Chemistry 4.0 Market Size, Share & Trends Estimation Report By Technology (IOT, AI, Automation),By Application (Consumer, Enterprise, Industry, Construction, Manufacturing), By Region, And Segment Forecasts, 2023 - 2030
The global Chemistry 4.0 Market was valued at US$ 70.82 Billion in 2022 and is projected to reach USD 178.73 Billion by 2030, growing at a CAGR of 9.7% from 2023 to 2030.
Chemistry 4.0 Market Overview:
Because AI and IoT are being used more and more in medical wearables, this could open up new opportunities for the chemistry 4.0 market. It is driven by the increased focus on technology for different industrial applications, such as the growing use of IoT in manufacturing and the introduction of AI base models in predictive analytics for asset management and condition monitoring.
Along with the industrial revolution, the chemical industry has grown both in terms of how much it makes and how it makes things. Even though the economy is bad, especially with the current global crisis, the sector is strong because it is modernising and going digital. This will speed up the way the market adopts chemistry 4.0.
The digitalization of the market for chemistry 4.0 is likely to speed up because of recent developments, investor interest, and optimistic predictions from the industry. As long as there is a need for chemicals in industries both related and unrelated to each other, the outlook for the chemistry 4.0 markets is expected to be good. Because of this, "Chemicals 4.0" and "Industry 4.0" must coexist. This makes it possible for "chemistry 4.0" products and many digitalization drivers to be used in the future.
Along with the industrial revolution, the chemical industry has grown both in terms of how much it makes and how it makes things. The fact that the sector has adapted to modernity, especially by going digital, shows that it can survive bad economic times, like the global crisis that is happening right now. Since there have been improvements, investors are interested, and industry forecasts are positive, digitalization is expected to speed up in this area. The outlook for the chemical industry will stay good because other industries will still need chemicals. So, "Chemicals 4.0" must coexist with the popular "Industry 4.0," which makes it possible for many digitalization drivers to be used in the future.
In the 1970s, modeling and simulations done on computers were used to help automate some chemical processes. Year after year, more people study and write about computational models. Mathematically, we can expect several new reactions. Modeling, in particular, can help predict conditions for high/sub-zero temperature tests to be done at normal temperatures and can also help come up with new drugs. Also, a lot of research and development is still being done in computational fluid dynamics to help the chemical industry.
A lot of simulation tools are used in the energy industry. ABB and CORYS have recently joined forces to offer advanced dual-technology solutions for the energy and process sectors that improve control monitoring and process modeling simulations. The pharmaceutical industry makes good use of computational simulations, especially molecular modeling. Data Bridge Industry Research says that the global market for molecular modeling will likely grow at a CAGR of 16% from 2021 to 2030.
Since the 1990s, cobots have helped make progress in all kinds of industries. These are often put in place by themselves or with the help of workers to make sure that the factory runs as safely, efficiently, and well as possible. Cobots can be programmed to help with tasks that need to be done at high temperatures or in situations that are too physically or chemically dangerous for people to do.
Cobots might be able to be used to move materials in the chemical industry. Global Marketers says that the market for cobots that move materials will grow between 2021 and 2030. For operations to work well, people and cobots must be able to work well together. So, people who work with cobots must be well-trained. Together with a Danish robotics company, a UK company that makes cobots set up an approved training center that is the first of its kind. The goal of the center is to improve interactions between humans and robots and, as a result, increase the efficiency of the industry.
Chemistry 4.0 Market Segmentation Analysis
As with digital in general, there is a lot of interest in what digital can do for chemicals. Stakeholders say that digital will have a big impact on many parts of the chemical industry, with the ability to change value chains, lead to better efficiency and more innovation, and open up new channels for distribution. With all the talk about digital, it is important to separate fact from fiction and figure out what this means for the sector.
In the chemical business, manufacturing operations are one of the most important and easily accessible areas for growth. This is true for all parts of the business, from petrochemicals to pesticides. We think that using digital in production could increase the sales return by three to five percentage points. Most chemical plants constantly make a huge amount of data, but they throw away the vast majority of it. Managers should instead collect and analyze data to increase yields and throughput, reduce energy use, and improve maintenance efficiency.
In today's globally competitive economy, the chemical industry faces a lot of problems. The future will be good because of digitalization and new technologies. Find out how digitization, process optimization, and modularization can help you deal with market challenges and take your manufacturing processes into the future.
