The cashew nutshell liquid market is projected to be worth US$ 454.7 million in 2024. The market is anticipated to reach US$ 995.0 million by 2034. The market is further expected to surge at a CAGR of 8.1% during the forecast period 2024 to 2034.
Key Market Trends and Highlights
Research and development efforts aimed at exploring new applications and improving the properties of cashew nutshell liquid market derivatives drive innovation in the market. New formulations and product developments expand the potential uses of cashew nutshell liquid market, creating opportunities for market growth.
Attributes | Key Insights |
---|---|
Cashew Nutshell Liquid Market Estimated Size in 2024 | US$ 454.7 million |
Projected Market Value in 2034 | US$ 995.0 million |
Value-based CAGR from 2024 to 2034 | 8.1% |
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The scope for cashew nutshell liquid rose at a 10.7% CAGR between 2019 and 2023. The global market is anticipated to grow at a moderate CAGR of 8.1% over the forecast period 2024 to 2034.
The market experienced steady growth during the historical period from 2019 to 2023, driven by advancements in extraction and processing technologies, which improved the efficiency and yield of cashew nutshell liquid production, which led to the development of high quality cashew nutshell liquid derivatives with enhanced properties, expanding their applications and market potential.
Supportive regulatory frameworks and policies promoting the use of bio based products further stimulated market growth. Alignment with sustainability goals and environmental regulations enhanced the acceptance and adoption of cashew nutshell liquid derivatives.
Looking ahead to the forecast period from 2024 to 2034, the market is expected to witness significant growth. Market forecast projections anticipate continued expansion of end use industries such as automotive, construction, and packaging. The industries are expected to drive sustained demand for cashew nutshell liquid derived products, contributing to market growth.
Increasing globalization and trade liberalization are expected to facilitate market access and penetration into new geographical regions. Emerging markets with burgeoning industrial sectors offer lucrative opportunities for cashew nutshell liquid manufacturers to expand their market presence.
Cashew nutshell liquid is widely used in various industries such as automotive, coatings, adhesives, polymers, and lubricants due to its unique chemical properties. The growing demand for these industrial applications is a significant driver of the cashew nutshell liquid market.
Fluctuations in cashew nut prices, influenced by factors such as weather conditions, crop yields, and geopolitical events, can impact the cost of raw materials for cashew nutshell liquid production. Volatility in raw material prices can affect profit margins and investment decisions in the cashew nutshell liquid market.
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by Korea and Japan. The countries are expected to lead the market through 2034.
Countries | Forecast CAGRs from 2024 to 2034 |
---|---|
The United States | 8.4% |
China | 8.9% |
The United Kingdom | 9.3% |
Japan | 9.8% |
Korea | 10.2% |
The cashew nutshell liquid market in the United States expected to expand at a CAGR of 8.4% through 2034. The government in the country has implemented policies and initiatives to promote the use of bio based materials and reduce dependence on fossil fuels. Supportive regulations and incentives encourage investment in bio based industries, including the cashew nutshell liquid market.
The United States is home to diverse industries such as automotive, construction, coatings, adhesives, and polymers, which are major consumers of cashew nutshell liquid derived products. The expansion of these industries drives demand for cashew nutshell liquid based solutions, boosting market growth.
The cashew nutshell liquid market in the United Kingdom is anticipated to expand at a CAGR of 9.3% through 2034. The consumers in the country are increasingly conscious of the environmental and health impacts of products they purchase.
There is a growing preference for natural and nontoxic alternatives in household and personal care products. Cashew nutshell liquid derived products, with their natural origin and eco-friendly properties, resonate with the consumers in the United Kingdom, driving market demand.
The country is known for its innovation and research capabilities across various industries. Investment in research and development activities aimed at improving cashew nutshell liquid extraction methods, refining processes, and developing new applications enhances the market potential of cashew nutshell liquid derived products, driving market growth.
Cashew nutshell liquid trends in China are taking a turn for the better. An 8.9% CAGR is forecast for the country from 2024 to 2034. China has a large agricultural sector, including significant cashew nut production in regions like Hainan Province.
The availability of cashew nut shells as a byproduct of the cashew nut processing industry provides a ready source of raw material for cashew nutshell liquid extraction, supporting the growth of the market in China.
The diverse manufacturing sector in the country spans industries such as automotive, electronics, construction, textiles, and packaging, all of which utilize cashew nutshell liquid derived products in various applications. The expansion of these industries and the increasing adoption of cashew nutshell liquid based solutions drive market growth in China.
