Artificial Intelligence (AI) in Chemical Market

Artificial Intelligence (AI) in Chemical Market Size

             2020                         2024-2032      

Report	Details
Market Size Value	USD 1.1 billion by 2024
Market Size Value	USD 13.29 billion by 2032
CAGR	31.9%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	xxxx
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Middle East & Africa

Major Players In Artificial Intelligence (AI) in Chemical Market Include: BASF, Dow, IBM, Intel, Microsoft, Mitsubishi Chemical, Momentive, Novozymes, PPG Industries, Solvay and Others.

Market Overview

The growth of AI in the chemical market is propelled by various factors, including the increasing need for reliable manufacturing processes, the embrace of innovative digital methods in the chemical sector, a growing demand for enhanced batch production scheduling, and a heightened awareness of AI solutions. Moreover, government investments in research and development to optimize manufacturing processes are anticipated to contribute to the market's expansion in the foreseeable future. The rising incorporation of advanced technologies such as IoT, 3D printing, and VR is projected to stimulate research and development initiatives, further driving the demand for AI across various industries.

Design and development of new products

AI plays a crucial role in expediting innovation across the stages of process and product development. By employing machine learning and advanced analytics algorithms alongside historical data, chemical industries can precisely calculate costs and predict performance outcomes. Many sectors within the chemical industry rely on tailored mathematical algorithms and models to identify the optimal chemical combinations, forecast catalyst aging processes, and predict the solubility of complex dyes. For example, companies like Novartis employ robots to transfer chemical compounds into multi-well plates. These robots enable the continuous execution of laboratory tests on products and substances, operating 24/7 and significantly accelerating the drug discovery and development processes.

Market Dynamics

Drivers:

• Cross-contamination of food products due to complex processes
• Rise in consumer awareness about food safety
• Increase in demand for convenience and packaged food products

Opportunities:

• Technological advancements in testing industry
• Growing demand and popularity for clean-label food

Application of generative modeling

Generative modeling holds immense potential for chemists seeking innovative molecules with therapeutic advantages or substitutes for commonly used substances that pose environmental risks. Machine learning methods offer a means for scientists to swiftly evaluate numerous chemical reactions or combinations and assess their outcomes. Through this screening and generative capacity, ML algorithms contribute to advancing a more sustainable future. They empower chemical companies to produce substances resembling petroleum products or plastics in properties but with improved biodegradability, minimizing waste and pollution. According to Nature Communications, the integration of artificial intelligence services enables organizations to achieve approximately a 63% enhancement in environmental friendliness.

The market for Artificial Intelligence (AI) in Chemical is dominated by North America.

In 2022, the North America holds a major share in the artificial intelligence (ai) in chemical market. This dominance is attributed due to heightened awareness of digitization methodologies and augmented research and development investments by chemical companies, aimed at advancing overall production processes. A noteworthy illustration is the initiation of the American AI Project by the US President in 2019, outlining the nation's blueprint for bolstering leadership in artificial intelligence. As a component of this initiative, government agencies have played a role in instilling public confidence in AI-based processes by offering guidance for their development and practical implementation across diverse sectors.

On the other hand, the fastest growth during the anticipated period is forecasted for Europe, driven by heightened government funding initiatives, the establishment of chemical industries, favorable regulatory conditions, and the emergence of new chemical sectors. Europe currently stands as the world's second-largest chemicals producer.

The Software Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

The software sector claimed the largest share in 2022 and is expected to maintain its dominance during the projected period, driven by the ongoing software transformation catering to the needs of the chemical industry. The increased demand for improved storage, management, evaluation, and sharing of data in drug research and development has propelled the widespread use of software in this sector. Additionally, software serves as a significant revenue source for market players over time, emerging as the primary contributing factor to sales in the global AI in the chemical market. For example, MATLAB stands out as one of the top software products for data plotting and numerical calculations in the field of chemical engineering.

Major Segmentations Are Distributed as follows:

• By Type
  • Hardware
  • Software
  • Services
• By Application
  • Discovery of new materials
  • Production optimization
  • Pricing optimization
  • Load forecasting of raw materials
  • Product portfolio optimization
  • Feedstock optimization
  • Process management & control
• By End-use
  • Base Chemicals & Petrochemicals
  • Specialty Chemicals
  • Agrochemicals
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Turkey
    • Rest of MEA

Recent Developments

• In November 2023, Kebotix has just unveiled a cutting-edge AI-powered platform designed to assist chemical companies in streamlining and enhancing their manufacturing processes.
• In October 2023, ChemAxon has revealed the creation of an innovative AI-powered platform aimed at aiding chemists in the design and synthesis of novel molecules.

Answers to Following Key Questions:

• What will be the Artificial Intelligence (AI) in Chemical Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Artificial Intelligence (AI) in Chemical Market?
• What are the main forces behind worldwide Artificial Intelligence (AI) in Chemical Market? Which companies dominate Artificial Intelligence (AI) in Chemical Market?
• Which companies dominate Artificial Intelligence (AI) in Chemical Market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Insight Engines industry's suppliers' opportunities and dangers in Artificial Intelligence (AI) in Chemical Market?
• What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Artificial Intelligence (AI) in Chemical Market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Artificial Intelligence (AI) in Chemical Market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Artificial Intelligence (AI) in Chemical Market?
• What are the dominant revenue-generating regions for Artificial Intelligence (AI) in Chemical Market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main Artificial Intelligence (AI) in Chemical Market trends that are influencing the market's expansion?
• Which key product categories dominate Artificial Intelligence (AI) in Chemical Market? What is Artificial Intelligence (AI) in Chemical Market’s main applications?
• In the coming years, which Artificial Intelligence (AI) in Chemical Market technology will dominate the market?

Reason to purchase this Artificial Intelligence (AI) in Chemical Market Report:

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