Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The global Chemistry 4.0 Market was valued at US$ 70.82 Billion in 2022 and is projected to reach USD 178.73 Billion by 2030, growing at a CAGR of 9.7% from 2023 to 2030. As AI and IoT become increasingly prevalent in medical wearables, this could create new opportunities for the chemistry 4.0 sector. It is driven by the rising emphasis on technology for various industrial applications, such as the expanding usage of IoT in manufacturing and the introduction of AI-based predictive analytics models for asset management and condition monitoring.
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Along with the industrial revolution, the chemical industry has risen in both production volume and production methods. Even though the economy is weak, especially in light of the current global financial crisis, the industry is robust due to its modernization and digitalization. This will expedite the market's adoption of chemistry 4.0.
Chemistry 4.0 Market Recent Developments:
- Formed from the 2017 merger of Dow Chemical and DuPont, DowDuPont surpassed BASF in 2018 to become the world's largest chemical company, ending BASF's 12-year dominance. However, DowDuPont has been split into three different companies.
- April 2019: Dow, DuPont and Corteva Agriscience. More than half of the companies on the 2018 list are headquartered in the US, Japan or Germany. A total of 18 countries participated.
- Software and SAP SE teamed up in February 2021 to integrate Software AG's analytics platform, TrendMiner, with SAP's S/4HANA Cloud. This collaboration will enable analytics for companies looking to select Industry 4.0 solutions for using sensor-generated data.
Chemistry 4.0 Market Segmentation Analysis:
There is a great deal of interest in what digital can accomplish for chemistry, as there is for digital in general. Stakeholders predict that digitization will have a significant impact on many aspects of the chemical industry, with the potential to alter value chains, contribute to greater efficiency and innovation, and create new distribution channels. It is necessary to separate fact from fantasy and determine what this means for the industry in light of all the discussion about digital.
In the food, healthcare, and transportation industries, the chemical industry's products can be utilized in a variety of ways. Chemical firms provide items utilized in agriculture, industry, and consumer products. Chemicals are employed in approximately 10% of the production of consumer goods, and many chemical products are also utilized by enterprises that do not directly produce consumer goods. In the chemical business, pigments, resins, polymers, synthetic rubber, and explosives are common products. Also prevalent are plastics, salts, acids, and fertilizers.
Regional Outlook:
In the coming years, the market for chemistry 4.0 is anticipated to expand significantly in Asia-Pacific. The region's chemistry 4.0 markets are expanding because China is producing more chemicals and more people are moving to cities and manufacturing. The expansion of mining and metals industries in the region will increase the demand for IoT in the chemical industry. Some of the world's fastest-growing nations are located in the Asia-Pacific area.
The European chemistry 4.0 market is still ahead of the rest of the world in terms of innovation. In the coming decades, 90% of economic expansion will occur outside of Europe. This will impede Europe's ability to remain competitive.
Companies in North America are growing increasingly interested in smart manufacturing, and it is expected that they will dominate the market for chemistry 4.0. Most modern factories are equipped with cutting-edge machinery and intelligent factory technologies. This permits other businesses to transition from conventional manufacturing processes to intelligent manufacturing.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 9.7% from 2023 to 2030 |
| Market Size in 2022 | USD 70.82 Billion |
| Revenue Forecast by 2030 | USD 178.73 Billion |
| By Technology | IOT, AI, Automation |
| By Applications | Consumer, Enterprise, Industry, Construction, Manufacturing |
| By Companies | BASF, Dow, Sinopec, Sabic, Ineos, Formosa Plastics[B], ExxonMobil Chemical, LyondellBasell Industries, Mitsubishi Chemical, DuPont, LG Chem, Reliance Industries, PetroChina, Air Liquide, Toray Industries, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Chemistry 4.0 Market Growth Factor:
Along with the industrial revolution, the chemical industry has risen in both production volume and production methods. The fact that the sector has adapted to modernity, notably by embracing digital, demonstrates that it can endure difficult economic times like the current global recession. As a result of advancements, investor interest, and optimistic industry projections, digitalization is anticipated to accelerate in this sector. The forecast for the chemical business will remain positive, as other industries will continue to require chemicals. Therefore, "Chemicals 4.0" must coexist alongside the popular "Industry 4.0," which enables the future employment of several digitalization drivers.
In the 1970s, computer-based modeling and simulations were utilized to automate certain chemical processes. Year after year, more individuals study and publish articles on computational models. Mathematically, we can anticipate multiple reactions. Particularly, modeling can help predict circumstances for high/sub-zero temperature tests to be conducted at normal temperatures and can also aid in the development of novel medications. In addition, a significant amount of research and development is ongoing in computational fluid dynamics to assist the chemical sector.
Chemistry 4.0 Market Key Segments Covered:
Top Market Players:
BASF, Dow, Sinopec, Sabic, Ineos, Formosa Plastics[B], ExxonMobil Chemical, LyondellBasell Industries, Mitsubishi Chemical, DuPont, LG Chem, Reliance Industries, PetroChina, Air Liquide, Toray Industries, and Others.
By Technology
- IOT
- AI
- Automation
By Application
- Consumer
- Enterprise
- Industry
- Construction
- Manufacturing
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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