The Global Chemistry 4.0 Market Size is valued at 63.91 billion in 2022 and is predicted to reach 142.21 billion by the year 2031 at a 9.53% CAGR during the forecast period for 2023-2031.
The increased usage of AI and IoT in medical wearables is anticipated to open new prospects for the sector. The increased emphasis on technology for various industrial applications, such as the expanding use of IoT in manufacturing and the introduction of AI base models in predictive analytics for asset management and condition monitoring, is primarily driving it.
With the industrial revolution, the chemical industry expanded in production volume and innovation. The sector's adaptability to modernity, notably its use of digitalization, indicates its resilience in changing economic conditions, particularly during the current global crisis. Given the advancements, investment interest, and optimistic industry forecasts, digitalization in this area is projected to accelerate. Due to the ongoing demand for chemicals in allied and non-allied industries, the chemical industry's outlook will stay positive. As a result, 'Chemicals 4.0' must coexist with the popular 'Industry 4.0,' perhaps paving the way for the eventual adoption of various digitalization drives.
However, the emergence of the COVID-19 outbreak has had a significant impact on the primary market contributors. Different places are still affected, and governments in these areas are dealing with the pandemic in various ways. While the COVID-19 epidemic rages on in North America and developing Asian countries, the industrial industry is facing significant challenges. Sporadic lockdowns and movement restrictions are causing massive losses in the industrial sector as of the second quarter of 2021. Japan and South Korea also suffer from the moderate aftereffects of the virus, resulting in an industrial activity shortfall.
Recent Developments:
- In February 2021, Software AG and SAP SE collaborated to integrate TrendMiner, Software AG's analytics platform, with SAP's S/4HANA Cloud. This cooperation will offer analytics for businesses wanting to select Industrial 4.0 solutions that will use sensor-generated data.
Competitive Landscape:
Some of the chemistry 4.0 market players are:
- Air Liquide
- BASF
- Dow
- DuPont
- ExxonMobil Chemical
- Formosa Plastics[B]
- Ineos
- LG Chem
- LyondellBasell Industries
- Mitsubishi Chemical
- PetroChina
- Reliance Industries
- Sabic
- Sinopec
- Toray Industries
Market Segmentation:
The chemistry 4.0 market is segmented on the basis of technology and application. Technology segment includes IOT, AI, and automation. By application, the market is segmented into consumer, enterprise, industry, construction, and manufacturing.
Based On Technology, The Automation Segment Is Accounted As A Major Contributor In The Chemistry 4.0 Market
The automation category is expected to hold a major share of the global Chemistry 4.0 Market in 2022. With the automation of processes and products revolutionizing industries worldwide, the new era of Industry 4.0 has been especially visible in chemical-using industries, leading to the expansive adoption of the idea of Chemistry 4.0. As a result, significant advances in the application of digital technology to overcome present technical restrictions, speed processes, and boost productivity have been made across the Chemistry 4.0 business.
The Consumer Segment Witnessed Growth At A Rapid Rate
The consumer segment is projected to grow rapidly in the global Chemistry 4.0 market. Global consumer spending and economic growth have raised the demand for chemical-containing goods. Chemical enterprises are extremely susceptible to market demand since rising consumer goods demand and increased industrial activities generate the need for chemical items.
In The Region, The Asia Pacific Chemistry 4.0 Market Holds A Significant Revenue Share
Asia Pacific Chemistry 4.0 Market is expected to register the highest market share in revenue in the near future. Because China is generating more chemicals and more people are moving to cities and manufacturing, the region's chemistry 4.0 markets are developing. The rise of the region's mining and metals industries will enhance demand for IoT in the chemical industry. Asia-Pacific is home to some of the world's fastest-growing economies. Furthermore, in terms of innovation, the European chemical 4.0 market remains ahead of the rest of the world. 90% of economic growth will occur outside of Europe in the coming decades. This will make it difficult for Europe to remain competitive.
Chemistry 4.0 Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 63.91 Bn |
|
Revenue forecast in 2031 |
USD 142.21 Bn |
|
Growth rate CAGR |
CAGR of 9.53 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Technology And Application |
|
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; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
BASF, Dow, Sinopec, Sabic, Ineos, Formosa Plastics[B], ExxonMobil Chemical, LyondellBasell Industries, Mitsubishi Chemical, DuPont, LG Chem, Reliance Industries, PetroChina, Air Liquide, and Toray Industries |
|
Customization scope |
Free customization report with the procurement of the report, 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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