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The Global Cardanol Market size was USD 32 million in 2022. The global Covid-19 pandemic has been unprecedented and staggering, with cardanol experiencing higher than anticipated demand across the regions compared to pre-pandemic levels. Per our research, the market is projected to touch USD 58 million by 2028, exhibiting a CAGR of 10.3% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Cardanol is a phenolic lipid that is obtained from anacardic acid. It is the main component of cashew nutshell liquid (CNSL). A phenolic lipid is a diversified group of mono and dihydroxy phenol-derived compounds such as catechol, hydroquinone, phenol, and resorcinol. These compounds have a robust amphiphilic character and can incorporate into liposomal membranes and erythrocytes. It is mainly used in the chemical industry for frictional materials coatings, resins, and surfactants. It is used as a pigment dispersant for water-based inks.
Cardanol is used in making phenalkamines. Phenalkamines are used as a curing agent for coating the durable epoxy on concrete floors. It is used as an additive in the lamination industry. Using cardanol enhances the products' dimensional stability, mechanical properties, and heat resistance. These product features encourage its adoption in packaging medical devices, electronics, and food and beverages.
Business Research Insights Presents the Top 5 Prominent Players in the Cardanol Market
1. Cat Loi (Vietnam)
Established in 1992, the Tobacco Packaging and Accessories Printing Enterprise is a division of the Vietnam Tobacco Corporation with a focus on the production and trade of packaging and accessories for tobacco products to supply manufacturing facilities. The output of tobacco around the nation. The Tobacco Packaging and Accessories Printing Plant relocated to Cat Lai Industrial Park in 2002, and on an area of up to 40,000m2, they constructed a new factory. Under the Prime Minister's Decision 14/2003/QD-TTg dated January 20, 2003, the Tobacco Packaging and Accessories Printing Enterprise was equitized in 2003. By the end of 2003, the Tobacco Packaging and Accessories Printing Enterprise had been turned into Cat Loi Joint Stock Company per Decision 184/2003/QD-BCN of the Minister of Industry dated November 13, 2003.
2. LC BUFFALO (U.S.)
It began in 2009. The business, which now produces the most cashew nutshell oil in Vietnam, occupies around 7 acres. The world's largest cashew nut processing hub, Binh Phuoc province, is where LCB is situated. Vietnam exports about 50% of the world's cashew nut production, with the Binh Phuoc province alone accounting for about 50% of the processing volume in Vietnam.
3. Cardolite (U.S.)
Cashew nutshell liquid (CNSL) use in commerce may be traced back to the founding companies of Cardolite Corporation, including 3M Company and Irvington Varnish and Insulator Company. In 1926, Dr. M. T. Harvey brought the first commercial batch of CNSL into the United States through his research organization, Harvel Corporation. Before this, CNSL had been recognized for many years, but no significant commercial applications had been created. Dr. Harvey understood that the unique chemical composition (a meta-substituted alkenyl phenol) should find application in industry. To develop CNSL's commercial applications, Harvel formed a joint venture with Irvington Varnish and Insulator Company. The first significant (and still most common) application of CNSL, which is cashew friction particles in the brake lining industry, was created by Irvington and Harvel in the 1930s. Its phenolic composition and abilities as a drying oil led to the development of further coating applications, but none of these were long-lasting. However, the company's size allowed for establishing a Newark, New Jersey factory, specifically for manufacturing CNSL derivatives, in 1946.
4. C. Ramakrishna Padayatchi (India)
Since 1978, the reputable company C. Ramakrishna Padayatchi has been manufacturing, processing, and exporting high-quality cashew nuts, corn kernels, cardanol, CNSL Oil, and cashew nut shell liquid. Due to their unrivaled dependability and quality, our goods fetch a premium in most global markets. They have consistently provided for the needs of our clients in India and beyond. They strive to grow and add new names to their clientele based on their honesty, dedication to client satisfaction, and corporate ethics. They created this web-based interface to make communicating easier for their clients and them.
5. Adarsh Industrial Chemicals (India)
One of India's main private sector producers of Cardanol, Phenalkamine, and Cashew Nut Shell Liquid is Adarsh Industrial Chemicals. They are an ISO 9001:2008 Certified Company that specializes in processing raw cashews. They produce Cashew Nuts Shell Liquid (CNSL), which is further distilled to produce cardanol (single- and double-distilled), various brake linings, chemicals polymerized CNSL, and phenylamine epoxy hardener. They are the first company in India to use a continuous process technology to generate cardanol (both single- and double-distilled), in contrast to other major cardanol manufacturers that use a batch-type production method. They used this cutting-edge technology in our production, which enabled us to satisfy high-quality standards internationally. Their facility is located in Sanoor, Karnataka, India.
COVID-19 IMPACT: DISRUPTION OF SUPPLY CHAIN AFFECTED MARKET GROWTH
The unexpected COVID-19 epidemic disrupted the global supply chain. Due to industry closures caused by the epidemic, which hampered the production of goods, chemicals, and other things, the market suffered. By isolating the patient in these portable isolation items, the governments of various nations attempt to stop the virus from spreading. The market expanded due to increased demand for portable patient isolation equipment. The sudden necessity for it also prompted the invention of the product.
CONCLUSION
The main end-use industry for cardanol is paints and coatings, and it is anticipated that this industry will have the fastest market growth. In addition to driving trends in the market, the growing population is causing an increase in cardanol-using construction activities. Additionally, using compounds as raw materials to create adhesives, surface coatings, and laminates is predicted to propel market growth. Furthermore, the market is projected to develop as cities become more urbanized due to increased construction.