Bakelite Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 3.51 Billion |
| Market Size (2029) | USD 4.22 Billion |
| CAGR (2024 - 2029) | > 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Bakelite Market Analysis
The Bakelite Market size is estimated at USD 3.51 billion in 2024, and is expected to reach USD 4.22 billion by 2029, growing at a CAGR of greater than 3.5% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on various industries. The production of automobiles and airplanes was disruptively stopped, contributing to a significant loss in the automotive sector; the demand for bakelite significantly fell, affecting the market growth in various regions. After the pandemic, the market picked up speed, and the demand grew as prominent people got back to work.
Growing demand for electrical components and the rising demand from the automotive industry are driving the market growth.
The presence of asbestos in bakelite is hazardous and poses 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 development of sustainable bakelite formulations is likely to provide opportunities for the bakelite market over the forecast period.
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 Market Trends
Automotive Segment to Dominate the Market
- The automotive industry is expected to be the dominating segment, and the growing need for lightweight, high fuel efficiency, and low emission vehicles widely drives its requirements.
- Composites made with bakelite are 30%-40% lighter than aluminum, as it is one of the key aspects considered by firms engaged in the automotive industry to ensure fuel efficiency.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production reached 85,016,728 units in 2022, and the production increased by 5.9 percent when compared to the previous year's data—and motor vehicle production growth year-on-year between the 2021 and 2022 markets at 6 percent.
- Similarly, as per OICA, commercial vehicle production reached 57.49 million units in 2022 and registered growth when compared to 56.44 in 2021.
- Meanwhile, as per The Bureau of Economic Analysis of the United States Department of Commerce, light vehicle retail sales reached 13,754.3 thousand units, registering the lowest production when compared to 14,946.9 thousand units in 2021.
- Further, according to the German Association of the Automotive Industry (Verband der Automobilindustrie), automobile production in Germany reached 3.4 million in 2022 and registered a growth of 9.6 percent when compared to 3.1 million in 2021.
- Hence, such favorable trends in the automotive industry are likely to enhance the demand for bakelite materials during the forecast period.
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 the emergence of advanced technologies in the electronics industry are expected to drive 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.
- According to the OICA, Asia-Pacific has led global automobile production in recent years. China is the largest producer of automobiles in the country. In 2022, China produced over 23.84 million units of passenger cars and remained at the top, followed by Japan with 6.57 million units,
- According to the China Association of Automobile Manufacturers(CAAM), In 2022, approximately 23.56 million passenger cars and 3.3 million commercial vehicles were sold in China.
- Additionally, initiatives under the Clean Energy Ministerial (CEM), like the electric vehicle initiative and the growing popularity of electric vehicles, are likely to drive the consumption of bakelite in the near future.
- Similarly, As per the Ministry of Industry in Indonesia in 2022, there was a significant increase in the investment value of the electronics manufacturing industry, reaching approximately IDR 7.5 trillion (USD 535.7 ) in 2022 from IDR 3.3 trillion (USD 235.7 ) the previous year, indicating a growth of 127%. This boosts the industrial film market as it is essential in the electronics manufacturing sector for protection and process enhancement.
- Hence, all such market trends are expected to drive the demand for the bakelite market in the region during the forecast period.
Bakelite Industry Overview
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 (not in any particular order) Sumitomo Bakelite Co. Ltd., Elkor, Hexion, Romit Resins Pvt. Ltd., and O-Yang Product Co. Ltd., among others.
Bakelite Market Leaders
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 News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Bakelite Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand from Automotive Industry
4.1.2 Growing Demand from Electrical Components
4.1.3 Others Drivers
4.2 Restraints
4.2.1 Environmental and Health Hazards
4.2.2 Availability of Substitute Products
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Form
5.1.1 Sheet
5.1.2 Rod
5.1.3 Board
5.1.4 Other Forms
5.2 Type
5.2.1 Oil Soluble
5.2.2 Alcohol Soluble
5.2.3 Modified
5.2.4 Other Types
5.3 End-user Industry
5.3.1 Aerospace
5.3.2 Automotive
5.3.3 Electrical and Electronics
5.3.4 Power Generation
5.3.5 Other End-user Industries
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Malaysia
5.4.1.6 Thailand
5.4.1.7 Indonesia
5.4.1.8 Vietnam
5.4.1.9 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Spain
5.4.3.6 Nordic
5.4.3.7 Turkey
5.4.3.8 Russia
5.4.3.9 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle-East & Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Nigeria
5.4.5.4 Qatar
5.4.5.5 Egypt
5.4.5.6 United Arab Emirates
5.4.5.7 Rest of Middle-East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Elkor
6.4.2 Hengshui Chemical Plant
6.4.3 Hexion
6.4.4 Krishna Hylam Bakelite Products
6.4.5 Nimrod Plastics
6.4.6 O-Yang Product Co. Ltd.
6.4.7 Polychem International
6.4.8 Romit Resins Pvt. Ltd.
6.4.9 Sumitomo Bakelite Co. Ltd.
6.4.10 ZheJiang Wan An Plastic Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The Development of Sustainable Bakelite Formulations
7.2 Other Opportunities
Bakelite Industry Segmentation
Bakelite denotes a synthetic thermosetting resin formed through the condensation polymerization of phenol and formaldehyde. It stands as the inaugural triumph in commercial plastics, celebrated for its superior electrical insulation, resistance to heat, and stable dimensions. Extensively applied in electrical components, automotive elements, consumer products, and industrial settings, Bakelite played a pivotal role in transforming the plastics sector and setting the stage for contemporary thermosetting plastics.
The bakelite market is segmented into form, type, end-user industry, and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). Based on form, the market is segmented into sheet, rod, board, and other forms (tube). Based on type, the market is segmented into oil soluble, alcohol soluble, modified, and other types (phenolic, Amino). Based on the end-user industry, the market is segmented into aerospace, automotive, electrical and electronics, power generation, and other end-user industries (construction, semiconductor, and others). The report also covers the market size and forecasts for the bakelite market in 28 countries across the globe.
The report offers market size and forecasts for the bakelite market in value (USD) for all the above segments.
| 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 |
| Geography | |||||||||||
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Bakelite Market Research FAQs
How big is the Bakelite Market?
The Bakelite Market size is expected to reach USD 3.51 billion in 2024 and grow at a CAGR of greater than 3.5% to reach USD 4.22 billion by 2029.
What is the current Bakelite Market size?
In 2024, the Bakelite Market size is expected to reach USD 3.51 billion.
Who are the key players in Bakelite Market?
Sumitomo Bakelite Co., Ltd., Hexion, Romit Resins Pvt. Ltd., Elkor and O-Yang Product Co., Ltd are the major companies operating in the Bakelite Market.
Which is the fastest growing region in Bakelite Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bakelite Market?
In 2024, the Asia Pacific accounts for the largest market share in Bakelite Market.
What years does this Bakelite Market cover, and what was the market size in 2023?
In 2023, the Bakelite Market size was estimated at USD 3.39 billion. The report covers the Bakelite Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bakelite Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bakelite Industry Report
Statistics for the 2024 Bakelite market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bakelite analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