The cashew nutshell liquid market in Japan is poised to expand at a CAGR of 9.8% through 2034. The participation of Japan in global trade networks provides opportunities for market expansion and access to international markets for cashew nutshell liquid derived products. Export of cashew nutshell liquid based products to other countries and partnerships with international stakeholders drive growth and revenue generation in cashew nutshell liquid sector in Japan.
The focus of the country on disaster resilience and safety drives demand for durable and high performance materials in construction and infrastructure projects. Cashew nutshell liquid derived products, known for their excellent adhesion, corrosion resistance, and weatherability, are preferred choices in such applications, driving market growth.
The cashew nutshell liquid market in Korea is anticipated to expand at a CAGR of 10.2% through 2034. Korean companies are investing in green technology and sustainable practices to reduce environmental impact and comply with regulations. Cashew nutshell liquid derived products, with their eco-friendly properties, are integral to green technology initiatives, driving market growth in green technology sector in the country.
The Korean government provides incentives and support for companies engaged in innovation and technology development. Cashew nutshell liquid based innovations, such as new formulations and applications, benefit from government support, driving market growth through increased investment in research and development.
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The below table highlights how surfactants segment is projected to lead the market in terms of product, and is expected to account for a CAGR of 7.8% through 2034. Based on application, the coatings segment is expected to account for a CAGR of 7.6% through 2034.
Category | CAGR from 2024 to 2034 |
---|---|
Surfactants | 7.8% |
Coatings | 7.6% |
Based on product, the surfactants segment is expected to continue dominating the cashew nutshell liquid market. The liquid contains phenolic compounds, which make it suitable for use as a raw material in the production of surfactants. Surfactants derived from cashew nutshell liquid offer excellent surface active properties, making them suitable for use in a wide range of applications, including detergents, cleaners, emulsifiers, and foaming agents.
Regulatory agencies in many regions are implementing policies and guidelines to promote the use of biobased and environmentally friendly products. Cashew nutshell liquid derived surfactants, being natural and renewable, receive favorable consideration under such regulatory frameworks, driving market growth for this segment.
In terms of application, the coatings segment is expected to continue dominating the cashew nutshell liquid market. The liquid contains phenolic compounds that impart excellent chemical properties, making it suitable for use in coatings formulations. Cashew nutshell liquid based coatings offer superior adhesion, corrosion resistance, and weatherability, driving demand for cashew nutshell liquid in the coatings segment.
Cashew nutshell liquid based coatings exhibit enhanced performance characteristics compared to traditional coatings. They offer excellent resistance to chemicals, abrasion, and UV degradation, making them suitable for a wide range of applications in industries such as automotive, aerospace, marine, and construction, driving demand for cashew nutshell liquid in the coatings segment.
The competitive landscape of the cashew nutshell liquid market is characterized by several key players operating globally and regionally. The companies are involved in the extraction, processing, production, and distribution of cashew nutshell liquid derived products, catering to various industries such as coatings, friction linings, polymers, surfactants, and resin formulations.
Company Portfolio
Attribute | Details |
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Estimated Market Size in 2024 | US$ 454.7 million |
Projected Market Valuation in 2034 | US$ 995.0 million |
Value-based CAGR 2024 to 2034 | 8.1% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Value in US$ million |
Key Regions Covered |
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Key Market Segments Covered |
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Key Countries Profiled |
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Key Companies Profiled |
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The cashew nutshell liquid market is projected to reach a valuation of US$ 454.7 million in 2024.
The cashew nutshell liquid industry is set to expand by a CAGR of 8.1% through 2034.
The cashew nutshell liquid market is forecast to reach US$ 995.0 million by 2034.
Korea is expected to be the top performing market, exhibiting a CAGR of 10.2% through 2034.
