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Artificial Intelligence (AI) in Chemical Market Size is valued at USD 1.22 billion in 2023 and is predicted to reach USD 11.25 billion by the year 2031 at a 32.6% CAGR during the forecast period for 2024-2031.
Artificial intelligence (AI) is a game-changer that can make chemical industries more efficient and effective. The automation of processes, the improvement of manufacturing settings, and the revelation of chemical reactions are all ways this technology makes operations more productive. AI is utilized to expedite the innovation process between the process and product development stages. Chemical businesses use machine learning and advanced analytics algorithms with historical data to define costs and performance precisely. Many chemical sectors turn to specialized mathematical methods and models when anticipating catalyst aging, complex dye solubility, and the ideal chemical combination. The chemical industry faces increasing demand to enhance sustainability while decreasing environmental effects. AI can facilitate the creation of more environmentally friendly chemical solutions. Furthermore, the market is anticipated to be propelled by increased government investments in research and development to optimize production processes.
However, the market growth is hampered by the high investment criteria for the safety and health of Artificial Intelligence (AL) In Chemical Market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high artificial intelligence (AL) in chemical, because building a factory in the chemical sector usually necessitates a large initial expenditure. Large initial investments are required to implement new technology, such as AI, because of the high cost of acquiring necessary hardware and software, training employees, funding research and development, and integrating AI solutions into current operations.
High implementation costs are preventing many small and medium enterprises from embracing AI despite its immense potential to streamline operations, increase productivity, and shorten product development cycles in the chemical sector. However, the COVID-19 pandemic contributed to the expansion of AI in the chemical sector by highlighting the widespread usage of the technology for the detection and screening of current COVID-19 treatments. Global markets expanded during the pandemic based on AI-based discoveries rather than the months-long and equally expensive conventional vaccine recognition techniques.
Competitive Landscape
Key players in the Artificial Intelligence (AI) In Chemical Market are :
- Manuchar N.V
- IMCD N.V.
- Univar Solutions Inc.
- Brenntag S.E.
- Sojitz Corporation
- ICC Industries Inc.
- Azelis Group NV
- Tricon Energy Inc.
- Biesterfeld AG
- Omya AG
- HELM AG
- Sinochem Corporation
- Petrochem Middle East FZE
Market Segmentation:
The Artificial intelligence (AI) in the chemical market is segmented based on type, application, and end-use. Based on type, the market is segmented into hardware, software, and services. By application, the market is segmented into the discovery of new materials, production optimization, pricing optimization, load forecasting of raw materials, product portfolio optimization, feedstock optimization, and process management & control. By end use, the market is segmented into base chemicals & petrochemicals, specialty chemicals, and agrochemicals.
Based on the application, the production optimization segment is accounted as a major contributor to the Artificial Intelligence (AI) In Chemical Market
The production optimization artificial intelligence (AI) in the chemical market is expected to hold a major global market share in 2022. Production optimization can enhance a company's financial, time management, organizational, and ecological elements. When establishing objectives, many things come into play, including the company's resources and investment capacity, consumer needs, and the industry's overall state of the market.
Hardware segment to witness growth at a rapid rate
The hardware industry makes up the bulk of acrylic acid ester usage because specialist hardware components like AI memory and processors are in high demand. AI algorithms are used for more complicated operations, especially in countries like the US, Germany, the UK, China, and India.
In the region, the North American Artificial Intelligence (AI) In Chemical Market holds a significant revenue share
The North American artificial intelligence (AI) in the chemical market is expected to register the highest market share in revenue in the near future. This can be attributed to the fact that chemical companies are investing more in research and development to improve their manufacturing processes and because of a growing awareness of digitalization approaches. In addition, Asia Pacific is projected to grow rapidly in the chemical market's global artificial intelligence (AI) because of the growing funding for cutting-edge research and development in this area. The expansion of healthcare facilities in the area is another factor that will boost the market's growth.
Artificial Intelligence (AI) in Chemical Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.22 Bn |
|
Revenue Forecast In 2031 |
USD 11.25 Bn |
|
Growth Rate CAGR |
CAGR of 32.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Application and End-user |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Manuchar N.V, IMCD N.V., Univar Solutions Inc., Brenntag S.E., Sojitz Corporation, ICC Industries Inc., Azelis Group NV, Tricon Energy Inc., Biesterfeld AG, Omya AG, HELM AG, Sinochem Corporation, Petrochem Middle East FZE. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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