Bakelite Industry Overview

Study Period: | 2018 - 2028 |
Fastest Growing Market: | Asia Pacific |
Largest Market: | Asia Pacific |
CAGR: | > 5 % |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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Bakelite Market Analysis
The market for bakelite is expected to grow at a CAGR of more than 5%, globally, during the forecast period. Bakelite is a polymer made up of the monomer phenol and formaldehyde. This phenol-formaldehyde resin is a thermosetting polymer, and its high strength helps it to retain its form even after extensive molding. The growing applications of this product in automotive parts and the electronic industry has been driving the market growth.
- The presence of asbestos in bakelite is hazardous and pose a sustainability threat to its disposal. The availability of substitutes, like epoxy resin, is also likely to hinder the growth of the studied market.
- The research and development (R&D) on the application of bakelite, as a partial replacement of fine and coarse aggregates in construction applications, is likely to provide opportunities for the bakelite market over the next five years.
- Asia-Pacific region dominates the bakelite market, because of its prominence in making carbon brush holders, engine attachments, vacuum pumps, and pistons in the automotive industry. These factors are likely to augment the demand for bakelite.
Bakelite Industry Segments
The bakelite market report includes:
Form | |
Sheet | |
Rod | |
Board | |
Other Forms |
Type | |
Oil Soluble | |
Alcohol Soluble | |
Modified | |
Other Types |
End-user Industry | |
Aerospace | |
Automotive | |
Electrical and Electronics | |
Power Generation | |
Other End-user Industries |
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Bakelite Market Trends
This section covers the major market trends shaping the Bakelite Market according to our research experts:
Automotive Segment to Dominate the Market
- Automotive industry is expected to be the dominating segment, and its requirements are widely driven by the growing need for lightweight, high fuel efficiency, and low emission vehicles.
- Composites made with bakelite are 30%-40% lighter than aluminum, as it is one of the key aspects considered by the firms engaged in the automotive industry to ensure fuel efficiency.
- Since 2018, the automotive industry has been experiencing a decline in production in countries, like United States, China, and Germany, due to which the consumption of bakelite is expected to drop. However, from 2021, the automotive industry is expected to witness a recovery in production.
- Asia-Pacific region is likely to lead the market for automotive applications, as countries, like China, South Korea and India, are some of the major producers of automotive components. This is likely to drive the demand for the bakelite market.
- According to International Energy Association, electric vehicle sales in 2019 witnessed an increase of 63% from previous year. Hence, this increasing trend of adoption of electric vehicle will contribute to growth of the bakelite market.

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Asia-Pacific Region to Dominate the Market
- Asia Pacific region is expected to be the largest and fastest-growing market for the electronics and power generation industry. Factors, such as innovations and emergence of advanced technologies in the electronics industry, are expected to drive the market growth.
- Bakelite consumption has witnessed rapid growth on account of increasing consumption in major end-user segments, such as semiconductors, inexpensive games, and automotive brake pads.
- Automotive production in countries, such as China, Indonesia, and Vietnam, witnessed a decline in 2019, and, further, the trend is likely to remain the same in 2020. However, from 2021, the industry is anticipated to resume recovery in production.
- However, initiatives under Clean Energy Ministerial (CEM), like electric vehicle initiative and growing popularity for electric vehicles, are likely to drive the consumption of bakelite in the near future.
- Hence, all such market trends are expected to drive the demand for the bakelite market in the region during the forecast period.

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Bakelite Market Competitor Analysis
The bakelite market is consolidated in nature, with a few major players dominating a significant share of the market demand. Some of the major companies include Sumitomo Bakelite Co. Ltd, Elkor, Hexion, Romit Resins Pvt. Ltd, and O-Yang Product Co. Ltd, among others.
Bakelite Market Top Players
Sumitomo Bakelite Co., Ltd.
Hexion
Romit Resins Pvt. Ltd.
Elkor
O-Yang Product Co., Ltd
*Disclaimer: Major Players sorted in no particular order

Bakelite Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Growing Demand from Automotive Industry
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4.1.2 Others Drivers
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4.2 Restraints
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4.2.1 Environmental and Health Hazard
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4.2.2 Availability of Substitute Products
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Buyers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Form
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5.1.1 Sheet
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5.1.2 Rod
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5.1.3 Board
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5.1.4 Other Forms
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5.2 Type
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5.2.1 Oil Soluble
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5.2.2 Alcohol Soluble
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5.2.3 Modified
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5.2.4 Other Types
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5.3 End-user Industry
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5.3.1 Aerospace
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5.3.2 Automotive
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5.3.3 Electrical and Electronics
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5.3.4 Power Generation
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5.3.5 Other End-user Industries
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5.4 Geography
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5.4.1 Asia-Pacific
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5.4.1.1 China
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5.4.1.2 India
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5.4.1.3 Japan
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5.4.1.4 South Korea
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5.4.1.5 Rest of Asia-Pacific
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5.4.2 North America
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5.4.2.1 United States
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5.4.2.2 Canada
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5.4.2.3 Mexico
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5.4.3 Europe
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5.4.3.1 Germany
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5.4.3.2 United Kingdom
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5.4.3.3 France
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5.4.3.4 Italy
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5.4.3.5 Rest of Europe
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5.4.4 South America
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5.4.4.1 Brazil
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5.4.4.2 Argentina
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5.4.4.3 Rest of South America
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5.4.5 Middle-East & Africa
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5.4.5.1 Saudi Arabia
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5.4.5.2 South Africa
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5.4.5.3 Rest of Middle-East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Elkor
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6.4.2 Hengshui Chemical Plant
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6.4.3 Hexion
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6.4.4 Krishna Hylam Bakelite Products
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6.4.5 Nimrod Plastics
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6.4.6 O-Yang Product Co. Ltd
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6.4.7 Polychem International
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6.4.8 Romit Resins Pvt. Ltd
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6.4.9 Sumitomo Bakelite Co. Ltd
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6.4.10 ZheJiang Wan An Plastic Co. Ltd
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*List Not Exhaustive -
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Innovation Leading to New Applications of Bakelite
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7.2 Other Opportunities
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Bakelite Market Research FAQs
What is the study period of this market?
The Bakelite Market is studied from 2018 - 2028.
What is the growth rate of Bakelite Market?
The Bakelite Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Bakelite Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Bakelite Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Bakelite Market?
Sumitomo Bakelite Co., Ltd., Hexion, Romit Resins Pvt. Ltd., Elkor, O-Yang Product Co., Ltd are the major companies operating in Bakelite Market.
Bakelite Industry Reports
In-depth industry statistics and market share insights of the Bakelite sector for 2020, 2021, and 2022. The Bakelite research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Bakelite report PDF.