Bakelite Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3660
Global Bakelite Market size is likely to grow with prominent gains over the forecast timeframe owing to its increasing demand in automobile and electronics industry. The product has high heat and chemicals resistance coupled with low electrical conductivity, which makes it suitable for its applications in electrical switches.
The prime factor driving bakelite market in future will be the increasing product application in important automobile parts. Automobile sales is surging in Asia Pacific and Latin America due to increasing consumer disposable income, which has raised consumer purchasing power in these regions. In 2017, as per International organization of Motor Vehicle Manufacturers (OICA), automobile sales (all vehicles) in Asia (including the middle east) was registered at over 48. 9 million units, which increased to 4.2% from units sold in 2016. Composites made with bakelite can be 30%-40% lighter than aluminum and hence has very good growth potential in automotive industry over the forecast timespan. Bakelite application is gaining prominence in making carbon brush holders, engine attachments, vacuum pumps and pistons in automobile industry. Additionally, electronics industry widely uses it for electrical end plates, switches, water pump housings, electrical encapsulations, etc. Electronics & electrical industry will witness substantial growth owing to steadily growing construction and power generation sectors in Asia Pacific and Latin America.
Bakelite market may face problems regarding the environmental risks it creates on disposal. It is a thermoset plastic and due to presence of ethyl and methyl, it has toxic effects on environment upon disposal in water bodies and causes health problems. Formaldehyde in the product causes irritation in eyes, nose and throat and high levels of the same can cause some types of cancers. Presence of asbestos in bakelite is also hazardous and pose sustainability threat to its disposal. Moreover, automobile industry is highly regulated in terms of the quality standards of components used in vehicles, which may affect bakelite market to a considerable extent in the coming years.
As per applications, bakelite market is classified into automobile parts, kitchenware, electronic components, electrical cables, wires & insulations and others. Automobile segment held a prominent share in 2018 and shall continue to hold the same position by 2025. The product is used for various automotive exterior and interior parts such as decorative panels on dashboard, audio & navigation systems & brake pads, linings, pulleys, disc brake pistons, etc. It is a widely used plastic and kitchenware is one such important application segment. Due to product’s excellent heat resistance, it’s been widely used for making handles for pans, pots and other kitchen utensils. The product is also extensively used in making jewelry and toys. It is used for making bangles, coins, sports equipment, etc.
Asia Pacific accounted for a significant chunk of global bakelite market in 2018, in terms of volume. China, India and Japan have emerged as automobile manufacturing epicenters in the world. The industry is likely to witness exponential gains in terms of sales volume and revenue over the forecast period. Governments in these nations have conducive business policies to facilitate multi-national companies, the region also complements major players with cost competitive labor and raw materials supply. In addition, power generation and construction industry is experiencing growth in Asian countries, which will ultimately drive electronic & electrical market, thus positively influencing product demand over the forecast timeframe. North America and Europe will be witnessing decent growth rates in market from 2019 to 2025 on account of moderately growing power generation business and automotive manufacturing sectors.
Bakelite market has presence of limited number of multinational companies and strong rivalry exists between in terms of market penetration and geographical expansion. Some prominent players include Sumitomo Bakelite Co., Ltd., Hexion Inc., Romit Resins Pvt. Ltd. And Sigma Laminates. The market has high entry barriers owing to the raw material intensive nature of the business. The product requires many petrochemicals derivatives as raw materials, which increases the cost of setting up and environmental compliances.
Bakelite Market, By Application, 2014-2025 (Tons) (USD Million)
- Automobile parts
- Electronic components
- Electrical cables, wires & insulations
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Sumitomo Bakelite co., Ltd.
- Hexion Inc.
- Romit Resins Pvt. Ltd.
- Sigma Laminates
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