Cashew Nut Shell Oil (CNSL) Market was worth USD 309.72 million in 2021 and is anticipated to reach a valuation of USD 289.74 million by 2030, expanding at a CAGR of 7.50% over the forecast duration of 2022-2030.
Cashew Nut Shell Oil (CNSL) Market : Introduction
Cashew Nut Shell Oil also called Cashew Nut Shell Liquid (CNSL), is a fluid that is extracted from the outer shell (Nutshell) of cashew nut. This oil/fluid naturally has various chemicals inside; it is used as a raw material for many industries.
This oil comes in two forms: solid and liquid forms. The solid form is used as friction particles in the brake lining industry, and the liquid form is used in waterproof paints, foundry chemicals, varnishes and laminating resins.
The Global Cashew Nut Shell Oil Market Forecast:
The Global Cashew Nut Shell Oil Market size was at USD 309.72 Million in 2021, and it is predicted that it will reach a valuation of USD 593.81 Million by the end of 2030 with an annual development rate (CAGR) of 7.50% between 2022 and 2030
The Global Cashew Nut Shell Oil Market Overview:
The Cashew Nut Shell Oil is versatile in nature and has several industrial benefits. The main market is fuelled by the rising demand from various applications, such as epoxy resins, rubber compound resins, laminating resins, cashew cement, and other chemical uses.
Cashew nutshell liquid (CNSL) is extracted from the Cashew Shell, and it is a primary cashew industry by-product. The shell contains a nut which is about a 1/8 inch thick, has a soft honeycomb structure and contains a black, reddish brown viscous liquid.
The latest research has revealed that CNSL components have special characteristics for transforming speciality chemicals and high-value polymers. It adds value to many size orders and offers 100% pure chemical products with chemical transformation. Therefore, CNSL offers a huge opportunity and scope for speciality chemicals, high-value products and polymers to be produced.
CNSL is being used in the Paint industry, where CNSL resins are added to synthetics for controlling properties and minimising costs. CNSL is acid-resistant, anti-microbial, and has rust-proof properties used to protect Boat hulls at the bottom. As CNSL has various uses at the industrial level, the demand for Cashew Nut Shell Oil (CNSL) is anticipated to show significant growth over the forecast period.
Global Cashew Nut Shell Oil Market: Market Dynamics
Market Drivers:
Range of application of CNSL to Augment Industry Outlook:
CNSL is a versatile component and has various properties which are helpful in the industrial segment. It can be used as epoxy resins, rubber compound cement, foundry chemicals, laminating resins, and other industrial applications.
They are well known and widely used in the paint and varnish industry. It has been used to protect Boat Hull from the bottom due to its acid-resistance, anti-microbial, and rust-proof properties.
The various application of CNSL in the industrial sector has been accelerating the progression of the Cashew Nut Shell Oil (CNSL) Market.
Surging use of CNSL in the Adhesive Industry to Fuel the Market Growth:
Cashew nut shell oil (CNSL) is mainly used for making adhesives that are applicable for plywood. This adhesive is manufactured by the oxidising process in which CNSL is oxidised with manganese dioxide. The adhesive made from CNSL is highly efficient, environment friendly, and cost-effective.
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The Key Market Segmentation of the Global Cashew Nut Shell Oil Market:
Global Cashew Nut Shell Oil Market can be divided into Types, Applications, Industry, and Geographical landscapes, etc.
Cashew Nut Shell Oil Market Segmentation By Type:
Cashew Nut Shell Oil Market Segmentation By Application:
Cashew Nut Shell Oil Market Segmentation By Industry:
Cashew Nut Shell Oil Market Segmentation By Geographical Landscape:
Major Key Players in the Global Cashew Nut Shell Oil Market Are:
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The COVID-19 Impact Analysis:
The COVID-19 pandemic outbreak impacted various industries due to supply chain disruption caused by strict regulations enforced by the government. Furthermore, the uncertain lockdown resulting in the temporary closure of manufacturing units delayed the production of CSNL products, thus negatively affected the market growth.
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Cashew Nut Shell Oil Market , Global Cashew Nut Shell Oil Market , Cashew Nut Shell Oil Market 2022 , United States Cashew Nut Shell Oil Market
Nov 04, 2022
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