Artificial Intelligence (AI) in Chemical Market is expected to reach a revenue of USD 14.9 Bn by 2033, at 33.0% CAGR: Dimension Market Research
Progress and Predictions in the Artificial Intelligence (AI) in Chemical Market: Analysis, Trends, Prospects, and Latest Innovations
New York, May 13, 2024 (GLOBE NEWSWIRE) -- Global *Artificial Intelligence (AI) in Chemical Market* size is expected to reach *USD 1.1 billion by 2024* and is further anticipated to reach *USD 14.9 billion by 2033* at a *CAGR of 33.0 %* from 2024 to 2033 according to Dimension Market Research.
Artificial Intelligence (AI) in the chemical sector involves using computational methods to understand, predict, & enhance chemical processes and materials. It is useful in analyzing extensive data sets, simulating molecular interactions, and creating new compounds with specific properties. AI has numerous applications in chemistry like drug discovery, materials science, environmental sustainability, and process improvement. The growing need for robust manufacturing processes, the chemical industry's adoption of digital technologies, and a focus on optimizing batch production scheduling are fueling the expansion of AI in the chemical market.
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*Important Insights*· The *Global Artificial Intelligence (AI) in chemical market* is expected to grow by *USD 13.4 billion by 2033* from 2025 with a *CAGR of 33.0 %* during the same forecasted period i.e. 2025 to 2033.
· Based on type, *Software* is expected to dominate the market due to increasing demand for efficient data storage, management, analysis, and sharing, particularly in drug research and development.
· *Machine learning* is anticipated to lead AI in the chemical market based on technology with the largest revenue share by the end of 2024, due to its learning ability and effectiveness in analyzing large datasets, spotting patterns, and making accurate predictions.
· *Discovery of new materials* is anticipated to dominate the AI in chemical market with the highest revenue share in 2024 due to the adoption of machine learning which analyses vast amounts of data to identify patterns and correlations that humans might miss.
· *Base Chemicals & Petrochemicals* are anticipated to dominate the AI in chemical market with the largest revenue share in 2024. Complex operations in base chemicals require advanced technologies like AI to optimize processes, improve yields, & reduce costs.
· *North America* is predicted to dominate the AI in chemical market with the *largest revenue share of 43.3%* by the end of 2024, due to leading technological infrastructure, cutting-edge research institutions, the presence of established chemical firms, and supportive regulatory frameworks.
*Latest Trends*
· AI technologies like Machine learning and deep learning are capable of analyzing large datasets containing chemical information like properties, structures, and reactions. This analysis helps uncover complex patterns that support research and product development.
· It transforms drug discovery by forecasting safe and efficient molecular structures, thus speeding up the overall process. Many Chemical firms are making heavy investments in AI startups specializing in technology for the chemical sector.
*AI in Chemical Market Competitive Landscape*
· Major players in AI chemical market are leading companies that are interested in the integration of AI technology into chemical research, development, and production.
· These firms use AI to improve operational efficiencies and streamline the development of new chemical compounds, materials, and innovative processes, influencing sectors such as pharmaceuticals, materials science, and specialty chemicals.
· Partnerships between chemical companies and AI technology providers are driving innovation and accelerating the adoption of AI in specialty chemicals, making this segment a crucial driver of AI growth in the chemical industry.
· Leading entities in the market include Manuchar N.V., IMCD N.V., Univar Solutions Inc., Brenntag S.E., Sojitz Corporation, and ICC Industries Inc.
*Some of the prominent market players*
· Alphabet Inc.
· Microsoft Corporation
· IBM Corporation
· Nvidia Corporation
· Adobe Inc.
· Autodesk, Inc.
· Unity Software Inc.
· OpenAI, Inc.
· Synthesis AI
· Epic Games, Inc.
· Other Key Players
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*AI in Chemical Market Scope*
*Report Highlights* *Details*
Market Size (2023) USD 1.1 Bn
Forecast Value (2032) USD 14.9 Bn
CAGR (2023-2032) 33.0%
North America revenue Share 43.3%
Historical Data 2018 - 2023
Forecast Data 2024 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Type, By Technology, By Application, By End User
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
*Market Analysis*
Software is predicted to dominate AI in chemical market with the largest revenue share by the end of 2024, driven by the ongoing software transformation according to the needs of the chemical industry. This growth is fueled by a rising demand for efficient data storage, management, analysis, and sharing, especially in drug research and development, which significantly boosts the adoption of software solutions among chemical companies. Integration of AI-powered software solutions with other advanced technologies such as IoT, big data analytics, and cloud computing is further fueling the demand for software in the chemical market.
