The global Digital Chemical Industry market size was accounted at USD 11.1 Bn in 2021; It is projected to grow at a compound annual growth rate (CAGR) of 21.4% from 2022 to 2030. Digitalization is significantly impacting all the segments of the chemical industry, from petrochemicals to pesticides. It helps in improving supply chains, productivity, and market channels. For instance, in July 2021, Siemens and Dow created a process automation test bed to help bring digital transformation to chemical process manufacturing. This test bed designed to allow manufacturers and technology providers to help inform the development of digital twins for process manufacturing.
The major factors driving the growth of the digital chemical industry market include the rising need for continuous and efficient manufacturing methods, adoption of advanced digital technologies by chemical industries, increasing demand for better scheduling of batch production, rising awareness about digitalization solutions. Moreover, increasing government investments in R&D for optimizing manufacturing processes are anticipated to propel market adoption over the forecast period. The growing implementations of modern technologies such as IoT, 3D printing, VR, and AI are expected to increase the R&D activities, likely to fuel the demand for digitization in various industries.
However, the high cost of integrating new technologies, limited knowledge of new digital technologies, and various environmental and safety regulations are expected to hamper the market's growth.
The digital chemical industry market is segmented based on technology, verticals, process, and region. By technology, the market comprises the Internet of Things (IoT), 3D printing, augmented reality (AR), virtual reality (VR), artificial intelligence, digital twin, and other technology. The IoT segment is anticipated to hold the highest market share over the forecast period due to its ability to integrate with new technologies. The verticals segment is grouped into petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, and other verticals. The petrochemicals and polymers would be the fastest-growing segment during the forecast period owing to the increasing demand for petrochemicals and polymers by various industries. Based on the process, the market is classified into research & development, manufacturing, procurement, packaging, supply chain management & logistics, and other processes. The manufacturing segment is expected to dominate the digital chemical industry market in the coming years as the digitalization of the manufacturing process offers higher productivity without any capital investments. Regionally, the market is studied across North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa.
North America is estimated to hold the maximum share of this market in the near future due to the rising awareness about digitization solutions and increasing R&D funding of chemical companies for overall manufacturing process improvements.
Some of the key players operating in the digital chemical industry market are ABB Ltd., Analog Devices, Atos SE, Autonics Corporation, Cisco Systems, Inc., Emerson Electric Co., Fanuc Corporation, Flowserve Corporation, Fortive, General Electric Co., Hans Turck GmbH & Co. KG, Hanwei Electronics, Hewlett Packard Enterprise Company, Honeywell International Inc., Huagong Tech, Hydro Systems, Infineon, International Business Machines Corporation, InvenSense, Microsoft Corporation, Mitsubishi Electric Corporation, Movement Industries Corporation, NXP Semiconductors N.V. , Omron, Panasonic, Qualcomm Inc., Rockwell Automation, Inc., Schneider Electric SE, Semtech, Sensirion, SICK AG, Siemens AG, Silicon Laboratories, steute Technologies GmbH & Co. KG, STM, Stratasys Ltd., TE Connectivity, TI, Vishay Intertechnology, Inc. , Yokogawa Electric Corporation, Zhonghang Electronic Measuring Instruments, and Other Prominent Players.