With 16.3% CAGR, Material Informatics Market Growth to Surpass USD 276 million

The global material informatics market size is expected to grow from USD 129 million in 2023 to USD 276 million by 2028, at a CAGR of 16.3%. The rising adoption of material informatics software due to growing advancements in chemical & pharmaceutical, materials sciences and manufacturing applications indicates the growth of material informatics market.

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The chemical & pharmaceutical application is expected to account largest market share in material informatics market. The rising demand for different chemicals, including polymers and fibres, and therapeutic drugs, such as antibiotics and other medicines, has prompted material innovations to ramp up the production and development of different chemicals and materials. Material informatics software in chemical and pharmaceutical applications helps companies acquire, analyse, and extract critical data and insights related to different materials and chemicals. This allows companies to achieve improved output at lower costs and reduced time and facilitate accurate decision-making during the production and development phases.

The market for the chemicals segment is expected to account for significant market share during the forecast period. Material informatics software solutions are used by chemical & pharmaceutical companies to understand and analyze molecular compositions, chemical formulations, and drug analysis and other properties and features of different chemicals. Different companies providing material informatics software for selecting, developing, and discovering chemicals are Mat3ra, Schrödinger, and Citrine Informatics. In 2021, the Citrine platform provided by Citrine Informatics company innovated 50+ solvent blends to satisfy all constraints of end users in five months. In collaboration with Showa Denko, the company identified 150+ solvent blends that beat the original property based on quantum chemistry simulations.

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North America is projected to hold the largest share of the material informatics market in 2023. The presence of many key players such as Mat3ra (US), Schrödinger (US), Citrine Informatics (US), Kebotix (US), AI Materia (Canada), Kitware (US), and Uncountable (US), along with a large customer base of manufacturing and chemical & pharmaceutical applications, is one of the major factors driving the material informatics market in the region. Increasing government focus and funding for R&D in chemical and materials science are among the major factors driving the material informatics market growth in North America.

News also Covered: https://finance.yahoo.com/news/material-informatics-market-worth-276-180000264.html

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This release was published on openPR.