Press release
Digital Chemical Industry Market Deep Research Report with Forecast to 2031
The Digital Chemical Industry Market Size is valued at 13.12 Billion in 2022 and is predicted to reach 61.71 Billion by the year 2030 at a 21.6 % CAGR during the forecast period for 2023-2030.
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Digitalization in the chemical industries provides a way to enhance productivity, reduce costs and improve process stability and safety. Chemical manufacturers are gradually adopting digital technologies across various areas such as manufacturing operations, product development, competitive pricing, supply chains, and market expansion.
The high demand for digitization of manufacturing processes, increasing adoption of new technologies like artificial intelligence, virtual reality, 3D printing in R&D studies, and the rising supply chain modifications are projected to boost the demand for the digital chemical industry market during the forecast period. Furthermore, the increasing demand for better batch production scheduling, rising awareness about digitalization solutions, increasing R&D activities for process optimization, and demand for recyclable products drive the market growth. The environmental safety issues encourage chemical industries to innovate low carbon footprint and recyclable products.
Integration of digital technologies in chemical industries facilitates companies to cope with regulatory restrictions, and it also helps to use recyclable materials in manufacturing processes. Thus, the increasing digitalization of chemical industries is expected to urge the demand for the digital chemical industry market during the forecast years. On the other side, the limited knowledge of novel digital technologies, the high cost of implementing advanced technologies, and the various environmental and safety regulations may hamper market adoption in the upcoming years.
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The prominent players in the digital chemical industry market include:
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.
Digitization in the chemical industry positively impacts market growth. It allows companies to enhance their manufacturing processes by improving productivity and reducing the carbon footprint with no additional investments.
Key Industry Developments from Leading Players:
• In Jul 2021, Siemens and Dow created a process automation testbed to help bring digital transformation to chemical process manufacturing. This testbed is designed to allow manufacturers and technology providers to help inform the development of digital twins for process manufacturing.
• In Feb 2021, Siemens Digital Industries Software, (Siemens AG), announced partnership with Citrine Informatics (US), the materials informatics platform for data-driven chemicals and materials development, to deliver digital solutions for the chemicals and materials manufacturing industries.
• In Dec 2020, ABB (Switzerland) announced collaboration with CORYS (France), a French simulation company, to offer advanced digital twin technology to help drive down operational and capital costs and reduce risks for customers.
Digital Chemical Industry Market Regional Analysis:
The Asia Pacific region is estimated to hold the highest market share during the forecast period. Factors such as the developing chemical industries, increasing R&D investments for manufacturing processes, and the quick adoption of digital technologies by chemical industries in developing countries like Japan, Indonesia, India, and China are anticipated to fuel the regional digital chemical industry market.
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Europe is expected to grow at the fastest rate during the estimated timeframe, followed by North America owing to the rising government funding and initiatives to develop chemical industries, favorable regulatory environments, and the newly emerging chemical industries.
The Global Digital Chemical Industry Market Segments
The Global Digital Chemical Industry Market Estimates (Value US$ Billion) & Forecasts and Trend Analyses, 2019 to 2030 based on Technology
• Internet of Things (IoT)
• 3D Printing
• Augmented Reality (AR)
• Virtual Reality (VR)
• Artificial Intelligence
• Digital Twin
• Other Technology
The Global Digital Chemical Industry Market Estimates (Value US$ Billion) & Forecasts and Trend Analyses, 2019 to 2030 based on Verticals
• Petrochemicals & Polymers
• Specialty Chemicals
• Fertilizers & Agrochemicals
• Other Verticals
The Global Digital Chemical Industry Market Estimates (Value US$ Billion) & Forecasts and Trend Analyses, 2019 to 2030 based on Process
• Research & Development
• Manufacturing
• Procurement
• Packaging
• Supply Chain Management & Logistics
• Other Processes
The Global Digital Chemical Industry Market Estimates (Value US$ Billion) & Forecasts and Trend Analyses, 2019 to 2030 based on Region
• Europe
• North America
• Latin America
• Asia Pacific
• Middle East & Africa
North America Digital Chemical Industry Market Estimates Revenue (US$ Billion) by Country, 2019 to 2030
• U.S.
• Canada
Europe Digital Chemical Industry Market Estimates Revenue (US$ Billion) by Country, 2019 to 2030
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Digital Chemical Industry Market Estimates Revenue (US$ Billion) by Country, 2019 to 2030
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Digital Chemical Industry Market Estimates Revenue (US$ Billion) by Country, 2019 to 2030
• Brazil
• Mexico
• Rest of Latin America
The Middle East & Africa Digital Chemical Industry Market Estimates Revenue (US$ Billion) by Country, 2019 to 2030
• South Africa
• GCC Countries
• Rest of the Middle East & Africa
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