India Cashew Nutshell Liquid Market (2025-2030)
The India Cashew Nutshell Liquid Market was valued at $24.93 Million in 2025 and projected to reach to $40.37 Million by 2030, representing a compound annual growth rate of 10.12%. India's cashew nutshell liquid market is positioned for sustained growth, expanding from USD 24.93 million in 2025 to USD 40.37 million by 2030.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
India Cashew Nutshell Liquid Market Trends and Insights
- India's position as a leading cashew processor globally underpins this expansion, with CNSL applications spanning adhesives, resins, friction materials, and specialty chemicals.
- The 10.12% compound annual growth rate reflects India's strengthening industrial base and rising demand from automotive and construction sectors within the country. India's CNSL market benefits from abundant raw material availability and established processing infrastructure concentrated in southern states.
- India's chemical manufacturers are increasingly adopting CNSL as a sustainable alternative to petroleum-derived compounds, driven by regulatory pressures and corporate sustainability commitments.
- Between 2025 and 2030, India is expected to capture growing export opportunities as global industries seek bio-based solutions, positioning India as a critical supplier in the Asia Pacific region..
Key Market Statistics
- CAGR (2025-2030) 10.12% CAGR
- Market Size, 2025 ~USD 24.93 Million
- Forecast, 2030 ~USD 40.37 Million
- Country India
India Cashew Nutshell Liquid Market Overview
Leading Global Cashew Processor :
India processes over 80% of the world's cashew nuts, making it the dominant source of cashew nutshell liquid (CNSL) production and establishing a strong competitive advantage in the global market.
Robust CAGR Growth :
India's CNSL market is projected to grow at 10.12% CAGR from 2025 to 2030, driven by increasing demand from adhesives, resins, and specialty chemical manufacturers across domestic and export markets.
Diverse Industrial Applications :
CNSL applications in India span adhesives, phenolic resins, friction materials, and specialty chemicals, with growing adoption in automotive, construction, and pharmaceutical sectors supporting market expansion.
Export-Driven Market Dynamics :
India's CNSL market benefits from strong export demand, with cashew processing clusters in Kerala and Andhra Pradesh supplying global manufacturers and supporting domestic value-added chemical production.
India Cashew Nutshell Liquid Market Dynamics
- The country's dominance in global cashew processing, combined with increasing industrialization and rising demand for bio-based chemicals, creates significant opportunities for CNSL producers and derivative manufacturers.
- Growing applications in automotive friction materials and construction adhesives are driving consumption. The Indian market is further supported by government initiatives promoting chemical manufacturing and sustainable bio-based products.
- Investments in cashew processing infrastructure and R&D for CNSL applications are expected to enhance product quality and expand end-use markets.
- Export opportunities remain strong as global manufacturers seek reliable CNSL suppliers, positioning India as a critical hub for cashew-derived chemical production..
Market Ecosystem
CASHEW NUTSHELL LIQUID MARKET: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
|---|---|---|
 |
Uses CNSL-derived phenolic compounds in laminate adhesive technology. A Henkel Japan patent describes a laminating adhesive incorporating a phenolic compound derived from CNSL alongside a urethane prepolymer, targeting plastic-film lamination applications where adhesion and compatibility are important. | Improved adhesive strength, component compatibility, film appearance, and processing efficiency, supporting the development of high-performance and more bio-based adhesive formulations |
 |
Uses cardanol, a major derivative of CNSL, in specialty thermoset resin technology. Huntsman introduced its XU 35500 benzoxazine diluent produced from cardanol for composite applications, alongside benzoxazine resin systems designed for demanding structural and electrical applications. | Improved thermal stability, electrical performance, dimensional stability, hot/wet performance, and lower water absorption, while incorporating a renewable bio-based feedstock into advanced resin systems |
 |
Saint-Gobain Recherche researchers developed recyclable phenol-carbamate networks using cashew nutshell liquid novolac as a bio-based component. The work demonstrates the company's R&D application of CNSL-derived chemistry toward recyclable polymeric materials. | Enables bio-based polymer development, recyclability, and reduced dependence on conventional petrochemical phenolic feedstocks while maintaining functional performance in advanced material systems |
 |
Uses cashew-derived friction modifiers in automotive brake friction materials. Nisshinbo has patented friction-material formulations incorporating cashew dust for disc brake pads and automotive brake linings. | Improved friction stability, braking performance, wear characteristics, and noise-control performance while supporting non-asbestos friction-material formulations |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
Related Ecosystem
Speciality Chemicals
- Corrosion Inhibitors
- Polyetheretherketone (PEEK)
- Acrylonitrile Butadiene Styrene (ABS)
- Epoxy Resin
- Polycarbonate
- Basf se
- DOW CHEMICAL COMPANY
- Evonik industries ag
- Clariant ag.
