AI in Chemicals Market worth $3.8 billion by 2029- Exclusive Report by MarketsandMarkets

The chemical sector is set to embrace artificial intelligence (AI) in large measure, propelling advancements in personalised chemical goods, smart manufacturing, and materials discovery. Anticipate artificial intelligence (AI) to be a major factor in improving supply chain resilience, safety, compliance, and collaborative innovation ecosystems; it will also emphasise ethical AI practices and ongoing evolution.

CHICAGO, May 7, 2024 /PRNewswire/ -- The AI in Chemicals Market is estimated to grow from USD 0.7 billion in 2024 to USD 3.8 billion by 2029 at a CAGR of 39.2% during the forecast period, according to a new report by MarketsandMarkets. The chemicals industry is experiencing significant transformations driven by the increased integration of AI in research and development (R&D) processes. Simultaneously, there is a growing demand for AI-enhanced chemical process optimization, aiming for efficiency, cost reduction, and environmental sustainability. These trends are further fueled by opportunities such as the rising demand for AI-based predictive maintenance, leveraging AI's capabilities for proactive equipment upkeep. Additionally, the integration of generative AI is unlocking unprecedented possibilities, revolutionizing product design, and process innovation in the chemicals sector.

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348 – Tables
69 - Figures
360 – Pages

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Scope of the Report

Report Metrics	Details
Market size available for years	2019–2029
Base year considered	2023
Forecast period	2024–2029
Forecast units	USD Billion
Segments Covered	Component (Hardware [Accelerators, Processors, Memory, Network], Software [Software By Type {Dashboard & Analytics Tools, Process Simulation Software, Chemical Modeling Software, Laboratory Management Software, Virtual Screening Tools, Chemical Property Prediction Tools}, Software By Technology {ML, Deep Learning, Generative AI, NLP, Computer Vision, Advanced Analytics}, Software By Deployment Mode {Cloud, On-Premises}], and Services [Professional Services {Consulting, Deployment & Integration Services, Support & Maintenance Services} and Managed Services]), Business Application (R&D, Production, Supply Chain Management, and Strategy Management), End User (Basic Chemicals, Advance Materials, Active Ingredients, Green & Bio-Chemicals, Paints & Coatings, Adhesives & Sealants, Water Treatment & Services, and Other End Users) and Region.