Market Overview

The cashew nut shell oil 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.

Cashew nut shell oil/liquid (CSNL) is a dark brown liquid present inside the soft honeycomb structure of a cashew nut. It is regarded as one of the most important by-products of the cashew industry and is widely used in surface coatings, paints & varnishes, and polymer production. There are various methods used for cashew nut shell oil extraction including hot oil process, mechanical extraction, solvent extraction, supercritical fluids process, and vacuum distillation. Rising use of cashew nut shell oil as an alternative to unsaturated phenols and escalating demand from the end user industries are augmenting the industry outlook. Moreover, growing efforts of industry players to make innovative products using CSNL and technological advancements in the field are adding momentum to the market progression. However, lack of awareness regarding the benefits of CSNL is likely to hinder the development of this market sphere in the ensuing years.

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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. 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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