CARDANOL MARKET REPORT OVERVIEW
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The global Cardanol Market size was USD 32 million in 2022 and is projected to touch USD 77.83 million by 2031, exhibiting a CAGR of 10.3% during the forecast period.
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 phenols 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 features of the product is encouraging its adoption in packaging medical devices, electronics, and food and beverages.
COVID-19 Impact: Disruption of Supply Chain Affected Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with cardanol experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the Cardanol market growth and demand returning to pre-pandemic levels once the pandemic is over.
The global supply chain was disrupted due to the sudden outbreak of the COVID-19. The market experienced a setback during the pandemic as industries were shut down, which hindered the production of products, chemicals, and others. The governments of various countries try to control the spread of the virus by isolating the patient in these portable isolation products. The demand for portable patient isolation products witnessed a boost, resulting in the market's growth. The sudden need for the product also led to product development.
LATEST TRENDS
"Use of Products in Various Industries to Drive the Market Trend"
The use of cardanol in the paints and coatings industry is the largest end-use sector and is projected to surge maximum growth in the market. The rising population is leading to the increasing construction activities that uses cardanol and is further expected to drive trends in the market. Additionally, compound use as a raw material in producing laminates, surface coatings, and adhesives is likely to surge growth in the market. Moreover, the expanding urbanization in countries is likely to surge construction activities and result in the growth of the market.
CARDANOL MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into single distilled and double distilled.
- By Application Analysis
Based on application, the market is classified into resins, surface coatings and paints lamination, adhesives, pharmaceuticals, industrial cleaning, home & personal care, and others.
Resin is expected to dominate the application segment due to the expanding use of the liquid for coating surfaces. The increasing usage of resins in the healthcare industry will likely boost the product's adoption.
DRIVING FACTORS
"Availability of Customized Products to Aid Applications to Boost the Market Growth"
The market is expected to grow due to the customization of products by improvising the characteristics of the product. This customization is catering to a specific application, which is likely increase the Cardanol Market share expansion. The automotive industries using friction dust in drum linings and pad brakes are likely to boost the market growth. Additionally, the rising demand for phenolic compounds in the pharmaceutical and polymer industries is expected to drive market growth. Rising compound usage in paint and coatings for water-borne containers is forecasted to be another growth factor.
"Research to Develop Antibacterial Drugs to Bolster Market Growth"
Steady development in compound applications is likely to come up with anti-bacterial and anti-cancer drugs and further surge the market growth. Various industries' increasing use of derivatives as demulsifiers, stabilizers, antioxidants, and plasticizers is forecasted to augment market growth. Escalating demand for resins from construction, plywood, automotive, and processing industries is expected to surge market growth. Additionally, the switch toward agro-renewable chemicals to aid development in the market.
RESTRAINING FACTORS
"Availability of Substitutes to Hinder the Market Growth"
Cardanol is derived from natural resources and possesses the potential to capture the market. In contrast, the high cost associated with the product is expected to limit the market's growth. Additionally, the availability of cheap substitutes may scatter the customers and impede its growth. Moreover, the non-uniform composition of the compound is estimated to restrain the market due to the varying composition of cardol and polymeric materials. The discontinuous supply of the product is likely to scatter the customers in the global market and decrease the product demand.
CARDANOL MARKET REGIONAL INSIGHTS
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"Asia Pacific to Lead Due to The Rising Number of Paints and Coatings Industry "
Asia Pacific is expected to dominate the global market due to the rising cardanol consumption in emerging countries. India holds a share of approximately 36% and is the largest market in the global market. China and Vietnam contribute 31% and 17% to the growth of the market. The growing number of regional paints and coatings industries is anticipated to surge. Additionally, the increasing number of automotive and construction industries is expected to aid Cardanol Market growth.
North America is forecasted to show significant growth ascribed to large manufacturing industries in the region. The paints and coatings industry is expected to be the largest industry to boost the market growth in the region.
KEY INDUSTRY PLAYERS
"Key Companies to Emphasize On Strategic Alliances to Grow"
The market is fragmented and consists of various competitors, including small, medium, and large companies. The companies are engaged in developing strategic alliances to enhance their product portfolio and gain steady growth in the market. Key industry players are expected to focus on gaining collaborations, mergers, and acquisitions to expand in the global market. The players are launching new products to achieve consistent growth in the market. Additionally, the companies emphasize gaining more customers by developing customized products.
List of Market Players Profiled
- Cat Loi (Vietnam)
- LC BUFFALO (U.S.)
- Son Chau (Australia)
- Cardolite (U.S.)
- C.Ramakrishna Padayatchi (India)
- Adarsh Industrial Chemicals (India)
- Golden Cashew Products (India)
- Senesel (Poland)
- Xuzhou Zhongyan Technology (China)
- Wansheng (China)
- GHW International (China)
REPORT COVERAGE
The report includes a description of the product and its constitutions, applications, benefits, and side effects. It consists of market insights and situations of the key players. The new strategies adopted by the key companies are covered in this report. Major key players and their headquarters are mentioned in the report and represent Cardanol Market insights. The market report provides an in-depth analysis of Cardanol Market share, competitive landscape, and other market aspects that would help understand the market insights.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 32 Million in 2022 |
Market Size Value By |
US$ 77.83 Million by 2031 |
Growth Rate |
CAGR of 10.3% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions
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What value is the cardanol market expected to touch by 2031?
Based on our research, the violin cardanol market is projected to touch USD 77.83 million by 2031.
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What CAGR is the cardanol market expected to exhibit by 2031?
The cardanol market is expected to exhibit a CAGR of 10.3% by 2031.
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What are the segments of the cardanol market?
By type, the cardanol market is segmented into single distilled and double distilled. Based on application, the market is classified into resins, surface coatings and paints lamination, adhesives, pharmaceuticals, industrial cleaning, home & personal care, and others.
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Which are the driving factors of the cardanol market?
Availability of customized products to aid applications to boost the market growth and research to develop antibacterial drugs to bolster market growth are the factors driving the cardanol market.
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Which are the top companies operating in the cardanol market?
Cat Loi, LC BUFFALO, Son Chau, Cardolite, C.Ramakrishna Padayatchi, Adarsh Industrial Chemicals, Golden Cashew Products, Senesel, Xuzhou Zhongyan Technology, Wansheng, and GHW International are the top companies operating in the cardanol market.
