The global bakelite market is anticipated to witness considerable growth over the next six years on account of increasing usage in major industrial applications electronics, power generation, and aerospace. This plastic is widely used in semiconductors, wire insulations, brake pads, and other automotive components manufacturing owing to its heat resistant and electrical non-conductivity property. It contains fine insulation property, which led to its usage in electrical and electronics applications. The growing electronics market in emerging economies is expected to have a positive impact on market growth over the foreseeable future. Owing to its fine finishing, durability, and better sound properties, bakelite is commercially used in manufacturing inexpensive games, dominoes, and billiard balls. The huge production of these gaming devices in countries such as India, China, and Hong Kong is anticipated to fuel the demand for the product in this region. It is also used in making bakelite jewelry owing to their fine artisanship and is expected to further complement the market growth in the near future.
Bakelite is used as an adhesive compound, molding compound, and as a protective coating in major industrial applications. High resistance property of this plastic has enabled its usage in the production of electrical components such as sockets, electron tubes, and insulators. Increasing production of these products particularly in China and Korea is expected to drive product demand in the aforementioned applications. The product is proved to be hazardous to the atmosphere during production processes such as compilation, manufacturing, and dumping. These factors are expected to hinder market growth over the foreseeable future. Furthermore, bakelite contains asbestos, formaldehyde, and other toxins which are proved carcinogens. Increasing awareness regarding health hazards coupled with stringent regulatory policies by agencies such as EPA and ECHA is expected to challenge the market growth over the next seven years.
Asia Pacific was the key regional market and is expected to witness rapid growth on account of increasing bakelite consumption in major end-use segments such as semiconductor, inexpensive games, and automotive brake pads. Increasing utilization of billiard balls and dominoes in China and Japan is expected to enhance the market growth in Asia Pacific. Increasing automotive production in China, India, Japan, and Korea is expected to further drive the regional bakelite market. Bakelite is manufactured in various forms such as rod, sheets, and tube for many industrial applications in the aerospace and electronics industry. North America market is expected to have considerable growth on account of growing aerospace and power generation industries in the region. Stringent regulations regarding the disposal of bakelite and consequential effects associated with unsafe handling are expected to be a major factor restraining European market growth. Market growth in Europe is expected to be driven by increasing automotive manufacturing and power generation.
Major companies operating in the global bakelite market include Sumitomo Bakelite Co. Ltd. and MingQun Optoelectronics Tech. Co. Ltd., Borden Chemical Inc., Romit Resins Pvt. Ltd., Momentive Specialty Chemicals, and Elkor.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.