InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global Digital Chemical Industry Market by (Technology (Internet of Things (IoT), 3D Printing, Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence, Digital Twin, and Other Technology), Verticals (Petrochemicals & Polymers, Specialty Chemicals, Fertilizers & Agrochemicals, Other Verticals), Process (Research & Development, Manufacturing, Procurement, Packaging, Supply Chain Management & Logistics, and Other Processes))  – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global Digital Chemical Industry Market is worth US$ 11.1 Billion in 2021 and is predicted to reach US$ 61.7 Billion in 2030, with a promising CAGR of 21.4 % between 2022 and 2030.

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The chemical sector has a lot to gain from advances in network and sensor technology, data availability and processing, and engineering and material advancements. Digital transformation in the chemical industry is bringing new opportunities, as well as a fundamental shift in manufacturing, procurement, and R&D. Using a well-thought-out strategy, chemical businesses may develop an R&D function that is fully integrated, highly automated, and AI-enabled, allowing them to move quickly and efficiently while also accelerating innovation.

Advanced manufacturing technologies and innovative chemistry, and related technologies that use materials and energy more efficiently are now within reach of the chemical industry. Various digital technologies are being embraced by chemical businesses in the hope of boosting innovation and profitability and remaining ahead of the industry in this COVID-19 era, which has seen a new wave of digitization in the chemical sector. Chemical suppliers must be able to conduct their operations online, which necessitates access to real-time data. Automation has played a vital role in reducing waste in the manufacturing and chemical industries. The chemical sector is expected to benefit significantly from innovations in automation and digitization, such as IIoTs and analytics. Technology advancements such as 3D printing are allowing materials firms to come up with new and exciting goods. As a result, many smaller companies have entered the chemical business owing to newer application development and shorter time-to-market and enhanced data analytics and biochemical analysis.

Market Dynamics:

The growing acceptance of new technologies such as artificial intelligence and virtual reality, the strong need for digitization of manufacturing processes, and the introduction of 3D printing in research and development in the chemical industry are expected to drive market growth. During the projected period, the emergence of technologies such as IoT and digital twins with cloud computation capabilities is expected to strengthen the digital chemical industry market significantly.  Increased research and development initiatives for process optimization, increased demand for recyclable products, increased need for more efficient batch production scheduling, and growing awareness of digitalization solutions are expected to further fuel market expansion. However, for chemicals plants, digital transformation was made imperative by the COVID-19 pandemic and the gap between digitally mature organizations and understanding its benefits is expanding all the time. An outbreak of the COVID-19 outbreak compelled some plants to reexamine their capabilities to sustain remote and hybrid operations.

Regionally, plants in Asia-Pacific have moved further, recognizing the strategic implications of digitization, whilst those in Europe and North America continue to focus exclusively on operational improvements.

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The following key companies are engaged in the Digital Chemical Industry market:

ABB Ltd., Autonics Corporation, Analog Devices, Atos SE, Emerson Electric Co., Cisco Systems, Inc., Flowserve Corporation, Fanuc Corporation, General Electric Co., Fortive, Hans Turck GmbH & Co. KG, Hewlett Packard Enterprise Company, Hanwei Electronics, Honeywell International Inc., Huagong Tech, International Business Machines Corporation, Hydro Systems, Infineon, InvenSense, Microsoft Corporation, Mitsubishi Electric Corporation, Movement Industries Corporation, Omron, NXP Semiconductors N.V., SICK AG, Panasonic, Qualcomm Inc., Schneider Electric SE, Rockwell Automation, Inc., Semtech, Sensirion, Siemens AG, steute Technologies GmbH & Co. KG, Silicon Laboratories, STM, TE Connectivity, Vishay Intertechnology, Inc., Stratasys Ltd., Yokogawa Electric Corporation, Zhonghang Electronic Measuring Instruments, and Other Prominent Players.

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Tags: digital chemical industry, Digital Chemical Industry Market