Petroleum Resins Market Growth is Expected to Gain High momentum During the Forecast Period

Asia-Pacific contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly three-fifths of the global IoT in Chemical Industry market in 2021. Furthermore, the region also registered the fastest growth with a CAGR of 14.1% during the forecast timespan. The growth of the market in the region over the forecast timeframe can be credited to the rising chemical production in countries such as China, Thailand, India, and Indonesia, along with surging industrialization and urbanization in the Asia-Pacific zone.

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Allied Market Research published a new report, titled, "IoT in Chemical Industry Market by Technology (Industrial Robotics, Big Data, Artificial Intelligence, AR and VR, Machine Vision, 3D Printing, Digital Twin, Plant Asset Management, Manufacturing Execution System, Distributed Control System, Others), by Application (Petrochemicals and Polymers, Fertilizers and Agrochemicals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. " The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Large-scale application of the internet of things (IoT) in various applications such as petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, consumer chemicals, industrial gases, and water management drive the growth of the global IoT in chemical industry market. Furthermore, a massive penetration of industrial robots in chemical sector will boost global market trends. However, growing concerns pertaining to data privacy and huge initial costs can pose a threat to the growth of the global market.

This makes it important to understand the practical implications of the IoT in chemical industry market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.

As per the report, the global IoT in Chemical Industry market was estimated at $57.4 billion in 2021, and is set to reach $193.9 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

KEY MARKET PLAYERS:

The report provides the SWOT analysis of the key market players including ABB Ltd, Altizon, Inc., Atos SE, Cisco Systems, Inc., Emerson Electric Co, Endress+Hauser AG, Fanuc Corporation, General Electric, Honeywell International Inc., Microsoft Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.

Based on the technology, the plant asset management segment is projected to record the highest CAGR of 14.1% from 2022 to 2031 owing to the use of asset management software in collecting data about crucial performance by tracking assets' lifecycle from procurement to disposal. This data encompasses the condition, usage, maintenance, and average lifecycle of an asset. The chemical engineering industry relies highly on the efficient management of its production plants and fixed assets, hence chemical asset management tools are gaining traction globally.

NEED FOR THE REPORT:

The current situation of pandemic makes it very important for the stakeholders in the IoT in chemical industry market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.

On basis of the application, the Petrochemicals and Polymers segment is predicted to account for the highest market share in 2031. The segment will contribute more than two-fifths of the global IoT in Chemical Industry market share in 2031. Furthermore, the same segment is anticipated to register the highest CAGR of 14.1% over the forecast period. The growth of the segment over the forecast timeline can be attributed to the massive use of IoT technology in delivering innovative solutions for data collection in the traditional petroleum and petrochemical industry to meet the oil demand of the people.

KEY OFFERINGS OF THE REPORT:

Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.

Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.

Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.

Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.

Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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