South Korea Bakelite Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Oil Soluble, Alcoholic Soluble, Modified, and Others), By Application (Aerospace, Automotive, Electricals & Electronics, Power Generation, and Others), and South Korea Bakelite Market Insights, Industry Trend, Forecasts to 2035

South Korea Bakelite Market Insights Forecasts to 2035

• The South Korea Bakelite Market Size was estimated at USD 125.2 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 5.20% from 2025 to 2035
• The South Korea Bakelite Market Size is Expected to Reach USD 218.6 Million by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Bakelite Market is anticipated to reach USD 218.6 million by 2035, growing at a CAGR of 5.20% from 2025 to 2035. The rapid expansion of the electrical and electronic sectors significantly enhances the demand for Bakelite. The South Korea Bakelite market is driven by enhanced urbanization, industrialization, and the application of advanced technologies in electrical systems.

Market Overview

The Bakelite market involves the manufacturing, distribution, and utilization of Bakelite, a hard thermosetting plastic with high heat resistance, electrical insulation, and chemical resistance. Its characteristics render it highly appropriate for application in the automotive, electronics, aerospace, and power generation industries. Moreover, growth drivers are rising demand from the automotive and electronics industries, improved material formulations, and growing infrastructure projects, particularly in emerging markets. Bakelite's rapid molding, heat resistance, scratch and solvent resistance, and ability to maintain shape when subjected to adverse conditions make it even more desirable across industries. Its extensive applications in electrical insulation and thermal resistant parts also project its importance for safety-critical applications. The problems involving the use of asbestos in a few compositions make it health as well as environment hazardous, initiatives towards green substitutes are countering these issues. Additionally, government investments in infrastructure development are also stimulating demand for Bakelite from construction applications such as insulation and panelichahang. With increasing demand for fire-resistant and electrically insulating products, Bakelite is an essential ingredient across industries, holding tremendous growth opportunities. Its performance and adaptability in extreme environments make it an essential material in traditional and high-tech industrial applications.

Report Coverage

This research report categorizes the market for South Korea Bakelite market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea Bakelite market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea Bakelite market.

Driving Factors

The growing demand in the automotive and electrical industries has a major impact on the Bakelite market in South Korea. Bakelite, owing to its superior heat resistance and electrical insulation, is extensively utilized in manufacturing components like switches, circuit breakers, and auto parts. Industrial automation and electronics advancements further drive the diversification of applications for Bakelite across industries. In addition, increased attention to fuel efficiency and emission reduction is compelling manufacturers to utilize Bakelite as a cost-effective option for metal parts.

Restraining Factors

The market for Bakelite in South Korea is limited by factors such as environmental issues tied to the manufacture and disposal of phenolic resin. This may result in tighter regulations. The availability of alternative advanced polymers with superior flexibility and recyclability restricts Bakelite’s use in certain contemporary applications, impacting its long-term market growth.

Market Segmentation

The South Korea Bakelite market share is classified into product type and application.

• The modified segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.

The South Korea Bakelite market is segmented by product type into oil soluble, alcoholic soluble, modified, and others. Among these, the modified segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Bakelite has better mechanical strength, heat resistance, and adaptability. This version is far more suitable for electrical insulation, automotive parts, and uses in industrial machinery, where performance and customization are crucial.

• The electricals & electronics segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea Bakelite market is segmented by application into aerospace, automotive, electricals & electronics, power generation, and others. Among these, the electricals & electronics segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.  The growing need for insulating materials with high dielectric properties in consumer electronics, industrial automation, and power distribution systems.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea Bakelite market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hengshui Chemical Plant
• Nimrod Plastics
• Hexion
• Sumitomo Bakelite Co., Ltd.
• Fuji Bakelite Co., Ltd.
• Elkor
• Krishna Hylam Bakelite Products
• Momentive Specialty Chemicals
• O-Yang Product Co., Ltd
• Romit Resins Pvt. Ltd.
• ZheJiang Wan a Plastic Co. Ltd.
• Others

Recent Developments:

• In April 2024, Sumitomo Bakelite Co. Ltd. announced the completion of the new plant under construction at the premises of Sumitomo Bakelite (Nantong) Co., Ltd., its subsidiary in China, in order to increase its production capacity for phenolic molding compounds.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea Bakelite market based on the below-mentioned segments:

South Korea Bakelite Market, By Product Type

• Oil Soluble
•  Alcoholic Soluble
•  Modified
•  Others

South Korea Bakelite Market, By Application

• Aerospace
• Automotive
• Electricals & Electronics
•  Power Generation
•  Others