The Chemistry 4.0 Market size was USD 64.59 billion in 2021 and it is expected to grow to USD 136.05 billion in 2030 with a CAGR of 9.96% in the 2022-2030 period.
Global Chemistry 4.0 Market: Overview
Chemistry 4.0 is a term used to describe the integration of digital technology in the chemical industry. The aim is to improve efficiency, productivity, and sustainability in the chemical production process. This involves the use of advanced technologies such as artificial intelligence, the Internet of Things (IoT), and big data analysis to optimize operations and make informed decisions. The Chemistry 4.0 market is expected to grow rapidly in the coming years as more companies adopt these technologies to stay competitive in an ever-evolving landscape.
Increasing demand for sustainable chemical production, rising demand for digitalization in the chemical industry, growing need for real-time data analysis, government support, and technological advancements are major drivers of the market. Whereas High costs of implementation, Lack of standardization, Cybersecurity concerns, Resistance to change, and Skilled workforce shortage are some restraints. The rising use of AI and IoT in medical wearables is likely to generate new potential opportunities for the industry.
Key Insights
- As per the analysis done by our research analyst, the Global Chemistry 4.0 Market is estimated to grow with a CAGR of 9.76% over the forecast period (2022-2030).
- In terms of revenue, the Global Chemistry 4.0 Market size was valued at USD 64.59 billion in 2021 and is estimated to grow to around USD 136.05 billion in 2030.
- Due to various driving factors, the Chemistry 4.0 Market is predicted to grow at a significant rate. Increasing demand for sustainable chemical production is the major driver. The market is driven by the increased importance on technology for various industrial applications, such as the expanding usage of IoT in manufacturing and the introduction of AI base models in predictive analytics for asset management and condition monitoring.
- Based on the Technology, the automation segment accounted for major growth.
- Based on the Application Segmentation, Industry segment accounted for major growth.
- By Regional Analysis, Europe dominates the market growth.
COVID-19 Impact:
The COVID-19 pandemic had mixed effects on the chemistry 4.0 market. These are discussed below:
Accelerated adoption of digital technologies: The pandemic has accelerated the adoption of digital technologies in the chemical industry as companies look for ways to maintain efficiency and productivity while dealing with disruptions to their supply chains.
Increased demand for personal protective equipment (PPE): The COVID-19 pandemic has led to an increased demand for personal protective equipment (PPE), such as masks and gloves, which has put pressure on the chemical industry to ramp up production.
Disruptions to global supply chains: The pandemic has caused disruptions to global supply chains, leading to shortages of raw materials and supplies for the chemical industry.
Reduced demand for some chemical products: The pandemic has reduced demand for some chemical products, such as those used in the automotive and construction industries, as economic activity has slowed down.
Shift towards remote work: The COVID-19 pandemic has led to a shift towards remote work, which has had an impact on the adoption of Chemistry 4.0 technologies as companies have had to adapt to new ways of working.
Chemistry 4.0 Market Dynamics:
Driving factors:
Increasing demand for sustainable chemical production: Companies are looking for ways to reduce their carbon footprint and make their production processes more environmentally friendly, which is driving the adoption of Chemistry 4.0 technologies.
Increase in Technological Advancements: The continued development of technologies such as artificial intelligence and the Internet of Things (IoT) is helping to drive the growth of the Chemistry 4.0 market.
Rising demand for digitalization in the chemical industry: The chemical industry is looking for ways to improve efficiency and productivity, and digital technologies are seen as key to achieving these goals.
Restraints:
High costs of implementation: The cost of adopting Chemistry 4.0 technologies can be high, especially for small and medium-sized enterprises, which can act as a barrier to entry.
Skilled workforce shortage: There is a shortage of skilled workers with expertise in digital technologies, which can make it difficult for companies to implement and effectively use Chemistry 4.0 solutions.
Opportunities
Improved sustainability: The use of digital technologies can help companies reduce their carbon footprint and make their production processes more environmentally friendly.
Better decision making: The use of real-time data analysis can help companies make informed decisions and optimize their operations.
Improved safety: Digital technologies can help companies improve safety in the chemical production process by detecting potential hazards and taking preventative measures.
Chemistry 4.0 Market Scope:
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Attribute
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Details
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Market Size in 2021
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USD 64.59 billion
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Estimated Market Size in 2030
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USD 136.05 billion
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CAGR Growth Rate
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9.96%
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Base Year
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2021
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Forecast Years
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2022-2030.
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Key segment
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By Technology, By Application
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Companies Covered
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- BASF
- Sinopec
- Dow
- Sabic
- Ineos
- Formosa Plastics
- ExxonMobil Chemicals
- Mitsubishi Chemicals
- LG Chem
- DuPont
- Reliance Industries
- PetroChina.
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Report Coverage
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Revenue Forecast, Company Share, Competitive Landscape, Growth Factors, Restraints, Opportunities, Value Chain Analysis, Porter’s Five Forces Analysis, Patent Analysis, Market Attractiveness Analysis by Segments
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Chemistry 4.0 Market: Segmentation
Based on Technology: The market is segmented into IoT, Artificial Intelligence, Automation, and Others. Of these, the automation segment has accounted a major share of the market. Artificial Intelligence is another leading segment in this market. The increasing deployment of industrial robots across the chemical industry is further creating opportunities for the adoption of AI. The adoption of AI in chemical industry is projected to fuel the growth of Chemistry 4.0 Market during the forecast period.
By Application Analysis: The market is segmented into Consumers, Industry, Enterprise, Manufacturing, and Construction. Of these, the industry segment has accounted a major growth.
Regional Insights:
In terms of regional analysis, Europe likely to dominate the market growth followed by Asia Pacific. China is the world's largest chemical manufacturer, accounting for 45% of global chemical sales in 2021. The North American region also adds significant growth to the market. Latin America, Middle East & Africa adds considerable growth.
Competitive Analysis:
The Global Chemistry 4.0 market is driven by BASF, Sinopec, Dow, Sabic, Ineos, Formosa Plastics, ExxonMobil Chemicals, Toray Industries, Mitsubishi Chemicals, LG Chem, DuPont, Reliance Industries, PetroChina.
Recent Developments:
- February 2021: ABB Ltd, has developed GoFa to help employees cope with ergonomically challenging jobs.
- 2017: After Merging with DuPont in 2017, Dow Chemical has become world’s largest chemical company in 2018. Dethroning BASF’s 12-year reign.
Segments Covered in the Report
By Technology
- IoT
- Artificial Intelligence
- Automation
By Application
- Consumers
- Industry
- Enterprise
- Construction
- Manufacturing
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Frequently Asked Questions (FAQs):
What is the size of Chemistry 4.0 market?
The market is projected to grow from USD 64.59 billion in 2021 to USD 136.05 billion in 2030
What will be the CAGR of global Chemistry 4.0 market?
The Chemistry 4.0 market is expected to drive growth at a CAGR of 9.96% from 2022 to 2030.
Who are the major players operating in the Chemistry 4.0 market?
The major players operating in the market are BASF, Sinopec, Dow, Sabic, Ineos, Formosa Plastics, ExxonMobil Chemicals, Toray Industries, Mitsubishi Chemicals, LG Chem, DuPont, Reliance Industries, PetroChina.
What is the key factor boosting the Chemistry 4.0 market growth?
Key factors that are driving the Chemistry 4.0 market growth include Growing demand for digitalization in the chemical industry, increasing research & development activities and Increasing demand for sustainable chemical production.
Which region will lead the global Chemistry 4.0 market?
Europe region is projected to hold the highest market share.