Chemistry 4.0 Market to Cross $191.87 billion Revenue by 2030

Chemistry 4.0 Market Overview

“The Chemistry 4.0 Market Predictable at $69.45 billion in 2022, is estimated to increase at a CAGR of 9.95% from $84.80 billion in 2023 to $191.87 billion by 2030.”

The medical wearables industry is poised for growth as IoT and AI technologies become more prevalent in various industrial applications, including manufacturing and AI-based predictive analytics models for asset management and condition monitoring.

The chemical industry has experienced growth in production and processes due to modernization and digitalization, despite the weak global economy and the current financial crisis, which is expected to accelerate the market acceptance of chemistry 4.0.

The discussion on digital technology in the chemical industry is gaining interest, with stakeholders predicting significant impacts on value chains, innovation, efficiency, and new distribution channels. It's crucial to distinguish fact from fiction and consider the sector's implications in light of the ongoing digital technology discussions.

The Chemistry 4.0 market faces new challenges due to increased focus on cost reduction, individualized consumer preferences, strict environmental and energy conservation standards, and the need for supply chain optimization, while being governed globally by various agencies and associations.

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Growth Factors

The chemical sector has experienced significant growth and innovation since the industrial revolution, despite economic challenges like the global crisis. Its modernization and adoption of digitalization demonstrate resilience. The industry is expected to accelerate digitalization due to developments, investor interest, and positive industry predictions. The forecast for the chemical industry remains positive, necessitating the coexistence of "Chemicals 4.0" and "Industry 4.0" and the adoption of various digitalization drivers.

Chemical processes were partially automated in the 1970s using computer-based modeling and simulations. Computational models are increasingly studied and published, with numerous novel mathematical reactions anticipated. Modeling aids in developing new medications by estimating high/sub-zero temperature testing conditions. The chemical industry also benefits from extensive research in computational fluid dynamics.

The energy and pharmaceutical industries are utilizing computational simulation tools, with ABB and CORYS partnering to provide dual-technology solutions for control monitoring and process modeling. The global market for molecular modeling is expected to grow at a CAGR of 16% between 2021 and 2030, highlighting the importance of these simulations.

Over the past 20 years, cobots have significantly impacted industrial sectors, ensuring safe and efficient manufacturing operations. They can be trained to handle tasks at high temperatures or in hazardous environments, making them ideal for the chemical industry, ensuring optimal productivity.

The chemical industry is expected to see a significant growth in the use of cobots for material handling, with the market expected to expand between 2021 and 2030. To ensure optimal operations, proper training of personnel is crucial. A UK-based cobot manufacturing company has established a unique training facility to enhance human-robot interactions and industrial productivity.

The shift towards sustainable production and consumption, focusing on application usefulness rather than volume, necessitates a circular economy. The chemicals industry must consider all aspects of the circular economy during product design and construction, from manufacturing to application and recycling. The performance and longevity of chemical products must be examined holistically, considering design-to-performance and design-to-recycling capabilities. This holistic approach ensures the chemicals industry's commitment to sustainability and sustainability throughout their product life.

Competitive Landscape of the Chemistry 4.0 Market

• DuPont  
• LG Chem  
• Reliance Industries  
• PetroChina  
• Air Liquide  
• Toray Industries 
• BASF  
• Dow  
• Sinopec  
• Sabic  
• Ineos  
• Formosa Plastics[B]  
• ExxonMobil Chemical  
• LyondellBasell Industries  
• Mitsubishi Chemical  

Recent Developments in Chemistry 4.0 Market

DowDuPont, the product of a 2017 merger between Dow Chemical and DuPont, overtook BASF as the world's largest chemical business in 2018, ending BASF's 12-year dominance. DowDuPont, however, divided into three different companies in April 2019: Dow, DuPont, and Corteva Agriscience.  More than half of the firms on the list in 2018 were headquartered in the United States, Japan, or Germany; 18 nations were represented in total. 

In 2018, forty-eight of the firms on the list recorded chemical earnings of USD 1.2 million increased by 3.4 percent increase over 2017. These firms' average profit margin for chemical activities was 9.6 percent. 

ABB Ltd. introduced GoFa in February 2021 to help employees with repetitive and ergonomically challenging jobs. Additionally, the launch will help meet the rising need for robots that can lift greater payloads in order to increase flexibility and productivity.

Software and SAP SE teamed in February 2021 to integrate TrendMiner, an analytics platform from Software AG, with SAP's S/4HANA Cloud. This cooperation will enable analytics for businesses wanting to choose industry 4.0 solutions to use sensor-generated data.

ABB, Inc. and Nestle, Inc. joined forces in March 2021 to put monitoring software in candy factories. By working with leaders in the sector, the company is concentrating on growing its product offering.

Cisco Systems Inc. and Microsoft Corporation worked together in March 2020 to enable smooth data orchestration from Cisco IoT Edge to Azure IoT Cloud. Customers will benefit from this collaboration's pre-integrated edge-to-cloud application solution and seamless data flow through IoT edge.

Regional Insights

Asia Pacific

The Asia Pacific market for chemistry 4.0 is expected to experience significant growth in the coming years due to China's increasing chemical production, urbanization, and industrialization, as well as the expansion of mining and metal companies in the region, fueling the IoT market in the chemical sector.

The Asia Pacific region is experiencing rapid economic growth due to increased foreign investment and industrial infrastructure development. Future plant and production facilities are expected to operate, with greenfield projects likely incorporating new processing technologies, accelerating the market for "chemistry 4.0."

Europe

The European chemistry 4.0 market remains globally competitive, but 90% of GDP growth will occur outside Europe, making it challenging to maintain competitiveness.

The EU27 must initiate establishing compelling framework conditions to enhance the European market's global standing in order to capitalize on new market prospects.

North America

North American companies are likely to dominate the chemistry 4.0 market due to their growing adoption of smart manufacturing technologies, which enable businesses to transition from traditional production methods to smarter practices.

North America's dynamic chemistry 4.0 market growth opportunity is bolstered by major market participants, government initiatives, and increased R&D financing.

Segments Covered in the Chemistry 4.0 Market

Chemistry 4.0 Market By Technology

• IOT
• AI
• Automation

Chemistry 4.0 Market By Application

• Consumer
• Enterprise
• Industry
• Construction
• Manufacturing

Chemistry 4.0 Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions

Who are the prominent players operating in the chemistry 4.0 market?

The major players operating in the chemistry 4.0 market are BASF, Dow, Sinopec, Sabic, Ineos, Formosa Plastics[B], ExxonMobil Chemical, LyondellBasell Industries, Mitsubishi Chemical, DuPont, LG Chem, Reliance Industries, PetroChina, Air Liquide, Toray Industries.

Which are the driving factors of the chemistry 4.0 market?

Rising digitalization of the chemical industries, rising research and development activities and spending of the manufacturers and businesses around the globe and rising digitalization for sustainable climate for choosing materials for various industries, these are driving factor of the chemistry 4.0 market.

Which region will lead the global chemistry 4.0 market?

Europe region will lead the global chemistry 4.0 market during the forecast period 2023 to 2030.