CASHEW COMPANY LTD.

What CASHEW COMPANY LTD. does

Cashew Company Ltd. (カシュー株式会社) is a privately held Japanese specialty chemicals manufacturer founded in 1948 as Nippon Urushi Toryo Co., Ltd. and headquartered in Saitama-shi, Japan, with 155 employees and disclosed annual revenue of ¥5,450,000,000 (approximately US$36M). The company operates two integrated product pillars that share a common chemistry platform: phenolic compounds extracted from cashew nut shells (CNSL-derived chemistry). The first pillar is industrial coatings — one-component, UV-curing, two-component, and three-component systems in solvent- and water-based variants — sold into automotive interior/exterior components, mobile devices and consumer electronics, home appliances, cosmetic containers, sports/leisure goods, lacquerware and wooden products. The second pillar is functional phenolic resins — used as binders in brake pads, brake linings and clutch facings, as reinforcing agents in NR/NBR/SBR/CR rubber compounding, and as bonding resins for resinoid abrasive stones and adhesives.

Cashew monetises through direct B2B enterprise field sales out of its Tokyo, Osaka and Nagoya offices in Japan, complemented by overseas manufacturing subsidiaries in China (Guangzhou, Wuxi, Suzhou), Thailand, Vietnam and the United States, a jointly controlled JV in Shaoxing, China with ZHEJIANG UVCHEM, licensed production in Indonesia via PT INKOTE, and a Hong Kong/Singapore regional holding and marketing structure. Quote-based industrial pricing (multi-year contracts, no public price list), consumer-channel retail sales of natural-drying Cashew lacquer through third-party retailers, and licensing royalties from the Indonesia arrangement make up the broader revenue mix. Customers are concentrated in regulated OEM supply chains (notably automotive brake systems, where Akebono Brake Industry awarded Cashew its Quality Excellence Award in 2017) and Japanese construction materials (Sugi CLT reference, 2025). The group operates an ISO 9001 (since 2000) and ISO 14001 (since 2006) certified quality and environmental management system with batch-level traceability, Dodd–Frank conflict-minerals compliance, and product-level F★★★★ and Food Sanitation Act certifications on specific lines.

Recent strategic direction is geographically offensive and operationally defensive: two new manufacturing subsidiaries (Vietnam 2024, Suzhou 2025), a 2021 China JV, and a 2025 expansion into sustainable-construction wood coatings on the offensive side; on the defensive side, the July 2025 closure of the Hiroshima Technical Center and consolidation into the Osaka Office. The company is privately held with ¥100M of stated capital, no disclosed parent or external institutional investor, and continues to be led by President Tsuyoshi Bekki (appointed April 2016) with Chairman Ryu Shimizu and a small executive team.

Name

CASHEW COMPANY LTD.

Legal name

CASHEW COMPANY LTD. (カシュー株式会社)

Website

https://cashew.co.jp

Company type

Private

Founded year

1948

Operating status

Operating

Short description

Cashew Company Ltd. is a privately held Japanese specialty chemicals manufacturer (founded 1948, Saitama) that produces industrial coatings and functional phenolic resins from cashew-nut-shell-derived chemistry for automotive, electronics, appliance, cosmetic-container and friction-material customers across Asia and the United States.

Ownership category

akta.pro rank

Product category

Industrial Coatings

NAICS

Paint and Coating Manufacturing (325510), Resin and Synthetic Rubber Manufacturing (32521)

SIC

Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose (3050)

akta.pro primary industry

Food-Grade, Medical & Cleanroom Rubber Compounds (IMANAJAH)

akta.pro secondary industry

Blow-Molded Cosmetic & Personal Care Packaging (IMANAGAJ)

Keywords

• Industrial coatings
• Phenolic resins
• Friction materials
• UV-curing coatings
• Automotive coatings

