PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514941
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514941
AI in Chemicals Market size was valued at USD 841.2 Million in 2023, expanding at a CAGR of 40.50% from 2024 to 2032.
AI in the Chemicals Market focuses on the use of artificial intelligence technologies such as machine learning, natural language processing, and computer vision in the chemical business. AI is used in the chemical industry to optimize production, quality control, supply chain management, and research and development. AI algorithms benefit chemical firms by increasing efficiency, lowering costs, improving product quality, and accelerating innovation. AI in the chemicals business. It believes in transforming traditional chemical manufacturing by providing predictive maintenance, real-time process monitoring, intelligent decision-making, and personalization in product development.
AI in Chemicals Market- Market Dynamics
Design and Creation of New Products
AI is utilized to speed up innovation in the process and product development stages. Chemical industries can precisely predict costs and performance by combining machine learning and sophisticated analytics algorithms with historical data. Many chemical industries employ unique mathematical algorithms and models to discover the best chemical combination and forecast catalyst aging and complicated dye solubility. For instance, Novartis uses robots to transfer chemical substances in multi-well plates. They help the company execute laboratory testing on products and chemicals around the clock, seven days a week, accelerating the medication discovery and development process.
AI in Chemicals Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 40.50% from 2024-2032.
In 2023, the software sector accounted for the most share based on type segmentation
In 2023, production optimization was the most common application segmentation.
On the basis of region, North America was the leading revenue generator in 2023
The Global AI in Chemicals Market is segmented on the basis of Type, Application, End Use, and Region.
The market is divided into three categories based on Type: Hardware, Software, and Services. The software sector gained the largest share in 2023 and is expected to maintain its dominance throughout the projected period, largely due to the ongoing software transformation that meets the needs of the chemical industry. This market sector is dominating because of the rising demand for improved data management, sharing, storage, and evaluation in drug research and development. This has led to an increase in the usage of the software. Additionally, the software provides market participants with a variety of revenue streams over time. As a result, it has emerged as the leading sales element for AI in the worldwide chemical market.
The market is divided into seven categories based on application: Production optimization, Discovery of new materials, Pricing optimization, Product portfolio optimization, Load forecasting of raw materials, Feedstock optimization and Process management & control. In the chemical market, artificial intelligence (Al) for production optimization is predicted to account for a significant global market share by 2023. Production optimization can improve a company's financial, time management, organizational, and environmental performance. When setting goals, numerous factors come into play, including the company's resources and investment capacity, consumer needs, and the overall state of the market.
AI in Chemicals Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is predicted to have the highest part of the market in the approaching years, owing to growing awareness of digitization approaches and higher R&D expenditure by chemical firms for overall production process innovations. For example, in 2019, the US President announced the American AI Project as the country's strategy for enhancing artificial intelligence leadership. As part of this strategy, government institutions have contributed to public trust in AI-based processes by offering direction on their advancement and real use in a variety of regions.
Europe is likely to grow at the quickest rate during the forecast period, thanks to growing government financing and plans to create chemical industries, advantageous regulatory environments, and emerging new chemical industries. Europe is the world's second-largest producer of chemicals.
In the competitive landscape of AI in the Chemicals Market, several companies are developing or using AI technologies to get an advantage over their competitors. Some of these are IMCD N.V., Manuchar N.V, Univar Solutions Inc., along with Brenntag S.E. This group is driving a revolution and increasing competitiveness in the AI-driven Chemicals Market by developing a class of advanced AI applications that precisely respond to the chemical industry's requirements. These firms are at the forefront of developing and applying AI technologies to improve efficiency and competitiveness in the chemical industry.
In March 2024, AWS and NVIDIA worked to improve computer-aided drug discovery by employing new Al models. Their partnership emphasizes on modeling the efficiency of novel chemical molecules, expecting protein structures, and understanding how drug molecules interact with biological targets, all of which contribute considerably to advances in pharmaceutical studies and development.
GLOBAL AI IN CHEMICALS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Manuchar N.V
IMCD N.V.
Univar Solutions Inc.
Brenntag S.E.
Sojitz Corporation
ICC Industries Inc.
Azelis Group NV
Tricon Energy Inc.
Biesterfeld AG
Omya AG
HELM AG
Sinochem Corporation
Petrochem Middle East FZE
Others