Increasing demand from the chemical and petrochemical industries, the rising demand for natural resources for various applications are significantly driving the market globally.
Northbrook, IL 60062 -- (SBWIRE) -- 11/29/2022 -- According to a research report "Cashew Nutshell Liquid Market by product (PF Resins, Epoxy Resins, Epoxy Curing Agents, Surfactants, Polyols), application (Adhesive, Coating, Foam, Laminate, Personal Care), Region (Asia Pacific, North America, Europe) - Global Forecast to 2027" published by MarketsandMarkets, the CNSL market size is estimated to be USD 393 million in 2022 and is projected to reach USD 564 million by 2027, at a CAGR of 7.5% between 2022 and 2027. Increasing demand from the chemical and petrochemical industries, the rising demand for natural resources for various applications are significantly driving the market globally.
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Epoxy curing agents segment accounted for the largest share of the cashew nutshell liquid market in 2021.
Epoxy curing agents are required in different chemistries in a broad range of applications. Coating manufacturers use epoxy curing agents in several areas such as industrial, marine, protective coatings, transportation, and flooring applications. Adhesives manufacturers uses solutions for structural, building and construction, automotive and electronic systems. Low viscosity, solvent free epoxy curing agents are used in composite applications as well. The faster curing time of epoxy primers reduces downtime and increases productivity. CNSL-based epoxy curing agents provide great protection. Other CNSL-based epoxy curing agents provide excellent corrosion protection.
Coatings is projected to be the largest segment of cashew nutshell liquid market during the forecast period.
CNSL is cured and polymerized to provide resins that act as high-quality coating materials. These resins are utilized for anti-corrosive protective coatings. The most crucial application is in marine vessels and finishing boat coatings. These CNSL-based coatings are used in chemical factories to protect the machinery and equipment from corrosion and deterioration.
Europe is the largest cashew nutshell liquid market in the forecast period
The CNSL market in Europe is segmented into Germany, France, the UK, Italy, the Netherlands, and Rest of Europe. The chemical industry is a significant part of the region's economy. The growth is driven by investments made in this region by global chemical companies. Though the steady European economic recovery is expected to drive the market, the adoption of several strict regulations against the use of petroleum-based products is likely to challenge the market growth in the region.
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