The application segment includes friction linings, paints and varnishes, laminating resins, rubber compounding resins, cashew cements, polyurethane based polymers, surfactants, epoxy resins, foundry chemicals, and others. The friction linings segment is anticipated to grow at the highest CAGR of 9.92% over the forecast period. This increased growth rate can be attributed to the growing utilization of the CNSL in the stabilizing agent in disk pad brakes and drum linings.
- The end user is fragmented into coating industry, automotive industry, fuel industry, leather industry, tobacco curing industry, and others. The coating industry segment dominated global cashew nut shell liquid (CNSL) market with a revenue of USD 97.06 million in 2018. CNSL based surface coatings possess excellent gloss and surface finish with optimum levels of toughness and elasticity. Thus increase demand for the corrosion resistant, high quality paints form the shipping industry is driving this market share.
- The regions analyzed for the global cashew nut shell liquid (CNSL) market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the cashew nut shell liquid (CNSL) with a 39.03% share of market revenue in 2018.
- Factors such as ready availability of the raw material, presence of well-developed end user industries, coupled with growing demand for the CNSL as an alternative to the unsaturated phenols led the Asia Pacific region to dominate the global cashew nut shell liquid (CNSL) market in 2018.
- The North America region held a considerable share market owing to rising demand for the CNSL from the end user industries
- CNSL is extensively used in polymer based industries such as friction linings, paints and varnishes, laminating resins, Rubber compounding resins, cashew cements, polyurethane based polymers, surfactants, epoxy resins, foundry chemicals and intermediates for chemical industry, Automobile, pesticides.
- For instance, in 2015, Cardolite introduced Polyols, a cashew nutshell liquid-based product for adhesives, coatings, foam and elastomer applications. Polyols derived from CNSL have unique qualities compared to widely known polyester and polyether polyols, and other natural based polyols. This new product line is comprised of diols, and medium and high functionality polyols.
- For instance, 2018, DekelOil Public Limited, the West African focused agricultural company, announce that it has agreed an option to acquire 58.5% of share capital of Pearlside Holdings Ltd (Pearlside), an investment holding company (the "Option"). Pearlside has one wholly owned subsidiary Capro CI SA, a raw cashew nut business which is developing a large-scale 30,000tpa RCN processing project at Tiebissou in Côte d'Ivoire.
- Major players in the global cashew nut shell liquid (CNSL) market are K2P Chemicals, Sri Devi Group, K Subraya Anantha Kamath and Sons, Muskaan, Senesel, Shivam Cashew Industry, Cardolite, Palmer International, and Olam Agro India Pvt. Ltd among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global cashew nut shell liquid (CNSL) market on the basis of below mentioned segments:
Global Cashew Nut Shell Liquid (CNSL) Market by Type:
- Raw Cashew Nut Shell Liquid
- Technical Cashew Nut Shell Liquid
Global Cashew Nut Shell Liquid (CNSL) Market by Application:
- Friction Linings
- Paints and Varnishes
- Laminating Resins
- Rubber Compounding Resins
- Cashew Cements
- Polyurethane Based Polymers
- Surfactants
- Epoxy Resins
- Foundry Chemicals
- Others
Global Cashew Nut Shell Liquid (CNSL) Market by End User Industry:
- Coating Industry
- Automotive Industry
- Fuel Industry
- Leather Industry
- Tobacco Curing Industry
- Others
Global Cashew Nut Shell Liquid (CNSL) Market by Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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