Covina, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights predicts that the global AI in chemicals market size and share will grow from USD 0.95 Billion in 2024 to USD 25.30 Billion by 2034, with a projected compound annual growth rate (CAGR) of 43.4% over the forecast period.
AI in Chemicals Market Report Overview
AI in Chemicals industry is transforming the way chemical companies operate, innovate, and manage processes. AI technologies, such as machine learning, predictive analytics, and automation are being utilized to optimize production, enhance product development, and improve supply chain management.
AI can analyze enormous volumes of data, find trends, and also offer insights that help chemical firms minimize waste, cut expenses and maximize productivity. The chemicals industry is becoming more competitive and sustainable due to large part to this digital revolution.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The AI in Chemicals Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Azelis Group NV
- Biesterfeld AG
- HELM AG
- IBM
- Omya AG
- Tricon Energy Inc.
- Microsoft
- Nvidia
- SAP
- Schneider Electric
- Sinochem Corporation
- C3.ai
- Mitsui Chemicals
- SOJITZ CORPORATION
- Chemical Synthesis and Analysis
- Petrochem Middle East F.
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Analyst View:
AI is enabling chemical companies to optimize their manufacturing processes by reducing energy consumption, predicting equipment failures, and also improving production yield. This results in cost savings, reduced downtime, and enhanced operational efficiency, making AI an essential tool for process optimization.
Market Dynamics:
Drivers:
Enhanced Supply Chain Management
- AI-driven analytics help chemical companies optimize their supply chains by predicting demand, managing inventories as well as identifying potential disruptions. This allows for more agile and responsive supply chain operations reducing costs and improving service levels.
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Market Trends:
Hydrogen-Electric Hybrid Systems
- The creation of hybrid aircraft, which combine electric batteries and hydrogen fuel cells to increase economy and range, is becoming more and more popular. It is anticipated that long-haul and regional flights will increasingly use this dual-power arrangement.
Segmentation:
AI in Chemicals Market is segmented based on Technology Application, End-User, and Region.
Technology Insights
- Machine learning is anticipated to boost the growth for target market as machine learning is also used in research and development (R&D) within the chemical industry to accelerate the discovery of new materials, formulations, and chemical processes.
Application Insights
- Manufacturing segment is the most dominating and widely used in the target market growth as AI is extensively used in the chemical manufacturing sector to optimize production processes. By utilizing machine learning algorithms and predictive analytics, AI helps in the real-time monitoring of chemical reactions, ensuring that production runs at peak efficiency.
End-User Insights
- Chemicals is anticipated to boost the growth for target market as the chemicals industry is highly reliant on complex manufacturing processes, where precision and efficiency are crucial. AI is being widely adopted to optimize production processes, enhance operational efficiency, and minimize waste.
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Recent Development:
- In March 2024, Clariant introduced CLARITY Prime, a digitally based, artificially intelligent catalyst operation optimization system. The cutting-edge CLARITY Prime digital solution for syngas plants and an update to its cloud-based CLARITY service site were both unveiled today by Clariant, the top specialty chemical manufacturer with a sustainability focus.
Regional Insights
- North America: In an effort to achieve sustainable aviation, the governments of the United States and Canada are actively promoting the development of hydrogen-powered aircraft through research grants, subsidies, and other programs. Technology is greatly advanced by initiatives like the hydrogen and fuel cell program of the US Department of Energy.
- Asia Pacific: The region’s fast-growing aviation sector is pushing for cleaner and more sustainable technologies. AI in Chemicals is seen as a viable solution to address the environmental impact of increasing air travel.
Browse Detail Report on "AI in Chemicals Market Size, Share, By Type of Aircraft (Military Aircraft, Business Jets, Unmanned Aerial Vehicles (UAVs), Commercial Passenger Aircraft, Cargo Aircrafts, and Others), By Storage Technology (Liquid Hydrogen, Metal Hydrogen, and Compressed Hydrogen), By Passenger Capacity (Up to 4 passengers, 11 to 50 Passengers, and More than 200 Passengers), By Operational Range (High Altitude Operations, Short-Haul Flights, Medium-Haul Flights, and Long-Haul Flights), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/ai-in-chemicals-market-5613
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