Headquarters

HQ city

Saitama

HQ country

Japan

HQ region

Asia

Offices18 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Manufacturing and direct sales of coatings and synthetic resins: Core revenue stream from the production and sale of coatings (one-component, UV-curing, two-component, three-component systems) and synthetic phenolic resins to industrial customers in automotive, electronics, home appliances, cosmetics, sports/leisure, lacquerware, wood products and residential fixtures, both directly and through domestic and overseas group companies. Most sales are B2B; revenue is recognized on shipment to customers.
2. Overseas licensing royalties: Cashew licenses its coating technology/brand to overseas paint makers (e.g., license contract with PT INKOTE INDONESIA in 2017 for automotive interior and digital-device coatings), generating royalty and technical-fee income from international markets without direct local manufacturing.
3. Joint venture equity income from Chinese manufacturing JV: Cashew – UVCHEM Advanced Materials Technology (Shaoxing) Co., Ltd., a JV established in 2021 with ZHEJIANG UVCHEM SPECIAL COATING CO., LTD., produces and sells coatings in China; Cashew participates in the resulting equity earnings and dividends as a JV partner.
4. Consumer-channel retail sales of natural-drying Cashew lacquer: Cashew-branded natural-drying wood lacquer is sold to DIY/end-user consumers through third-party retailers (e.g., Ohhashi Toryo EC site, home centers carrying 80ml cans). Cashew does not sell directly; revenue accrues through wholesale to these retail/distribution partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

CASHEW COMPANY LTD. manufactures and sells industrial coatings (one-component, two-component, three-component, and UV-curing systems in solvent-based and water-based variants) and functional phenolic resins for friction materials and industrial applications, all derived from cashew nut shell phenolic chemistry. The coatings are supplied to automotive parts, mobile device, home appliance, cosmetic container, sports/leisure, lacquerware, and wooden product manufacturers, while the resins are supplied to friction material (brake pads, linings, clutch facings) and industrial material (rubber compounding, abrasives, adhesives) producers. A small consumer-grade natural-drying Cashew lacquer is sold through third-party retailers as a craft/DIY extension of the coating technology.

Product overview

CASHEW COMPANY LTD. (カシュー株式会社) operates a single integrated product platform organized around two pillars that share a common origin: phenolic compounds originally extracted from cashew nut shells. The first pillar is the Coating Products platform, which is internally segmented into four technology tiers — One-component, UV-curing, Two-component and Three-component coatings — and is supplied in both solvent-based and water-based variants for applications ranging from mobile devices, home appliances and cosmetic containers to automotive parts, sports/leisure goods, lacquerware and wooden products. The second pillar is the Functional Phenolic Resin Based Products platform, divided into Resin for Friction Materials (brake pads, brake linings, clutch facings) and Resin for Industrial Materials (rubber reinforcement, abrasive stones, coatings and adhesives). The Air-dried Cashew consumer lacquer (自然乾燥カシュー) is a craft/DIY extension of the coating technology sold through retailers, while the company's overseas subsidiaries (e.g., Cashew Americas LLC, Cashew (Suzhou) Coating, Cashew Mapin Paint (Vietnam), the Cashew – UVCHEM Shaoxing JV) operate as the manufacturing and distribution arms that bring these named products to global markets under the Cashew quality management system (ISO 9001 / ISO 14001).