- Solvay sa
Key Takeaways
- India's CNSL market is valued at USD 24.93 million in 2025 and will reach USD 40.37 million by 2030, growing at 10.12% CAGR.
- India's abundant cashew processing capacity and raw material availability provide a competitive advantage in CNSL production and export.
- India's automotive and construction industries are driving demand for CNSL-based adhesives, resins, and friction materials.
- India is positioned as a key bio-based chemical supplier in Asia Pacific, capitalizing on global sustainability trends through 2030.
Cashew Nutshell Liquid Market Report Scope
| Report Metric | Details |
|---|---|
| Base Year | 2025 |
| Fastest Growing Segment | FUELS (Application) |
| Forecast Period | 2025–2030 |
| Growth Rate | CAGR of 11.36% from 2025 to 2030 |
| Largest Segment | COATINGS (Application) |
| Market Size Base Year (Billions) | ~USD 0.51 (2025) |
| Revenue Forecast (Billions) | ~USD 0.88 (2030) |
| Segments Covered | Application, Product Type |
India Cashew Nutshell Liquid Market Report Segmentation
2 segment dimensions are covered across the global market.
By Application
- Adhesives
- Coatings
- Foams & Insulation
- Friction Linings
- Fuels
- Laminates
- Other Applications
- Personal Care
By Product Type
- Epoxy Curing Agents
- Epoxy Modifiers & Resins
- Friction Materials
- Other Product Types
- Phenol Formaldehyde (Pf) Resins
- Polyols & Nco Blocking Agents
- Surfactants
INDIA: CNSL MARKET, BY APPLICATION, 2025–2030
| Segment | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR (%) |
|---|---|---|---|---|---|---|---|
| ADHESIVES | 3.01 | 3.32 | 3.65 | 4.03 | 4.44 | 4.91 | 10.25 |
| COATINGS | 3.49 | 3.88 | 4.31 | 4.8 | 5.34 | 5.95 | 11.25 |
| FOAMS & INSULATION | 0.92 | 1 | 1.1 | 1.2 | 1.32 | 1.45 | 9.58 |
| FRICTION LININGS | 1.58 | 1.79 | 2.02 | 2.28 | 2.58 | 2.92 | 13.04 |
| FUELS | 0.58 | 0.67 | 0.77 | 0.88 | 1.02 | 1.17 | 14.94 |
| LAMINATES | 0.73 | 0.8 | 0.87 | 0.95 | 1.04 | 1.13 | 9.13 |
| OTHER APPLICATIONS | 1.75 | 1.96 | 2.19 | 2.45 | 2.74 | 3.07 | 11.81 |
| PERSONAL CARE | 0.31 | 0.33 | 0.36 | 0.39 | 0.42 | 0.46 | 8.57 |
| TOTAL | 12.38 | 13.74 | 15.27 | 16.98 | 18.9 | 21.06 | 11.21 |
Target Audience
- Cashew Processing Companies : Indian cashew processors need market intelligence to optimize CNSL extraction, identify high-value applications, and capitalize on growing domestic and export demand for cashew-derived products.
- Chemical Manufacturers : Adhesive, resin, and specialty chemical producers in India require insights into CNSL availability, pricing trends, and application opportunities to develop competitive bio-based product portfolios.
- Automotive & Industrial Suppliers : Manufacturers of friction materials and industrial adhesives need data on CNSL market dynamics and supply reliability to secure raw materials and develop innovative products for Indian and export markets.
- Investment & Private Equity Firms : Investors evaluating opportunities in India's chemical and agricultural processing sectors require market sizing, growth projections, and competitive analysis to assess investment viability and returns.
- Government & Policy Bodies : Indian government agencies and industry associations need market data to develop policies supporting bio-based chemical manufacturing, cashew industry growth, and sustainable industrial development.
Key Companies in the India Cashew Nutshell Liquid Market
| Company | HQ | Ownership | Strongest segments |
|---|---|---|---|
| ZHEJIANG WANSHENG CO., LTD. | China | Public Company | PF Resins,Epoxy Resins,Epoxy Curing Agents, |
ZHEJIANG WANSHENG CO., LTD.
Zhejiang Wansheng Co., Ltd. is a public company founded in 1995 and based in China. The company employs 2,074 people.
