Cashew Nut Shell Oil (CNSL) Market : Introduction
The flexible honeycomb structure of a cashew nut contains a dark brown liquid known as cashew nut shell oil/liquid (CSNL). It is widely utilised in the production of surface coatings, paints & varnishes, and polymers and is recognised as one of the most significant by-products of the cashew industry. Hot oil process, mechanical extraction, solvent extraction, supercritical fluids process, and vacuum distillation are only a few of the techniques utilised to extract cashew nut shell oil.
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 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- Key Trends
Surging use of CSNL in surface coatings to augment industry outlook
There has been an escalating demand for CSNL from coatings & paints industry owing to its anti-microbial, rust proof, and acid resistant nature. Moreover, cashew nut shell oil based surface coatings tend to possess excellent surface finish and gloss with high levels of elasticity and toughness. These oils are also cost effective and environment friendly which in turn is accelerating their demand across various end-use industries.
Rising use of CSNL in adhesives to positively sway the market dynamics
Cashew nut shell oil is predominantly used to make adhesives that are suitable for plywood. These type of adhesives are produced by oxidizing CSNL with manganese dioxide. The CSNL induced adhesives are cost effective, highly efficient, and eco-friendly in nature.
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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.
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
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Major Key Players in the Global Cashew Nut Shell Oil Market Are:
- CASHEW CHEM INDIA)
- Orbitta Exports
- Sun Cashew Company
- Paranjape Agro Products (India) Private Limited
- PRATIPA CASHEWS
- PEEKAY AGENCIES PVT. LTD
- 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
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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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