The cashew nut shell liquid (CNSL) market is forecast to grow from $250.2 million in 2018 to $450.4 million by 2026, expanding at a CAGR of 7.3%, according to a recent market research report from Reports and Data. The market is primarily driven by increasing demand from innumerable applications, such as laminating resins, epoxy resins, cashew cements and rubber compounding resins, foundry chemicals, and other industrial applications.
Recent research has shown that CNSL constituents have special structural features for the transformation of specialty chemicals and polymers of high value. This involves adding value to many orders of magnitude and providing 100% chemically pure products with the chemical transformation. CNSL therefore offers vast scope and opportunities for specialty chemicals, high-value products, and polymers to be produced.
The market for the corrosion industry is estimated to reach $8.2 million in 2026, growing at a CAGR of 7.2% during the forecast period. CNSL is treated and polymerized to produce resins that act as good materials for protective anti-corrosive coatings.
The market in North America is expected to reach $171.2 million in 2026, expanding at a CAGR of 8% during the forecast period. Compared to cashews grown in tropical regions, North American cashews contain less selenium. Because the region is not producing cashews as a major crop, North American countries are meeting their market demand from Africa, Brazil, and India.
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