The chemistry 4.0 industry is anticipated to grow from US$ 70.82 billion in 2023 to US$ 178.73 billion by 2033, with a projected CAGR of 9.7% over the forecast period.
The primary drivers of Chemistry 4.0 industry growths are the manufacturing sector’s rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT), as well as rising consumer demand for industrial robots used in the production of pharmaceuticals and medical devices, increasing government investments in additive manufacturing and 3D printing, and expanding use of blockchain technology.
The need for robots has increased. Additionally, robots, which were formerly more expensive and had fewer possibilities, are now accessible tools that can do a range of tasks. Industrial robots, in particular, are commonly used by people all around the world.
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According to a report on the most recent trends in the robotics industry, industrial robots are being used more frequently in production hubs, which has sped up their development, evolution, and improvement. This will probably encourage the growth of the Chemistry 4.0 industry.
Corporations in North America are adopting the idea of smart manufacturing more and more, and the area is predicted to rule the Chemistry 4.0 industry. Europe had the second-largest market share for industry 4.0. To maintain its position in the international market, the European Chemistry 4.0 industry have made enormous investments in technologies and expertise.
Japan, China, and South Korea are navigating the Asia Pacific Chemistry 4.0 industry expansions thanks to their thorough approaches to adopting industrial automation and implementing new technologies in their production system value chain.
Key Takeaways
- The Biocompatible Polymers industry in the United States is predicted to reach US$ 397.3 million by 2033, increasing at a 6% CAGR.
- The Biocompatible Polymers industry in India is estimated to reach a market share of US$ 135.8 million, expanding at a CAGR of 1% by 2033.
- During the forecast period, the Biocompatible Polymers industry in China is expected to reach a market share of US$ 382.5 million, securing a 5% CAGR.
- Germany’s Biocompatible Polymers industry is predicted to achieve a market share of US$ 133 million, rising at a 2% CAGR during the forecast period.
- The Synthetic polymers segment is projected to hold a dominant market share in the Biocompatible Polymers industry, with a CAGR of 5% from 2022 to 2033.
- The Surgical and medical instruments segment is anticipated to hold the largest market share in terms of value, with an estimated share of more than 36% in 2023.
“The Chemistry 4.0 market represents the integration of digital technologies and automation within the chemical industry. It encompasses advanced data analytics, IoT, and AI to enhance production efficiency, safety, and sustainability. This transformation is driven by the increasing demand for innovative solutions and the optimization of chemical processes in various sectors”– says FMI analyst.
Competitive Landscape
The key companies of the Chemistry 4.0 industry are constantly on the lookout for effective ways to market their goods and consolidate their positions. One such tactic is to partner with other businesses to introduce new products in order to reach more end users.
Recent Development
Merger:
After merging with DuPont in 2017, Dow Chemical became the largest chemical company in the world in 2018, dethroning BASF’s 12-year reign. But in April 2019, DowDuPont split into three separate businesses: Dow, DuPont, and Corteva Agriscience. In 2018, 18 different countries were represented, with more than half of the companies on the list having their headquarters in the United States, Japan, or Germany.
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.
Agreement:
Ansys, Inc. announced a technology agreement with LG Electronics, Inc. in November 2020 to develop a virtual learning portal that Ansys, Inc. has developed.
Purchase:
HMS Networks AB announced the purchase of WEBFactory GmbH in October 2020 to offer web-based software solutions for the Industrial Internet of Things.
Acquisition:
The acquisition of BabbleLabs Technology, Inc. by Cisco Systems, Inc. was announced for October 2020 with the goal of enhancing video meetings through the use of noise-reduction and speech-enhancement technology.
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Key Players
- BASF
- Dow
- Sinopec
- Sabic
- Ineos
- Formosa Plastics[B]
- ExxonMobil Chemical
- LyondellBasell Industries
- Mitsubishi Chemical
- DuPont
- LG Chem
- Reliance Industries
- PetroChina
- Air Liquide
- Toray Industries
Key Segments
By Technology:
- IOT
- AI
- Automation
By Application:
- Consumer
- Enterprise
- Industry
- Construction
- Manufacturing
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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