Differentiator

Problem solved

Functional benefit

Products and services

• One-component Coating Products Single-component (1K) coatings in solvent-based and water-based variants for mobile devices, home appliances, cosmetic containers, automotive parts, lacquerware, wooden products, and residential fixtures, including product families such as PLASLAC, Acryace Series, Acryace Metalight, MICRON TXL No.600, HIGH-METAL CR-300TXL, WATER COAT No.709 Black, TXL stains and fillers, Rusroof anti-corrosion primer, and Aqua Elecon 2000 antistatic coating.
• Ultraviolet (UV) Curing Coating Products UV-curable coatings including low-VOC water-based systems (CASHEW UV 1700W) and solvent-based hard coatings (CASHEW HARD C No.6110, No.833-5, No.6240, No.6250, CASHEW UV No.4795VM, No.880, UV TXL635, UV TXL680). Used on mobile devices, home appliances, cosmetic containers, automotive parts, and lacquerware where high hardness, wear resistance, scratch resistance, and high-gloss finishes are required.
• Two-component Coating Products Two-component (2K) coatings in solvent-based and water-based variants for mobile devices, home appliances, cosmetic containers, automotive parts, sports/leisure products, lacquerware, and wooden products. Key families include STRONE ACE ALTAIR, CASHEW KM COAT No.9800VM, ASCOAT No.300, STRONE ACE HG, STRONE ACE TOUGHTEX SUEDE, HIGH-METAL 2P-500 TXL, STRONE ACE CR, STRONE ACE ST-1 TXL (automotive exterior, compliant with revised Japanese food sanitation act), STRONE/STRONE ACE for CFRP shafts/fishing rods/sports gear, room-temperature-drying STRONE TXL 2800/2600 and TXL 4250F/8200F/8300F flat clears, AQUASTRONE No.1000/2000 wooden floor coats (F☆☆☆☆ compliant), SOFT SS, P-STAR amusement coatings, and STRONE ACE TXL Viewtac Fine Σ for wood.
• Three-component Coating Products Three-component (3K) room-temperature drying coatings for wooden products and other applications, including ESTERAC CNP No.7 Black Surfacer, ESTERAC CNP GS-100 White/Black Surfacer, and ESTERAC KP No.731 Sanding Sealer, offering anti-drip, leveling, and sanding workability.
• Resin for Friction Materials Phenolic resins for friction applications, including unmodified phenolic resin (available in various molecular weights from low to high) offering excellent heat resistance, Cashew-modified phenolic resin with excellent mu-stability, superior wear resistance and good rubber compatibility, and various other modified phenolic resins. Primary uses are brake pads, brake linings, and clutch facings.
• Resin for Industrial Materials Phenolic resins for industrial applications, including gum-compounding phenolic resin (used as a reinforcing agent for NR, NBR, SBR, and CR rubbers in tires), phenolic resin for abrasive stones (bonding resinoid grinding stones and abrasive paper), Cashew derivatives (resin materials for coatings and adhesives), and other phenolic resins.
• Air-dried Cashew (自然乾燥カシュー) consumer lacquer A natural-drying, plant-based lacquer coating for indoor wooden items, sold to consumers via partner retailers (e.g., Ohhashi Toryo) and some home centers in 80 ml cans. Not suitable for building materials, food-contact surfaces, or applications requiring F☆☆☆☆ conformance. Available in color variants catalogued in the consumer color PDF.
• Sugi CLT semi-noncombustible wood material A semi-noncombustible material that realizes flame retardancy while preserving the natural wood grain of Sugi (Japanese cedar) CLT (Cross-Laminated Timber), developed in collaboration with reference customer Sugi CLT and announced on 21 January 2025 as a new industrial construction material product.

Quantifiable outcome

• By 2030: environmentally friendly products to 90%+ of portfolio; CO2 emissions reduced 50% versus FY2013 manufacturing levels; 100% waste-recycling rate.
• +5 more outcomes

Named customers2 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered flagship, core and minor.