Based on Application:
The products made by the chemical industry can be used in many different ways in the food, health care, and transportation industries. Chemical companies make things that are used in agriculture, business, and consumer goods. Chemicals are used in about 10% of making consumer goods, and a lot of chemical products are also used in other businesses that aren't directly making consumer goods. Common chemical industry goods include pigments, resins, polymers, synthetic rubber, and explosives. Other common things are plastics, salts, acids, and fertilizers.
Almost 80% of the chemicals industry is made up of making polymers and plastics. A total of 26% of these things are then used by the chemical industry in other ways to make things. Polymers are things like polyethylene, polyvinyl chloride, and polystyrene. Plastics are mostly used for packaging, toys, cars, appliances, and building houses.
Chemical-based products are in higher demand because people are spending more and the economy is growing. Because chemical companies are very sensitive to market demand, the sector keeps a close eye on demand from other industries. Rising demand for consumer goods and more industrial activity both increase the need for chemical products.
The chemical industry buys more chemical goods than any other industry. These things are used to get reactions going and to make other things. Because of this, plants that make important chemicals are often close to other places that make chemicals. For chemical companies to be successful, they need to be close to companies that make important goods, make markets, and supply important parts.
During the Forecast period, Asia-Pacific are anticipated to be the largest market by region.
In Asia-Pacific, the market for chemistry 4.0 is expected to grow a lot over the next few years. The region's chemistry 4.0 markets are growing because China is making more chemicals and because the number of people living in cities and factories is growing. The market for IoT in the chemical industry will be boosted by the growth of mining and metal companies in the area. Some of the fastest-growing countries in the world are in the Asia-Pacific region. This is possible because more money is coming in from abroad and the industrial infrastructure is growing. In the next few years, it is expected that a number of factories and plants will start to work in the area. Greenfield projects will likely use new technologies for processing, which will speed up the market for chemistry 4.0.
When it comes to new ideas, the European chemistry 4.0 market is still ahead of the rest of the world. In the next few decades, 90% of GDP growth will happen outside of Europe. This will make it hard for Europe to stay competitive. To take advantage of new market opportunities, it would take leadership from the EU27 to set up attractive conditions that improve the position of the European market on the world stage.
North American companies are becoming more and more interested in smart manufacturing, and it's likely that they will be the ones to control the market for chemistry 4.0. Most factories in use today have cutting-edge equipment and smart factory technology. This lets other companies switch from traditional manufacturing methods to smart manufacturing.
Major players in the chemistry 4.0 market, government initiatives, and more money for research and development are all important factors that make North America a dynamic region for the chemistry 4.0 market growth opportunity. The fourth industrial revolution is happening because the government is doing things and people in Latin America, the Middle East, and Africa know how important it is to use digital technology to keep the market for chemistry 4.0 going.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 9.7% from 2023 to 2030|
|Reasons to Purchase this Report||
- Formed from the 2017 merger of Dow Chemical and DuPont, DowDuPont surpassed BASF in 2018 to become the world's largest chemical company, ending BASF's 12-year dominance. However, DowDuPont has been split into three different companies.
- April 2019: Dow, DuPont and Corteva Agriscience. More than half of the companies on the 2018 list are headquartered in the US, Japan or Germany. A total of 18 countries participated.
- Software and SAP SE teamed up in February 2021 to integrate Software AG's analytics platform, TrendMiner, with SAP's S/4HANA Cloud. This collaboration will enable analytics for companies looking to select Industry 4.0 solutions for using sensor-generated data.
- ABB Ltd. introduced GoFa in February 2021 to help employees with repetitive and ergonomically challenging tasks. The launch will also help meet the growing demand for robots that can lift more payloads for greater flexibility and productivity.
- Cisco Systems Inc. and Microsoft Corporation teamed up in March 2020 to enable seamless data orchestration from Cisco IoT Edge to Azure IoT Cloud. Customers will benefit from this collaboration's pre-integrated edge-to-cloud application solution and seamless data flow through the IoT edge.
The Global Chemistry 4.0 Market has been segmented into:
- Formosa Plastics[B]
- ExxonMobil Chemical
- LyondellBasell Industries
- Mitsubishi Chemical
- LG Chem
- Reliance Industries
- Air Liquide
- Toray Industries