Increasing bakelite application in end-use industries such as power generation, electronics, and aerospace is expected to drive the global market growth over the next seven years. Intrinsic properties associated with bakelite such as electrical non-conductivity and heat resistance finds application in wire insulation, semi-conductors, automotive components and brake pads. Increasing electrical appliances consumption is expected to drive bakelite demand in wire insulation and semi-conductors. In addition, bakelite possesses durability, fine finishing and superior sound properties which are used in manufacturing game components such as billiard balls and dominoes. Growth of gaming devices market in emerging economies such as China, India and Hong Kong is anticipated to fuel bakelite demand over the next seven years. Bakelite is used to manufacture electrical components such as electron tubes, sockets and insulators owing to high resistance property. Growth of electrical components market particularly in Korea and China is expected to augment bakelite demand in near future. Stringent regulatory policies by agencies such as ECHA and EPA regarding health hazards caused by bakelite are expected to restrain market growth over the next seven years.
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Asia Pacific dominated the global bakelite market in 2013 and is anticipated to register high growth owing to rising bakelite consumption in key end-use segments such as games, semiconductor and automotive brake pads. Increasing utilization of dominoes and billiard balls in countries such as Japan and China is projected to further drive market growth in the region over the foreseeable future. North America is expected to register significant growth on account of its increasing consumption in power generation. European bakelite market is characterized by increasing power generation and automotive production. These trends are expected to remain key factors driving its growth over the forecast period. Stringent environmental regulations regarding its disposability and health hazards associated with its unsafe handling are expected to challenge European market growth.
Major players operating in the global bakelite market include MingQun Optoelectronics Tech. Co. Ltd., Sumitomo Bakelite Co. Ltd., Romit Resins Pvt. Ltd., Borden Chemical Inc., Momentive Specialty Chemicals and Elkor. The global market in fragmented in nature and major companies such as Sumitomo Bakelite have been involved in M&A in order to increase their market share.
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