• Cashew (Suzhou) Coating Co., Ltd.flagshipStrategic or Co-development Partner · 1 January 2025New Chinese coating subsidiary established in 2025, expanding Cashew's paint manufacturing footprint in mainland China beyond the existing Guangzhou, Wuxi and Shaoxing entities.
• Cashew Mapin Paint (Vietnam) Co., Ltd.flagshipStrategic or Co-development Partner · 1 January 2024Vietnamese manufacturing subsidiary established in 2024 to expand Cashew's paint business in the Vietnamese market.
• ZHEJIANG UVCHEM SPECIAL COATING CO., LTD (浙江佑秀特种涂料有限公司)flagshipStrategic or Co-development Partner · 27 August 2021JV partner for Cashew – UVCHEM Advanced Materials Technology (Shaoxing) Co., Ltd. (中文名：佑秀新材料科技（紹興）有限公司), established 27 August 2021 to manufacture and sell automotive interior and digital-device coatings in China. The JV is strategically separated from Cashew's existing Chinese joint ventures to strengthen global competitiveness and customer service.
• Cashew Americas LLC (US local subsidiary)flagshipStrategic or Co-development Partner · 7 November 2017Wholly-owned US subsidiary established 7 November 2017 to expand the North American business for automotive interior and digital-device coatings. Cashew Americas LLC is the company's formal North American presence, distinct from external partners.
• PT INKOTE INDONESIAcoreOEM/ Whitelabel/ Licensing Partner · 4 September 2017License partner in Indonesia for Cashew's automotive interior and digital-device coatings, established 4 September 2017 to expand sales and customer service in the Indonesian market. PT INKOTE INDONESIA is an Indonesian paint manufacturer.
• Cashew (Thailand) Co., Ltd.coreStrategic or Co-development Partner · 1 January 2011Thai manufacturing subsidiary established 2011 producing paint and resin products for the Thai and ASEAN markets.
• CMW Coatings (Wuxi) Limited. / Cashew Manfield (Wuxi) Innovative Materials Limited.coreStrategic or Co-development Partner · 1 January 2005Wuxi-based paint manufacturing entity in the Cashew Manfield group, established 2005. Hosts the China R&D Center established within CMW (Wuxi) in 2013.
• Kuentec Cashew Co., Ltd. (昆益樹脂材料科技有限公司)coreStrategic or Co-development Partner · 1 January 2004Chinese joint-venture / affiliated entity for resin materials, established 2004 per the company history. Listed under the overseas locations section as a group-affiliated entity (kuentek.com.cn).
• CMW Coatings (Guangzhou) Limited. / Cashew Manfield (Guangzhou) Innovative Materials Limited.coreStrategic or Co-development Partner · 1 January 2004Guangzhou-based paint manufacturing entity in the Cashew Manfield group, established in 2004. Serves Chinese customers for paint products.
• Cashew Manfield Holding Limited. (Hong Kong)coreStrategic or Co-development PartnerHong Kong-based holding entity for the Cashew Manfield group, overseeing paint and resin operations across Greater China and Taiwan.
• Cashew Asia Pte. Ltd. (Singapore)coreStrategic or Co-development PartnerSingapore-based group entity serving the Asia-Pacific regional market for Cashew products.
• Kuen Bong Chemical Industry Corp. (Taiwan)minorStrategic or Co-development PartnerTaiwan-based affiliated entity supporting paint and resin sales in Taiwan.
• Cashew Tsusho Co., Ltd. (カシュー通商株式会社, Japan)minorChannel Partner/ Reseller/ DistributorJapan-based affiliate company listed in the corporate profile as the group's domestic affiliate, supporting trading/distribution activities in Japan.
• 大橋塗料株式会社 (Ohhashi Toryo Co., Ltd.)minorChannel Partner/ Reseller/ DistributorThird-party retail/EC partner listed on Cashew's Q&A page as a retailer handling Cashew's natural-drying lacquer and coating supplies for consumer/DIY customers.

Scale indicators8 records

Recent moves15 records

Expansion highlights5 records

Direct peers

• DIC Corporation: Japanese manufacturer of pigments, resins and specialty coatings. Closely comparable to Cashew in synthetic resins for industrial/printing applications and in coatings for Japanese industrial customers.
• Axalta Coating Systems: Specialist in automotive and industrial coatings with deep OEM relationships. Most directly comparable to Cashew in automotive interior/exterior coatings and refinish, and a likely competitor for Cashew Americas LLC's North American accounts.
• Resonac Holdings (formerly Showa Denko): Japanese specialty chemicals group with phenolic resins and functional materials businesses. Direct competitor to Cashew in phenolic resins for friction materials and rubber compounding, serving overlapping industrial customers.

Broad incumbents

• PPG Industries: Global industrial and automotive coatings leader. Directly competes with Cashew for automotive interior, electronics and plastics coatings on a global OEM basis, with far larger R&D and sales resources.
• Nippon Paint Holdings: Japan's largest paint and coatings manufacturer, with a global automotive, decorative and industrial coatings portfolio. Overlaps with Cashew in industrial and automotive coatings sold to Japanese and Asian OEMs, but at vastly greater scale and breadth.
• AkzoNobel: Global paints and coatings giant with industrial, automotive and specialty coatings divisions. Competes with Cashew at multinational OEM accounts and in specialty powder/UV-curable coatings segments.
• BASF Coatings: Division of BASF supplying automotive OEM coatings, industrial coatings and resins. Comparable to Cashew in OEM coatings and in functional resins sold to friction-material and industrial customers.
• Kansai Paint: Major Japanese and Asian industrial coatings maker with strong automotive OEM coatings business. Comparable to Cashew in serving Japanese automotive and appliance customers with industrial coatings, but is a much larger global player.

Regional players

• KCC Corporation: South Korea's largest coatings and paints maker with strong shipbuilding, automotive and industrial coatings exposure. Comparable to Cashew as an Asian coatings specialist serving industrial OEM customers in electronics, automotive and appliances.

Emerging players

• Samhwa Paints Industrial: Korean industrial coatings maker with UV-curable, water-based and plastic-coating lines. Comparable to Cashew in product technology tiers (UV/water-based coatings) and in serving Asian plastics/electronics customers, though at a more regional scale.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CASHEW COMPANY LTD.