Bakelite. n. 1. (Elements & Compounds) any one of a class of thermosetting resins used as electric insulators and for making plastic ware, telephone receivers, etc.[C20: named after L. H. Baekeland (1863-1944), Belgian-born US inventor; see-ite 1 ].akelite. n. 1. (Elements & Compounds) any one of a class of thermosetting resins used as electric insulators and for making plastic ware, telephone receivers, etc.