Integration of AI is likely to Propel Demand for Chemistry 4.0 Market | Study by Future Market Insights, Inc.

Chemistry 4.0 Market was valued at USD 76.1 billion in 2024, and is expected to reach USD 188.7 billion by 2034, exhibiting a CAGR of 9.5 %. Market Survey on Chemistry 4.0 Market Covering Sales Outlook, Up-to-date Key Trends, Market Size and Forecast, Production Capacity, Export and Import Analysis, Regulations, Trade Analysis and Company Analysis.

/EIN News/ -- NEWARK, Del, July 15, 2024 (GLOBE NEWSWIRE) -- The chemistry 4.0 market size is forecasted to thrive to a valuation of USD 76.1 billion in 2024 and is likely to register a CAGR of 9.5%, garnering a valuation of USD 188.7 billion by the end of the projected period.

The increased emphasis on technology for different industrial applications, such as the increasing usage of IoT in the production process and the introduction of AI base models in predictive analytics for asset management and condition monitoring, are the key drivers and trends shaping the chemistry 4.0 market.

Smart manufacturing is becoming increasingly popular, which are expected to dominate the market for chemistry 4.0. The majority of factories in operation are furnished with cutting edge equipment and smart factory technologies, allowing other enterprises to transition from traditional to smart production. Key players in the chemistry 4.0 industry, government efforts, and increased financing for research and development activities are all the key factors that contribute to the market growth.

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Digitalization in the chemical 4.0 industry is expected to accelerate owing to the recent breakthroughs, investor interest, and optimistic industry expectations. Due to the continued need for chemicals in related and unrelated sectors, the chemistry 4.0 market is expected to thrive during the forecast period. As a result, Chemicals 4.0 and Industry 4.0 must coexist, shaping the future adoption of chemical 4.0 products and a variety of digitalization drivers.

The energy sector is a large consumer of computational simulation tools, which will have a positive influence on the chemistry 4.0 market. The energy and process sectors have collaborated with ABB and CORYS to provide advanced dual technology solutions that improve control monitoring and process modeling simulations. Computational simulations, particularly molecular modeling, have significant chemistry 4.0 market prospects in the pharmaceutical sector.

“The popularity of industrial robots is increasing, as is the need for industrial automation further driving the Chemistry 4.0 market,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways from the Chemistry 4.0 Market:

• India is likely to augment at a CAGR of 14.2% throughout 2034.
• Spain is anticipated to ascend at a CAGR of 7.1% throughout 2034.
• The United States is expected to rise at a CAGR of 5.3% by 2034.
• AI is projected to hold a market share of 42.60% in 2024.
• The Industry segment is likely to hold a market share of 29.40% in 2024.
  
  

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How are key players revolutionizing the Chemistry 4.0 Market?

The key market players are strengthening their positions in the chemistry 4.0 market through a range of techniques, including mergers and acquisitions. The leading players are actively incorporating cutting edge technology such as 3D printing and digital twins, among others. The tough competition in the market for chemistry 4.0 is driving large companies to focus on acquisition in order to position themselves as market leaders.

Leading Chemistry 4.0 Brands

BASF, Dow, Sinopec, Sabic, Ineos, ExxonMobil Chemical, LyondellBasell Industries, Mitsubishi Chemical, DuPont, LG Chem and Reliance Industries are the major players in the Chemistry 4.0 market.

Recent Developments:

• In December 2023, TM Forum, and Jio, inaugurated the first TM Forum Innovation Hub in Mumbai, India. The Innovation Hub aims to accelerate the development of Generative AI, Large Language Models (LLM), and Open Digital Architecture for the benefit of the industry as a whole.
• In October 2023, The Mitsubishi Chemical Group (MCG Group) announced the acquisition of CPC SRL (CPC), a famous Italian firm that manufactures and distributes vehicle components made of carbon fiber reinforced plastic (CFRP).

More Insights Available

Future Market Insights offers an unbiased analysis of the Chemistry 4.0 market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034. To understand opportunities in the Chemistry 4.0 market, the report is segmented on the basis of Technology (IOT, AI and Automation), Application (Consumer, Enterprise, Industry, Construction and Manufacturing), across 7 major regions (North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa). 

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Key Segments of the Report

By Technology:

The Chemistry 4.0 market is classified into IOT, AI and automation.

By Application:

The Chemistry 4.0 market is classified into consumer, enterprise, industry, construction and manufacturing.

By Region:

Analysis of the Chemistry 4.0 market has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa.

About the Chemical and Materials Domain at Future Market Insights

The Chemical and Materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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