ARTIFICIAL INTELLIGENCE (AI) IN CHEMICAL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Artificial Intelligence (AI) in Chemical Market, By Type (Hardware, Software, Services), By Application (Discovery of new materials,Production optimization,Pricing optimization,Load forecasting of raw materials,Product portfolio optimization,Feedstock optimization,Process management & control), By End User (Base Chemicals & Petrochemicals,Specialty Chemicals,Agrochemicals), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Feb 2024
Code : CMI6604
Pages :145
Formats :
Excel and PDF
Industry : Information and Communication Technology

Regional Analysis

Artificial Intelligence (AI) in Chemical Market Regional Insights

North America has emerged as the dominant region in the artificial intelligence (AI) in chemical market with market presence of 40%. This is due to presence of several major chemical companies in the U.S. and Canada that have adopted AI technologies on a large scale to drive efficiencies in their research and development (R&D) and manufacturing processes. These companies are investing heavily in developing new AI-based tools and platforms. For instance, many of them have set up separate research divisions solely focused on creation of advanced algorithms and applications. This shows their strong commitment towards incorporating AI-led digital transformation.
Asia Pacific region, on the other hand, is witnessing the fastest growth and has huge untapped potential. Countries like China, India, Japan, and South Korea are actively promoting use of advanced technologies across industries. Their governments provide liberal funding and incentives to foster innovation. Also, chemical firms located in Asia Pacific aim to leverage AI to cope up with rising competitive pressures and costs. This is evident from increasing number of startups sprouting with focus on custom AI solutions for chemicals vertical. Availability of technical talent and low investment costs make the region attractive for global tech giants to establish their development centers.
Japan's competence in robotics is projected to drive greater adoption of AI-powered robotics solutions in its extensive chemicals market. China, too, is anticipated to contribute significantly due to concentrated efforts of its companies to embrace smart manufacturing initiatives supported by AI. In India, presence of huge talent pool proficient in computing technologies stirs demand for local AI product development. Its thriving pharmaceutical and specialty chemicals clusters provide suitable application environment for customized AI tools. South Korea meanwhile has shown reliance on advanced predictive maintenance systems relying on AI and internet-of-things (IoT) for predictive inspection and diagnostics across plants.

Figure 1. Artificial Intelligence (AI) in Chemical Market Share (%), By Region, 2024