New York, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Market Overview:
Polaris Market Research’s latest analysis reveals that the market for AI in chemicals is on a growth trajectory. The AI in chemicals market size was valued at USD 499.95 million in 2023 and is projected to grow to USD 9,725.61 million by 2032. It is anticipated to exhibit a CAGR of 39.1% from 2024 to 2032.
Market Introduction:
Artificial intelligence (AI) is a technology that gives machines and computers the ability to simulate human cognitive functions. AI has a wide range of applications across several sectors, including the chemicals industry. The technology can help chemical manufacturers and other chemical companies with a variety of tasks, including research and development, manufacturing, supply chain, sales, and risk assessment.
In the chemical industry, AI can help discover new chemical compounds and reduce the time needed to get them to market. Also, it can assist with improving quality control, optimizing workflow, and performing predictive maintenance. Besides, the technology finds applications in automating tasks and improving manufacturing environments.
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Report Features
- Market Data: In-depth analysis of annual sales and AI in chemicals market forecast in USD million from 2024 to 2032
- Regional Analysis: Detailed insights into all the key market regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- Company Profiles: Coverage of major companies in the AI in chemicals market, such as AWS, Microsoft, NVIDIA, SAP, and NobelAI
- Customization: Get customized reports as per your requirements with respect to countries, regions, and segmentation
Key Players and Market Developments:
AWS, C3.ai, Engie Impact, Zapata AI, Sumitomo Chemical Co., GE Vernova, Google, Hexagon, IBM, Iktos, Microsoft, NobleAI, NVIDIA, SAP, Nexocode, Sandbox, Deepmatter, Zapata AI, Chemical.Ai, TrendMiner, Xylem (US) and Sumitomo Chemical Co., Ltd. are the AI in chemicals market key players. These players strive to garner a larger share of the market through innovations and strategic partnerships.
Some of the latest industry developments are:
- September 2024: Entalpic announced that it secured USD 9.13 million (EUR 8.5 million) in seed funding to pioneer AI solutions for decarbonizing industrial chemistry.
- September 2023: NobelAI announced the launch of AI-powered chemical and materials informatics solutions on Microsoft Azure Marketplace. With the launch, the company aims to reach a broader customer base.
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Market Growth Drivers:
- Improved R&D and Innovation: The use of AI in the chemicals industry enhances research by simulating molecules, predicting outcomes, and analyzing complex datasets. Also, it can identify large amounts of data to identify patterns and correlations, guiding the discovery of new materials and boosting the AI in chemicals market growth.
- Increased Need for Predictive Maintenance: The use of AI in chemical production processes improves predictive maintenance by continuously monitoring and analyzing equipment data to predict any potential failures. This proactive approach helps manufacturers reduce downtime, decrease maintenance costs, and extend equipment lifespan.
- Rising Government Spending: The increased government spending on optimizing manufacturing processes and R&D efforts is anticipated to create lucrative opportunities for the market in the coming years.
Regional Analysis:
- North America: North America accounted for the largest AI in chemicals market share in 2023. The region’s dominance is largely due to the growing awareness of digitalization and increased funding for research and development to optimize and streamline processes in the chemicals industry.
- Asia Pacific: Asia Pacific is projected to register a significant CAGR in the AI in chemicals market from 2024 to 2032. The growth is primarily fueled by the rapid adoption of AI in the region’s chemical sector, owing to its effectiveness in addressing various industry concerns, such as enhancing product quality and predicting failures.
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Market Segmentation:
By Component Insights:
- Hardware
- Accelerators
- Processors
- Memory
- Network
- Software
- By Type
- Dashboard & Analytics Tools
- Process Simulation Software
- Chemical Modeling Software
- Laboratory Management Software
- Virtual Screening Tools
- Chemical Property Prediction Tools
- By Technology
- ML
- Deep Learning
- Generative AI
- NLP
- Computer Vision
- Advanced Analytics
- By Deployment Mode
- Cloud
- On-Premises
- Services
- Professional Services
- Consulting Services
- Deployment Services
- Support & Maintenance
- Managed Services
- By Type
By Business Application Outlook:
- R&D
- Production
- Supply Chain Management
- Strategy Management
By End User Outlook:
- Basic Chemicals
- Advance Materials
- Active Ingredients
- Green & Biochemicals
- Paints & Coatings
- Adhesive & Sealants
- Water Treatment & Services
- Other End Users
By Region Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Browse PMR's AI in Chemicals Market Report Coverage from Different Publications:
The global AI in chemicals market size is expected to reach USD 9,725.61 million by 2032, exhibiting a CAGR of 39.1% during 2024 – 2032
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About Polaris Market Research & Consulting, Inc:
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