The cashew nutshell liquid market revenue is expected to reach USD 740.6 million by 2030, exhibiting a CAGR of 7.8% during 2024–2030.
The growing environmental concerns have increased the demand for eco-friendly and sustainable goods across a variety of businesses. Being a natural and sustainable resource, cashew nutshell liquid has found use as a substitute for chemicals derived from petroleum in a variety of sectors. Additionally, customers' awareness of how the products they use impact the environment is increasing the demand for sustainable and eco-friendly products.
Further, the government initiatives to promote the use of natural and less-ecologically damaging substances may increase the consumption of cashew nutshell liquid. By offering incentives, subsidies, and regulations that promote the use of bio-based products, a market-friendly environment can be created.
Moreover, the technological advancements in processing techniques and the fields where the final products find application may open up new markets and opportunities. By advancing purification and extraction techniques, as well as researching potential applications, the product’s economic viability may be increased.
Personal care segment is expected to witness a fastest growth with a CAGR of 9.2% during 2024–2030.
This is due to the increasing popularity of natural and environment-friendly personal care products. Consumers who care about the environment will find this liquid, which is made from cashew nut shells, to be a desirable option as an ingredient of their personal care products.
Due to the versatility of cashew nutshell liquid and its derived compounds, they are used in a wide range of personal care products can be incorporated into the market. Chemicals based on CNSL can be found in products including moisturizers, creams, lotions, shampoos, conditioners, bar detergents, and other personal care formulae.
Moreover, research suggests that compounds obtained from cashew nutshell liquid may be employed in skincare products to fight the effects of aging. It is a significant ingredient in anti-aging skincare formulae since it includes antioxidant chemicals, which can aid in the restoration of damaged skin cells and help in the fight against wrinkles.
The coatings category is also growing considerably in the cashew nutshell liquid market.
Due to their superior adhesion, corrosion resistance, and durability, cashew-nutshell-liquid-based coatings are frequently employed on concrete and metallic surfaces and other materials needing improved performance and protection. Coatings containing this raw material aid in preventing corrosion, extending the life of machinery, and raising the general structural reliability in industrial settings.
The marine sector also makes an extensive use of such coatings to shield offshore structures, ships, and boats from the harmful effects of saltwater. These durable and resilient coatings produce a solid barrier against corrosion, thus protecting marine infrastructure and boats from deterioration.
Similarly, wooden surfaces frequently receive coatings that provide defense against dampness, deterioration, and insect damage. Such agents improve the durability and aesthetic appeal of wood, thus increasing its useful life and lowering care requirements for furniture, flooring, and outdoor wood constructions, including decks and fences.
Apart from functionality, coatings created from this liquid are used in the building sector for decorative purposes. Painting walls, metallic structures, and architectural features with these products offer protection as well as aesthetic appeal, by providing eye-catching hues and tough surfaces.
Some of the key players are Cione - Companhia Industrial de Óleos do Nordeste, Cesium, Inc. dba Knowde, K Subraya Anantha Kamath and Sons, K2P Chemicals, Sri Devi Group, Muskaan Group, Shivam Cashew Industry, LC Buffalo Co. Ltd., Palmer International, Inc., and Cardolite Corporation.