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Bakelite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 130 Pages
  • January 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4997622

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.

Key Highlights

  • 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.

Key Market Trends

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.

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.

Competitive Landscape

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.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Growing Demand from Automotive Industry
4.1.2 Others Drivers
4.2 Restraints
4.2.1 Environmental and Health Hazard
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
5.1 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 China India Japan South Korea Rest of Asia-Pacific
5.4.2 North America United States Canada Mexico
5.4.3 Europe Germany United Kingdom France Italy Rest of Europe
5.4.4 South America Brazil Argentina Rest of South America
5.4.5 Middle-East & Africa Saudi Arabia South Africa Rest of Middle-East & Africa
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
7.1 Innovation Leading to New Applications of Bakelite
7.2 Other Opportunities

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Elkor
  • Hengshui Chemical Plant
  • Hexion
  • Krishna Hylam Bakelite Products
  • Nimrod Plastics
  • O-Yang Product Co. Ltd
  • Polychem International
  • Romit Resins Pvt. Ltd
  • Sumitomo Bakelite Co. Ltd
  • ZheJiang Wan An Plastic Co. Ltd