InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Artificial Intelligence (AI) In Chemical Market Size, Share & Trends Analysis Report By Type (Hardware, Software, Services), By Application (Discovery of new materials, Production optimization, Pricing optimization, Load forecasting of raw materials, Product portfolio optimization, Feedstock optimization, Process management & control), By End User (Base Chemicals & Petrochemicals, Specialty Chemicals, Agrochemicals), Region, Market Outlook And Industry Analysis 2031”
The Global Artificial Intelligence (AI) in chemical market is estimated to reach over USD 11.25 billion by 2031, exhibiting a CAGR of 32.6% during the forecast period.
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Artificial intelligence (AI) has the prospect of revolutionizing efficiency and effectiveness. These advancements in technology have the potential to significantly enhance operational efficiency through process automation, enhanced manufacturing environments, and the discovery of hitherto unknown chemical reactions. With AI and machine learning outcomes, it is possible to automate mundane chemical analysis processes. Using massive volumes of preexisting analytical data, AI systems driven by neural networks may execute structure-activity modelling, chemical identification, and property prediction with human precision. Artificial intelligence (A) is helping businesses save money and work more efficiently by letting them make decisions based on data. Artificial intelligence (AI) solutions are likely in high demand in the chemicals industry due to the industry’s ongoing digital transformation and automation efforts. This will lead to innovation and competition among solution providers in this profitable market. However, implementing artificial intelligence (AI) solutions can be prohibitive for smaller organizations, making investing in the necessary technology and training complex.
List of Prominent Players in the Artificial Intelligence (AI) In Chemical Market:
- 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
Market Dynamics:
Drivers-
The growing demand for Artificial Intelligence (AI) in the chemical market is fueled by the increasing need for reliable and efficient manufacturing processes, the usage of cutting-edge digital techniques by the chemical industry, the growing demand for improved batch production scheduling, and heightened awareness of artificial intelligence (AI) solutions. Expansions in research and development (R&D) efforts, driven by the widespread use of advanced technologies such as the Internet of Things (IoT), virtual reality (VR), and 3D printing will drive demand for artificial intelligence (AI) in many different industries.
Challenges:
The prime challenge is a need for more awareness, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of Artificial Intelligence (AI) in the chemical market. Changing the skills of the current employees is likewise a challenge. Workers in chemical plants doing the same things for a long time could need help moving into more strategic positions that utilize technology. Opportunities for chemical experts to regularly upskill themselves in AI-related fields through accessible programs are scarce globally. The chemical industry can only scale up AI usage and leverage new technologies to succeed in a more competitive market if businesses, governments, and academics work together to address this talent bottleneck. In addition, the COVID-19 pandemic had a role in the growth of artificial intelligence in the chemical industry by drawing attention to the extensive use of technology in screening and detecting existing COVID-19 remedies. During the pandemic, markets worldwide grew because of AI-driven discoveries, not the months-long and similarly costly traditional methods of vaccine recognition.
Regional Trends:
The North American Artificial Intelligence (AI) in the chemical market is anticipated to register a significant market share in terms of revenue. It is projected to grow at a high CAGR in the near future because of its substantial investments in R&D and cutting-edge technology infrastructure. To maintain a competitive edge, companies operating in this sector maximize the utilization of artificial intelligence. In addition, Europe held a significant portion of the market due to favourable regulatory environments, the entry of new players in the chemical industry, and superior government funding and ambitions to establish chemical enterprises.
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Recent Developments:
- In January 2024, IMCD N.V., a world-renowned distributor and manufacturer of speciality chemicals and ingredients, is pleased to announce that it has agreed to purchase the operations of ResChem Technologies Pty Ltd and ResChem Trust in the Australian and New Zealand markets.
- In January 2024, Brenntag is pleased to announce that its Mexican subsidiary has been recognized as a Great Place to Work following an exhaustive, third-party evaluation by the Great Place to Work Institute Mexico. This honour is a testament to Brenntag’s unwavering dedication to creating an approving work environment and prioritizing the welfare of the staff members.
Segmentation of Artificial Intelligence (AI) In Chemical Market-
By Type
- Hardware
- Software
- Services
By Application
- Discovery of new materials
- Production optimization
- Pricing optimization
- Load forecasting of raw materials
- Product portfolio optimization
- Feedstock optimization
- Process management & control
By End User
- Base Chemicals & Petrochemicals
- Specialty Chemicals
- Agrochemicals
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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