Chemicals Digitalization Market to Reach USD 89.16 Billion by 2032 Driven by, Automation, and Other Technological Advancements | Report by SNS Insider

Austin, July 16, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report estimates the Chemicals Digitalization Market size at USD 14.50 billion in 2023 and is expected to reach USD 89.16 billion by 2032 and grow at a CAGR of 22.36% over the forecast period 2024-2032. 

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Chemicals digitalization can be a game-changer in this pursuit by optimizing resource usage, minimizing waste generation, and enhancing safety measures. With these driving forces and government support for research and development in digital manufacturing processes, the chemicals digitalization market is poised for a prosperous future.

For instance, in July 2024, A panel discussion on digitalization & automation held by Indian Chemical News as part of NextGen Chemicals & Petrochemicals for transforming India into a Global Manufacturing Hub. The following points was covered in the digitalization and automation session the state of the digital transformation in the manufacturing of chemicals and petrochemicals digital twins, using 5G in the chemical and petrochemical industries, enhanced sustainability and safety and shift towards digital services and business models. This conference helped the key players to implement digitalization in their specific market.

The demand for more effective and continuous manufacturing techniques, the use of cutting-edge digital technology, and improved batch production scheduling are some of the factors propelling the expansion of the digital chemicals market in the United States. The demand for specialty chemical digitalization in the United States is predicted to rise as a result of the substantial increase being seen by a number of end-user industries within the chemical digitalization industry in the country, including water treatment, cars, electronics, and personal care items.

Chemicals Digitalization Market Report Scope:

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Segment Analysis

By Product Type: The petrochemicals & polymers held the largest market share approx. 35.20% in Product segment in 2023. Due to many industries including plastics, packaging, clothing, electronics, medical devices and detergents, rely heavily on these products. Most beverages and personal hygiene products are packaged in polyethylene terephthalate (PET) bottles, which are made from ethylene and paraxylene Also, the automotive industry relies heavily on polymers and plastics for lightweight, supply fuel efficiency and reduced emissions.

By Process Type: The manufacturing segment hold the largest revenue share in chemicals digitalization market in 2023. Digitalization is essential for increasing productivity, assuring product quality, and streamlining industrial processes. It may improve production parameters, cut waste, and boost overall productivity by implementing modern process control systems and real-time monitoring.

Recent Developments Showcase Technological Advancements and Investment

• In April 2024, Hitachi Energy announced to plans an increase in global transformer manufacturing by spending an USD 1.5 billion. This investment span across Europe, Asia, and North America.
• In December 2023, Henkel Adhesives partnered with Tata Consultancy Services To boost efficiency, Henkel is standardizing ordering across subsidiaries and optimizing customer service processes.
• In July 2023, Reliance Industries Limited signed the agreement with Brookfield Infrastructure and to invest in setting up and developing data centers around India.

North America Dominated with Revenue Share More Than 35% in 2023 Driven by Rapid technology innovation Growth

The region is known for its advanced technological infrastructure, strong research and development and strong pharmaceutical industry. Companies in North America are leading digital efforts, using technologies such as AI, IoT and data analytics to streamline processes, improve manufacturing efficiencies and improve supply chain management. Moreover, adoption of digital solutions in areas such as precision agriculture where farmers are leveraging data-driven insights to optimize crop production and resource utilization.

In May 2024, according to research on chemical industry services and solutions for North America, chemical companies in the region which has recently turned into a net exporter of chemicals are utilizing digital technology to create new goods for an expanding number of industries. In addition, they are utilizing IT advancements to handle supply chain challenges, cybersecurity threats, geopolitical interruptions, and price variations.

Europe held the second largest market in the chemical digitalization market. The facility is known for its emphasis on sustainability and environmental standards, as well as a strong pharmaceutical industry. The digitization of Europe drives efficiency and innovation across a range of medicines. This is primarily due to digital advances in areas such as green technology and sustainable medicine, which use digital to improve sustainable development and reduce negative impacts on the environment do UK businesses use digital technologies to enhance productivity, streamline supply chains and improve product quality.

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Key Takeaways:

• The global chemical digitalization market is poised for significant growth fueled by rising research and development in digital manufacturing processes in chemical industry.
• The petrochemicals & polymers held the largest market share approx. 35.20% in Product segment in 2023.
• The companies utilizing digital technology to create new goods for an expanding number of industries.
• The North America region will likely maintain its dominance due to its, favorable investment conditions, and increasing digital advancement in chemical industry.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6.  Pest Analysis

7. RF Test Equipment Market Segmentation, By Product

8. RF Test Equipment Market Segmentation, By Process

9. Regional Analysis

10. Company Profiles

11. Competitive Landscape

12. Use Case and Best Practices

13. Conclusion

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