The chemical sector is set to embrace artificial
intelligence (AI) in large measure, propelling advancements in
personalised chemical goods, smart manufacturing, and materials
discovery. Anticipate artificial intelligence (AI) to be a major
factor in improving supply chain resilience, safety, compliance,
and collaborative innovation ecosystems; it will also emphasise
ethical AI practices and ongoing evolution.
CHICAGO, May 7, 2024
/PRNewswire/ -- The AI in Chemicals Market is estimated
to grow from USD 0.7 billion in 2024
to USD 3.8 billion by 2029 at a CAGR
of 39.2% during the forecast period, according to a new report by
MarketsandMarkets™. The chemicals industry is experiencing
significant transformations driven by the increased integration of
AI in research and development (R&D) processes. Simultaneously,
there is a growing demand for AI-enhanced chemical process
optimization, aiming for efficiency, cost reduction, and
environmental sustainability. These trends are further fueled by
opportunities such as the rising demand for AI-based predictive
maintenance, leveraging AI's capabilities for proactive equipment
upkeep. Additionally, the integration of generative AI is unlocking
unprecedented possibilities, revolutionizing product design, and
process innovation in the chemicals sector.
Browse in-depth TOC on "AI in Chemicals Market"
348
– Tables
69 - Figures
360 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD Billion
|
Segments
Covered
|
Component (Hardware
[Accelerators, Processors, Memory, Network], Software [Software By
Type {Dashboard & Analytics Tools, Process Simulation Software,
Chemical Modeling Software, Laboratory Management Software, Virtual
Screening Tools, Chemical Property Prediction Tools}, Software By
Technology {ML, Deep Learning, Generative AI, NLP,
Computer Vision, Advanced Analytics}, Software By Deployment Mode
{Cloud, On-Premises}], and Services [Professional Services
{Consulting, Deployment & Integration Services, Support &
Maintenance Services} and Managed Services]), Business Application
(R&D, Production, Supply Chain Management, and Strategy
Management), End User (Basic Chemicals, Advance Materials, Active
Ingredients, Green & Bio-Chemicals, Paints & Coatings,
Adhesives & Sealants, Water Treatment & Services, and Other
End Users) and Region.
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Companies
covered
|
IBM (US), Microsoft
(US), Schneider Electric (France), AWS (US), Google (US), SAP
(Germany), NVIDIA (US), C3.ai (US), GE Vernova (US), Siemens
(Germany), Hexagon (Sweden), Engie Impact (US), TrendMiner
(Belgium), Xylem (US), NobleAI (US), Iktos (France), Kebotix (US),
Uptime AI (US), Canvass AI (Canada), Nexocode (Poland), SandboxAQ
(US), Deepmatter (England), Zapata AI (US), Citirne Informatics
(US), Chemical.AI (China), Augury (Israel), Intellegens (UK),
Ripik.AI (India), Tractian (US), Polymerize (Singapore),
ScienceDesk (Germany), OptiSol Business Solutions (India), NuWater
(Africa) and VROC (Australia).
|
By component, the services segment to account for
higher CAGR during the forecast period.
AI services, including professional and managed services, are
transforming the chemicals market by providing expertise, support,
and solutions tailored to AI-driven initiatives. Professional
services encompass consulting, implementation, and customization of
AI solutions, assisting organizations in defining AI strategies,
selecting appropriate technologies, and integrating AI into
existing workflows. Managed services, on the other hand, offer
ongoing support, monitoring, and maintenance of AI systems,
enabling organizations to focus on core operations while
outsourcing AI management to experts. Managed services providers
offer proactive monitoring, troubleshooting, and optimization of AI
infrastructure and applications, ensuring reliability, scalability,
and security. Both professional and managed services play a crucial
role in accelerating AI adoption, driving innovation, and
maximizing the benefits of AI technologies in the chemicals
industry.
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By Business Application, the production segment is expected
to hold the largest market size for the year 2024.
