Bakelite Market Trends, Forecast 2019- 2025
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
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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.
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Bakelite Market Trends, Forecast 2019- 2025
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Reviewed by GMI
on
September 09, 2019
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