The market for AI in Chemicals 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 new research 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.
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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.
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.
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Key Market Players
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.
