The chemical industry plays a pivotal role in our modern world, providing the essential materials and substances that fuel various sectors, including pharmaceuticals, agriculture, energy, and manufacturing. As technology advances and digitalization becomes increasingly pervasive, the chemical industry is embracing a new era known as Chemistry 4.0. As the world evolves, Chemistry 4.0 Market will play a crucial role in shaping the chemical landscape, propelling industries towards a brighter and more sustainable future.
Chemistry 4.0 refers to the integration of cutting-edge technologies, data-driven processes, and advanced materials into traditional chemical manufacturing, transforming it into a more efficient, sustainable, and innovative sector. This new paradigm shift encompasses a range of revolutionary technologies, such as artificial intelligence (AI), the Internet of Things (IoT), advanced analytics, and automation, to name a few.
The chemistry 4.0 market 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.
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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 market.
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 markets. Europe had the second-largest market share for industry 4.0. To maintain its position in the international market, the European chemistry 4.0 markets have made enormous investments in technologies and expertise.
Japan, China, and South Korea are navigating the Asia Pacific chemistry 4.0 market expansions thanks to their thorough approaches to adopting industrial automation and implementing new technologies in their production system value chain.
Key Takeaways
- An estimated USD 3,571 billion was spent on sales of chemistry 4.0.
- From USD 3,826 billion in 2021, sales decreased by 4.5% in 2021.
- Sales of chemistry 4.0 were accounted for by the BRICS (Brazil, Russia, India, China, and South Africa) countries at 50.5%.
- Rising Asian economies, particularly those in the Middle East, produced the majority of the sales of chemistry 4.0 in the fourth quarter.
- With USD 1,731 billion in sales of chemistry 4.0, China is the largest chemical manufacturer in the world.
- From 16.5% in 2010 to 12.3% in 2020, the United States’ share of global sales decreased.
- Over the same period, Japan’s chemistry 4.0 market share dropped from 6.8% to 4.1%.
- China now accounts for 44.7% of chemistry 4.0 market sales, up from 25.9% in 2010.
Competitive Landscape
The key companies of the chemistry 4.0 market 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.
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
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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 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, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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