The chemical industry is currently undergoing significant
transformation, due to the widespread adoption of artificial
intelligence. This revolutionary technology is driving efficiency,
promoting innovation, and streamlining production processes in the
sector. By utilizing AI-powered solutions such as machine learning
algorithms, advanced analytics, and real-time data analysis,
chemical companies are optimizing their manufacturing operations
like never before. From production planning to quality control, AI
is enhancing product quality, maximizing yields, and resulting in
significant cost reductions and increased enhances product quality,
maximizes yields, significantly reduces costs, and increases
productivity. In addition, AI's ability to analyze vast datasets
allows companies to adapt to changing market demands quickly adapt
to changing market demands, reducing inventory losses, and
optimizing offerings. Furthermore, AI technologies are playing a
crucial role in promoting environmental sustainability by
minimizing waste and energy consumption. As more organizations
recognize the potential benefits of AI integration, the chemical
industry is poised for further advancement.
By End User, active ingredients is projected to grow at the
highest CAGR during the forecast period.
Active ingredients are specific substances that provide
therapeutic or functional properties to products, such as
agrochemicals, personal care items, and household chemicals. These
ingredients play a critical role in the effectiveness and
performance of end products, whether they are medicines,
pesticides, skin care products, or cleaning agents. In various
sectors, AI is increasingly being used to develop, optimize, and
apply active ingredients. In the agrochemical industry, AI
algorithms analyze agricultural data to develop novel pesticides
and herbicides that have improved efficacy and environmental safety
profiles. In the personal care and household chemicals industries,
AI assists in the formulation of formulation of skincare products,
cosmetics, and cleaning agents with optimized active ingredient
concentrations, stability, and performance characteristics.
Furthermore, AI-driven predictive modeling and simulation enable
manufacturers to forecast market demand, customize formulations
based on consumer preferences, and optimize production processes
for efficiency and cost-effectiveness.
Asia Pacific is expected to grow at the highest CAGR
during the forecast period.
The rapid growth in AI adoption within the chemical sector
across Asia Pacific stems from its
ability to address industry challenges effectively. AI technologies
offer solutions for optimizing manufacturing processes, predicting
equipment failures, and improving product quality. Additionally,
the region's burgeoning demand for chemicals necessitates increased
efficiency and innovation, driving companies to embrace AI-driven
approaches. Moreover, governmental initiatives and investments in
AI infrastructure further propel its adoption, positioning
Asia Pacific as a frontrunner in
leveraging AI for chemical industry advancement.
Top Key Companies in AI in Chemicals Market:
The major AI in chemicals providers include IBM (US), Microsoft
(US), Schneider Electric (France),
AWS (US), Google (US), SAP
(Germany), NVIDIA (US), C3.ai
(US), GE Vernova (US), Siemens (Germany), Hexagon (Sweden), Engie Impact (US), TrendMiner
(Belgium), Xylem (US), NobleAI
(US), Iktos (France), Kebotix
(US), Uptime AI (US), Canvass AI (Canada), Nexocode (Poland), SandboxAQ (US), Deepmatter
(England), Zapata AI (US), Citirne
Informatics (US), Chemical.AI (China), Augury (Israel), Intellegens (UK), Ripik.AI
(India), Tractian (US), Polymerize
(Singapore), ScienceDesk
(Germany), OptiSol Business
Solutions (India), NuWater
(Africa) and VROC (Australia). These companies have used both
organic and inorganic growth strategies such as product launches,
acquisitions, and partnerships to strengthen their position in the
AI in Chemicals Market.
Recent Developments:
- In March 2024, AWS and NVIDIA
collaborated to enhance computer-aided drug discovery using new AI
models. Their collaboration focuses on modeling the efficacy of new
chemical molecules, predicting protein structures, and gaining
insights into how drug molecules interact with biological targets,
contributing significantly to advancements in pharmaceutical
research and development.
- In January 2024, a robotic
chemistry lab collaborated with Google AI to predict and synthesize
novel inorganic materials, leveraging advanced algorithms and
automation for accelerated material discovery and development.
- In November 2023, GE Vernova's
Gas Power business announced its collaboration with Duke Energy on
the nation's first 100% green hydrogen-fueled peaking power plant.
