NEWARK, Del, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global cashew nutshell liquid market is anticipated to reach a valuation of US$ 454.7 million in 2024, driven by rising consumer awareness. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 8.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 995.0 million by 2034.
One of the major factors contributing to the growth of the market is the expansion of nut processing industry, particularly in regions with abundant cashew nut production, which can increase the availability of raw materials for extraction. The expansion can drive down production costs and stimulate market growth by ensuring a steady supply of raw materials.
Improvements in supply chain management, including logistics, transportation, and storage, can contribute to the growth of the cashew nutshell liquid market by ensuring efficient distribution of raw materials and finished products. Streamlining the supply chain reduces costs and enhances market competitiveness.
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Companies in the cashew nutshell liquid market can explore diversification of their product portfolio by developing a range of cashew nutshell liquid derivatives tailored to specific industrial applications. Offering diverse product options enables companies to cater to a broader customer base and capture niche market segments.
Continued advancements in extraction technologies, such as solvent extraction, pressing, and distillation methods, can improve the efficiency and yield of cashew nutshell liquid extraction from cashew nut shells. Enhanced extraction processes contribute to cost reduction and increased profitability in the market.
Exploring emerging applications of cashew nutshell liquid derivatives, such as in pharmaceuticals, personal care products, and nutraceuticals, presents opportunities for market expansion. Capitalizing on the unique properties of cashew nutshell liquid opens up new avenues for product innovation and revenue growth.
Collaborations between cashew nutshell liquid manufacturers, research institutions, universities, and industry associations facilitate knowledge sharing, technology transfer, and market expansion initiatives. Strategic partnerships enable access to expertise, resources, and funding opportunities, fostering innovation and competitiveness in the CNSL market.
Key Takeaways from the Market Study
- Global cashew nutshell liquid market was valued at US$ 413.0 million in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 10.7%.
- The market in Japan is expected to expand at a CAGR of 9.8% through 2034.
- By product, the surfactants segment to account for a CAGR of 7.8% through 2034.
- The absolute dollar growth of the market is projected to reach a value of US$ 540.3 million during the forecast period
- The market in the United Kingdom is expected to expand at a CAGR of 9.3% through 2034.
“Supportive regulatory frameworks and policies promoting the use of bio based products, renewable resources, and sustainable manufacturing practices can stimulate market demand for cashew nutshell liquid derivatives. Alignment with regulatory requirements enhances market acceptance and accelerates adoption of cashew nutshell liquid based solutions,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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Competitive Landscape
Prominent players in the cashew nutshell liquid market are Adarsh Industrial Chemicals, Admark Polycoats Pvt. Ltd, Cardolite Corporation, Cashew Chem India, Cat Loi Cashew Oil Production & Export JSC, Equilex Chemicals B.V, Golden Cashew Products Pvt. Ltd, K2P Chemicals, LC Buffalo Co. Ltd, and Muskaan Group, among others.
Company Portfolio
- Adarsh Industrial Chemicals is a renowned name in the chemical industry, specializing in the extraction, processing, and distribution of various industrial chemicals. One of its flagship products is cashew nutshell liquid, derived from the cashew nut shell through advanced extraction processes.
- Admark Polycoats Pvt. Ltd. is a leading manufacturer and supplier of specialty coatings, polymers, and chemical solutions for a wide range of industries. Among its diversified product portfolio, Admark Polycoats specializes in leveraging cashew nutshell liquid for innovative coating solutions.
Key Players in the Cashew Nutshell Liquid Market
- Adarsh Industrial Chemicals
- Admark Polycoats Pvt. Ltd
- Cardolite Corporation
- Cashew Chem India
- Cat Loi Cashew Oil Production & Export JSC
- Equilex Chemicals B.V
- Golden Cashew Products Pvt. Ltd
- K2P Chemicals
- LC Buffalo Co. Ltd.
- Muskaan Group
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Segmentation Analysis of the Cashew Nutshell Liquid Market
Product:
- Surfactants
- Epoxy Curing Agents
- Polyols and NCO Blocking Agents
- Epoxy Modifiers and Resins
- Phenol Formaldehyde Resins
- Others
Application:
- Coatings
- Adhesives
- Foams and Insulation
- Friction Linings
- Laminates
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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