Surfactants segment is preferred, and is expected to account for a CAGR of 7.8% through 2034.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Product, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Product, 2024 to 2034 5.3.1. Surfactants 5.3.2. Epoxy Curing Agents 5.3.3. Polyols & NCO Blocking Agents 5.3.4. Epoxy Modifiers & Resins 5.3.5. Phenol-Formaldehyde Resins 5.3.6. Others 5.4. Y-o-Y Growth Trend Analysis By Product, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Product, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Application, 2024 to 2034 6.3.1. Coatings 6.3.2. Adhesives 6.3.3. Foams and Insulation 6.3.4. Friction Linings 6.3.5. Laminates 6.3.6. Others 6.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2019 to 2023 7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2024 to 2034 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. East Asia 7.3.5. South Asia 7.3.6. Oceania 7.3.7. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Product 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Product 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Argentina 9.2.1.4. Rest of Latin America 9.2.2. By Product 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Product 9.3.3. By Application 9.4. Key Takeaways 10. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. Italy 10.2.1.3. France 10.2.1.4. UK 10.2.1.5. Spain 10.2.1.6. Russia 10.2.1.7. BENELUX 10.2.1.8. Rest of Europe 10.2.2. By Product 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Product 10.3.3. By Application 10.4. Key Takeaways 11. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.2. By Product 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Product 11.3.3. By Application 11.4. Key Takeaways 12. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Thailand 12.2.1.3. Malaysia 12.2.1.4. Indonesia 12.2.1.5. Rest of South Asia 12.2.2. By Product 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Product 12.3.3. By Application 12.4. Key Takeaways 13. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. Australia 13.2.1.2. New Zealand 13.2.2. By Product 13.2.3. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Product 13.3.3. By Application 13.4. Key Takeaways 14. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. GCC 14.2.1.2. Rest of MEA 14.2.2. By Product 14.2.3. By Application 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Product 14.3.3. By Application 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2023 15.1.2.1. By Product 15.1.2.2. By Application 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2023 15.2.2.1. By Product 15.2.2.2. By Application 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2023 15.3.2.1. By Product 15.3.2.2. By Application 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2023 15.4.2.1. By Product 15.4.2.2. By Application 15.5. Argentina 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2023 15.5.2.1. By Product 15.5.2.2. By Application 15.6. Germany 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2023 15.6.2.1. By Product 15.6.2.2. By Application 15.7. Italy 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2023 15.7.2.1. By Product 15.7.2.2. By Application 15.8. France 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2023 15.8.2.1. By Product 15.8.2.2. By Application 15.9. UK 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2023 15.9.2.1. By Product 15.9.2.2. By Application 15.10. Spain 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2023 15.10.2.1. By Product 15.10.2.2. By Application 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2023 15.11.2.1. By Product 15.11.2.2. By Application 15.12. BENELUX 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2023 15.12.2.1. By Product 15.12.2.2. By Application 15.13. China 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2023 15.13.2.1. By Product 15.13.2.2. By Application 15.14. Japan 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2023 15.14.2.1. By Product 15.14.2.2. By Application 15.15. South Korea 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2023 15.15.2.1. By Product 15.15.2.2. By Application 15.16. India 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2023 15.16.2.1. By Product 15.16.2.2. By Application 15.17. Thailand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2023 15.17.2.1. By Product 15.17.2.2. By Application 15.18. Malaysia 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2023 15.18.2.1. By Product 15.18.2.2. By Application 15.19. Indonesia 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2023 15.19.2.1. By Product 15.19.2.2. By Application 15.20. Australia 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2023 15.20.2.1. By Product 15.20.2.2. By Application 15.21. New Zealand 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2023 15.21.2.1. By Product 15.21.2.2. By Application 15.22. GCC Countries 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2023 15.22.2.1. By Product 15.22.2.2. By Application 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Product 16.3.3. By Application 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Adarsh Industrial Chemicals 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.1.5.2. Product Strategy 17.1.1.5.3. Channel Strategy 17.1.2. Admark Polycoats Pvt. Ltd 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.2.5.2. Product Strategy 17.1.2.5.3. Channel Strategy 17.1.3. Cardolite Corporation 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.3.5.2. Product Strategy 17.1.3.5.3. Channel Strategy 17.1.4. Cashew Chem India 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.4.5.2. Product Strategy 17.1.4.5.3. Channel Strategy 17.1.5. Cat Loi Cashew Oil Production & Export JSC 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.5.5.2. Product Strategy 17.1.5.5.3. Channel Strategy 17.1.6. Equilex Chemicals B.V 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.6.5.2. Product Strategy 17.1.6.5.3. Channel Strategy 17.1.7. Golden Cashew Products Pvt. Ltd 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.7.5.2. Product Strategy 17.1.7.5.3. Channel Strategy 17.1.8. K2P Chemicals 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.8.5.2. Product Strategy 17.1.8.5.3. Channel Strategy 17.1.9. LC Buffalo Co. Ltd 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.9.5.2. Product Strategy 17.1.9.5.3. Channel Strategy 17.1.10. Muskaan Group 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.10.5.2. Product Strategy 17.1.10.5.3. Channel Strategy 18. Assumptions & Acronyms Used 19. 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