GE Vernova will support the development of an end-to-end green
hydrogen system at Duke Energy's DeBary plant in Volusia County, Florida, near Orlando.
- In October 2023, NobleAI, known
for Science-Based AI solutions in Chemical and Material
Informatics, partnered with Azure Quantum Elements (AQE), a
Microsoft cloud service merging High-Performance Computing (HPC),
AI, and quantum computing. This collaboration integrated AQE's
advanced molecular simulation, and HPC features with NobleAI's
AI-driven solutions.
- In May 2023, Google Cloud
unveiled two new AI-powered life sciences solutions to speed up
drug discovery and precision medicine for biotech companies,
pharmaceutical firms, and public sector organizations. The Target
and Lead Identification Suite aids researchers in identifying amino
acid functions and predicting protein structures, while the
Multiomics Suite accelerates genomic data discovery and
interpretation, facilitating the design of precision
treatments.
- In May 2023, the chemical
industry is collaborating with Siemens on a pilot project to reduce
carbon emissions in its supply chain. This partnership is part of
the Together for Sustainability initiative, involving 47 chemical
companies that opted for Siemens' "Sigreen" solution for digitally
exchanging Product Carbon Footprint (PCF) data.
- In April 2023, Mitsui Chemicals
and IBM Japan collaborated to enhance agility and accuracy in
discovering new applications by merging Generative Pre-trained
Transformer (GPT) with IBM Watson Discovery. They aim to drive
sales and market share growth for Mitsui Chemicals products through
advanced digital transformation (DX) in the business sector.
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AI in Chemicals Market Advantages:
- The increasing popularity of cloud-based QLM systems can be
attributed to their cost-effectiveness, scalability, and
flexibility, which enable enterprises to leverage advanced QLM
features without making substantial initial expenditures in IT
infrastructure.
- Artificial intelligence (AI)-driven optimisation algorithms
help to expedite the time it takes to bring new goods to market by
streamlining chemical processes, cutting down on waste, minimising
experimentation time, and optimising resource usage.
- In order to generate chemicals with improved quality,
consistency, and performance that satisfy demanding regulatory
standards and customer expectations, artificial intelligence (AI)
models can forecast chemical reactions, optimise formulations, and
detect process parameters.
- AI models are able to identify process parameters, optimise
formulations, and forecast chemical reactions. Artificial
intelligence (AI)-enabled systems are able to assess chemical
dangers, forecast safety issues, and suggest preventive actions to
reduce accidents, guarantee worker safety, and adhere to
environmental, health, and safety laws.chemicals that satisfy
strict regulatory criteria and customer expectations while
improving quality, consistency, and performance.
- Algorithms for AI-based predictive maintenance examine sensor
data from chemical processing machinery to find irregularities,
forecast equipment breakdowns, and plan maintenance in advance,
reducing downtime and increasing output.
- Artificial intelligence (AI) algorithms enhance supply chain
operations through demand prediction, inventory management,
logistics route optimisation, and cost-effective sourcing strategy
identification. These algorithms also improve manufacturing and
distribution efficiency and responsiveness in the chemical
industry.
- Artificial Intelligence (AI) propels innovation and
competitiveness in the chemicals business by enabling the
customisation of chemical products and formulations to match
individual client requirements, preferences, and applications.
Report Objectives
- To define, describe, and predict the AI in Chemicals Market by
component (hardware, software, and services), business application,
and end users
- To provide detailed information related to major factors
(drivers, restraints, opportunities, and industry-specific
challenges) influencing the market growth
- To forecast the market size of segments with respect to five
main regions: North America,
Europe, Asia Pacific, Middle
East & Africa, and
Latin America
- To strategically analyze micromarkets with respect to
individual growth trends, prospects, and contributions to the
overall AI in Chemicals Market
- To analyze opportunities in the market and provide details of
the competitive landscape for stakeholders and market leaders
- To analyze competitive developments, such as partnerships,
mergers and acquisitions, and product developments, in the AI in
Chemicals Market
- To analyze the impact of the recession across all the regions
in the AI in Chemicals Market
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