Reasons to Buy this Report
- India-Specific Market Sizing : Access precise valuation data for India's CNSL market (USD 24.93M in 2025) with country-level forecasts through 2030, enabling accurate investment planning and resource allocation decisions.
- Competitive Landscape Intelligence : Understand India's position as the world's leading cashew processor and identify key regional clusters, major producers, and competitive dynamics specific to the Indian market.
- End-Use Application Insights : Gain detailed analysis of CNSL applications across Indian industries including adhesives, resins, friction materials, and specialty chemicals with growth drivers unique to India's industrial sectors.
- Export Opportunity Assessment : Evaluate India's export potential and global supply chain positioning, with insights into demand from international manufacturers and opportunities for value-added CNSL product development.
- Strategic Growth Drivers : Identify India-specific growth catalysts including government initiatives, infrastructure investments, and emerging applications in automotive and construction sectors driving the 10.12% CAGR.
Frequently asked questions
What is the current market size of cashew nutshell liquid in India?
India's cashew nutshell liquid market is valued at USD 24.93 million in 2025 and is projected to grow to USD 40.37 million by 2030.
What is the expected growth rate for India's CNSL market?
India's CNSL market is expected to grow at a compound annual growth rate (CAGR) of 10.12% from 2025 to 2030.
Which industries in India are driving CNSL demand?
India's automotive, construction, adhesives, and specialty chemicals sectors are primary drivers of CNSL demand, utilizing it in friction materials, resins, and bio-based formulations.
Why is India a major player in the global CNSL market?
India's position as a leading global cashew processor, combined with established infrastructure and abundant raw material availability, makes India a dominant CNSL producer and exporter.
What factors support India's CNSL market growth through 2030?
India's CNSL market growth is supported by rising industrial demand, sustainability regulations, export opportunities, and increasing adoption of bio-based chemicals across India's manufacturing sectors.
RESEARCH METHODOLOGY
The study involved four major activities in estimating the market size for cashew nutshell liquid. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold-standard and silver-standard websites, such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research, which involved conducting extensive interviews with key officials, including CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Primary Research
The cashew nutshell liquid market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Notes: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2024/2025, available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
|
COMPANY NAME |
DESIGNATION |
|
Cashew Chem India |
Senior Manager |
|
Sri Devi Group |
Innovation Manager |
|
Sri Devi Group |
Vice-President |
|
ADMARK Polycoats Pvt. Ltd. |
Production Supervisor |
|
Cardolite Corporation |
Sales Manager |
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the cashew nutshell liquid market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Data Triangulation
After determining the overall market size using the market size estimation processes explained above, the market was divided into several segments and subsegments. To complete the overall market engineering process and determine the exact statistics for each market segment and subsegment, data triangulation and market breakdown procedures were employed, as applicable. The data were triangulated by studying various factors and trends from both the demand and supply sides in the cashew nutshell liquid industry.
Market Definition
CNSL is a by-product of the cashew industry. The cashew nut has an exterior shell, which is a soft honeycomb structure containing a dark reddish-brown viscous liquid or oil called CNSL. The liquid has multiple applications in polymer industries, such as friction linings, adhesives, coatings, laminating resins, rubber compounding resins, cashew cements, PU-based polymers, surfactants, epoxy resins, foundry chemicals, and intermediates for the chemical industry.
Key Stakeholders
- Cashew Nutshell Liquid Manufacturers
- Cashew Nutshell Liquid Distributors
- Raw Material Suppliers
- Service Providers
- Industry associations
- Government and Research Organizations
Report Objectives
- To define, describe, and forecast the size of the cashew nutshell liquid (CNSL) market in terms of both value and volume
- To provide detailed information about the key drivers, restraints, opportunities, and challenges influencing the market growth
- To estimate and forecast the market size based on product type and application
- To forecast the market size with respect to five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive developments in the market, such as product developments, mergers & acquisitions, investments & expansions, joint ventures, and agreements & partnerships
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
Available customizations:
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional end-use industry
Company Information
- Detailed analysis and profiles of additional market players (up to five)
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Full forecast, segment splits, and company analysis for all Cashew Nutshell Liquid Market.
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- Rest Of Europe Cashew Nutshell Liquid Market
- Rest Of Asia Pacific Cashew Nutshell Liquid Market
- GCC Countries Cashew Nutshell Liquid Market
- –Rest Of GCC Countries Cashew Nutshell Liquid Market
- Rest Of South America Cashew Nutshell Liquid Market
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