Richmond, Nov. 14, 2023 (GLOBE NEWSWIRE) -- According to a research report "Artificial Intelligence (AI) in Chemical Market, by Type (Hardware, Software and Services), Application (Discovery of new materials, Production optimization, Pricing optimization, Load forecasting of raw materials, Product portfolio optimization, Feedstock optimization and Process management & control), End-use (Base Chemicals & Petrochemicals, Specialty Chemicals, Agrochemicals and Others), and Region.
Global Artificial Intelligence (AI) in Chemical Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.1 Billion |
| Market size value in 2030 | USD 10.1 Billion |
| CAGR (2023-2030) | 31.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Artificial Intelligence (AI) in Chemical Market
170 - Market Data Tables
65 - List of Figures
228 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
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.
Major Vendors In The Global Artificial Intelligence (AI) In Chemical Market - BASF, Dow, IBM, Intel, Microsoft, Mitsubishi Chemical, Momentive, Novozymes, PPG Industries, Solvay and Others.
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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.
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