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The Cashew Nut Shell Liquid (CNSL) Market is forecast to grow from USD 298.1 Million in 2020 to USD 520.7 Million by 2028, at a CAGR of 7.3%, during the forecast period. The market is primarily driven by the increasing demand from innumerable applications, such as laminating resins, epoxy resins, cashew cements and rubber compounding resins, foundry chemicals and other industrial applications.

The cashew shell is used to extract cashew nutshell liquid (CNSL), a major cashew industry by-product. The nut is inside a shell about 1/8 inch thick, a soft honeycomb structure that contains a dark reddish brown viscous liquid. It is called the liquid cashew nut shell, which is the cashew nut per carp fluid.

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Recent research has shown that CNSL constituents have special structural features for 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 major players in the market are:

K2P Chemicals (India), Sri Devi Group (India), K Subraya Anantha Kamath and Sons (India), Muskaan (India), Senesel (India), Shivam Cashew Industry (India), Cardolite (India), Palmer International (India) and Olam Agro India Pvt. Ltd (India).

Over the years, mergers and acquisitions, collaborations, and partnerships have played a pivotal role in companies’ plans of expanding customer base and gaining a robust footing in the market. Rising investments by the key industry players for the R&D activities will further bolster market growth over the analysis period.

The report utilizes key statistical tools such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and venture return analysis to offer better insights into the market landscape. The report also covers recent developments and provides a comprehensive industry overview to help readers understand the complete scenario and dynamics of the global Cashew Nut Shell Liquid (CNSL) Market.

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Further key findings from the report suggest

The Cashew Nut Shell Liquid (CNSL) Market is forecasted to grow from USD 298.1 Million in 2020 to USD 520.7 Million by 2028, at a CAGR of 7.3%, during the forecast period. The market is primarily driven by the increasing demand from a variety of applications, such as laminating resins, epoxy resins, cashew cements and rubber compounding resins, foundry chemicals and other industrial applications.

The market for paint and varnishes is expected to reach USD 54.0 Million in 2028, at a CAGR of 8.4% during the forecast period. It is widely known that paint/varnish manufacturers are adding CNSL resin to synthetics to control properties and reduce costs. Its anti-microbial, acid-resistant and rust-proof properties are well known and are used to protect the boat hulls from the bottom. Its outlets are limited to anticorrosion primers, black enamels, and marine paints, among others due to its dark color.

The market for corrosion industry is estimated to reach USD 8.2 Million in 2028, at a CAGR of 7.2% during the forecast period. Corrosion factors are increasing due to different types of pollution. Prevention of corrosion is therefore of paramount importance in daily activities. This oil is available as a by-product in abundance from the cashew industry. CNSL is treated and polymerized to produce resins that act as good materials for coating. These resins are used in protective coverings that are anti-corrosive.

The market for North America is expected to reach USD 171.2 Million in 2028, at a CAGR of 8.0% during the forecast period. Compared to cashews grown in tropical regions, North American cashews contain less selenium. Most of the regional cashew demand comes from the U.S. and Canada. Because the region is not producing cashew as a major crop, the countries here are meeting their market demand from Africa, Brazil, and India. The U.S. continues to be the largest buyer of CNSL produced in India, and Brazil is another major exporter supplying the U.S.

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Segments covered in the report:

This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Reports and Data have segmented the market on the basis of type, end-user, applications and regional analysis.

Type (Kilo Tons) (Revenue, USD Million; 2018-2028)

Raw Cashew Nut Shell Liquid

Technical Cashew Nut Shell Liquid (TCNSL)

Application (Kilo Tons) (Revenue, USD Million; 2018-2028)

Friction Linings

Paints and Varnishes

Laminating Resins

Rubber Compounding Resins

Cashew Cements

Polyurethane based Polymers


Epoxy Resins

Foundry Chemicals


End User (Kilo Tons) (Revenue, USD Million; 2018-2028)

Coating Industry

Automotive Industry

Fuel Industry

Leather Industry

Tobacco Curing Industry


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Region (Kilo Tons) (Revenue, USD Million; 2018-2028)

North America


Asia Pacific

Latin America

Middle East & Africa

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