Home > Polymers, Specialty Chemicals & Advanced Materials > Bakelite Market
Bakelite Market size is poised to grow with a lucrative CAGR from 2023 to 2032, owing to myriad usage benefits like low density, high dimensional stability, surface hardness, and resistance to corrosion. Due to its insulating properties, bakelite has also been used in making electrical switches. Due to its low flammability and other advantages, mounting product adoption across varied end-use industries such as automobiles will further amplify the market.
Bakelite refers to a phenol-formaldehyde resin-based thermosetting polymer that consists of monomers phenol and formaldehyde. The type of high-strength resin can withstand extensive molding and retain its shape, due to which, it has been extensively used to safeguard certain surfaces from solvents and scratches.
Surging passenger vehicle sales, especially during the coronavirus pandemic, to avoid mass transportation is promoting bakelite market expansion. Hailed as a revolutionary solution to small parts manufacturing, bakelite is gaining increasing traction in automotive applications. The product is used extensively, from control surfaces to instrument panels to parts under the hood, owing to its non-conductive and heat-resistant characteristics.
Furthermore, the surging adoption of electric automotives across APAC and European region is likely to stimulate the market growth through 2032. For instance, the European Commission aims to have a minimum of 30 million electric vehicles on the road by the end 2032 representing a significant increase from the current 1.4 million EVs on European roads.
Despite the favorable growth environment, the bakelite market may encounter challenges to its steady growth, due to the hazardous nature of bakelite products to the environment and other medical concerns. For example, exposure to bakelite dust can cause various complications like mesothelioma and lung infections.
In terms of type, the alcohol-soluble bakelite segment is projected to grow significantly through 2032. Alcohol-soluble bakelite is a synthetic resin formed from the condensation reaction of formaldehyde and phenol which is a substance available as a white or colorless powder in the market. Alcohol-soluble bakelite offers strong electrical and thermal resistance capabilities, making it perfect for use in electrical insulators and molded items, which will increase product demand throughout the projection period.
With regards to the application spectrum, the bakelite market from the kitchenware segment is expected to register commendable revenue by 2032. This is attributable to the rapid increase in home cooking and baking activities and the subsequent surge in sales of kitchenware products from e-commerce retailers worldwide. However, the closure of non-essential businesses like kitchen and cookware stores during the pandemic has had a negative impact on the industry growth.
From a regional perspective, North America will depict a strong growth rate through 2032, on account of the rapid expansion of the power generation sector in countries like the U.S. This power sector growth across the region, characterized by the significant shift away from fossil fuels to clean energy, may amplify demand for bakelite in crucial infrastructural components. The dynamic acceleration in demand for chips and the favorable growth trajectory of the semiconductor sector will also assert a positive influence on the regional market revenue.
The competitive landscape of the bakelite market comprises companies such as Sigma Laminates, Romit Resins Pvt. Ltd., Hexion Inc., and Sumitomo Bakelite Co., Ltd., among others. Strategic mergers and acquisitions, business expansions, and new product launches are among the varied initiatives these market players undertake to sustain their share in the global market space.