On the other hand, the hardware segment is experiencing notable growth due to an increasing need for hardware components like AI memory and processors, along with the expanding use of artificial intelligence algorithms for complex operations.
*AI in Chemical Market Segmentation*
*By Type*
· Software
· Hardware
· Services
*By Technology*
· Machine Learning
· Deep Learning
· Generative Models (GAN & VAE)
· Computer Vision
· Natural Language Processing (NLP)
· Others
* By Application*
· Discovery of new materials
· Production optimization
· Pricing optimization
· Load forecasting of raw materials
· Supply chain optimization
· Customer Insights
· Document Processing
· Feedstock optimization
· Process management & control
· Others
*By End User*
· Base Chemicals & Petrochemicals
· Specialty Chemicals
· Agrochemicals
· Commodity Chemicals
· Others
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*Growth Drivers*
· Automation plays an important role in the chemical market, with AI tools being widely used for tasks such as compound identification, property prediction, and structure-activity relationship modeling.
· These tools surpass human capabilities in accuracy, leading to advancements in machine learning and also enabling the automation of all chemical processes, reducing the need for human intervention in routine tasks which allows experts to focus on more complex challenges.
*Restraints*
· AI in chemical market faces challenges due to high investment which include costs for purchasing advanced equipment and software, establishing AI infrastructure, conducting research & development, and integrating AI into current processes.
· In addition, there's a lack of skilled professionals proficient in both AI technologies and the chemical industry, making it impossible for chemical firms to find talent capable of developing and implementing customized AI solutions.
· This shortage particularly affects small & medium-sized chemical companies, hindering their ability to afford such investments and further impeding the growth of the market.
*Growth Opportunities *
· Predictive analysis, particularly in predictive maintenance with AI, is important for improving plant performance, safety, & sustainability within the chemical market.
· Utilizing advanced sensors, IoT devices, & machine learning algorithms, AI-driven predictive maintenance solutions continuously monitor equipment operations in real-time.
· These solutions are important in analyzing various operational parameters, detecting anomalies, & forecasting equipment failures with high accuracy before any visible signs appear.
*Regional Analysis*
North America is predicted to dominate the AI in chemical market, capturing the largest revenue share of *43.3% by the close of 2024,* attributed to its robust technological infrastructure, cutting-edge research institutions, the presence of major chemical companies, & favorable regulatory frameworks. The region is renowned for its adoption of AI technologies to improve efficiency in research, development,& manufacturing operations. The expanding pharmaceutical and chemical manufacturing sectors in North America are significant contributors to market growth.
*By Region*
*North America*
· The U.S.
· Canada
*Europe*
· Germany
· The U.K.
· France
· Italy
· Russia
· Spain
· Benelux
· Nordic
· Rest of Europe
*Asia-Pacific*
· China
· Japan
· South Korea
· India
· ANZ
· ASEAN
· Rest of Asia-Pacific
*Latin America*
· Brazil
· Mexico
· Argentina
· Colombia
· Rest of Latin America
*Middle East & Africa*
· Saudi Arabia
· UAE
· South Africa
· Israel
· Egypt
· Rest of MEA
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*Recent Developments in AI in Chemical Market*
· *May 2023**: *TechBio startup Recursion announced its acquisition plans for AI-driven drug discovery companies Valence and Cyclica, intending to leverage biology to streamline and expedite drug development processes.
· *April 2023**:* Mitsui Chemicals and IBM Japan partnered to utilize IBM Watson Discovery and Generative Pre-trained Transformer (GPT) AI for accelerating the discovery of new product applications, aiming to increase Mitsui Chemicals' market share and sales through improved accuracy and speed.
· *January 2023**:* Bayer and Google Cloud disclosed a collaboration to enhance Bayer's quantum chemistry analysis for drug discovery using machine learning techniques.
· *March 2022**: *Yokogawa Electric Corporation and JSR Corporation announced the successful completion of a groundbreaking field trial where AI was utilized to autonomously operate a chemical plant for 35 days, marking a global first.
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