Market Size of Bakelite Industry
| 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 |
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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.
