Artificial Intelligence
Rising Use of AI in Materials Science Driving Growth of Material Informatics Market
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Chicago, March 08, 2023 (GLOBE NEWSWIRE) — The Material Informatics Market by Technique (Statistical Analysis, Genetic Algorithm, Deep Tensors, Digital Annealers), Elements (Metals, Alloys), Chemicals (Dyes, Polymers, Biomolecules), Application (Chemical, Pharmaceutical) – Global Forecast to 2028“, The global material informatics market is expected to grow from USD 129 million in 2023 to USD 276 million by 2028, at a compound annual growth rate (CAGR) of 16.3% during the forecast period of 2023 to 2028, according to a new report by MarketsandMarkets.
The demand for material informatics has increased due to the need for innovative materials to reduce design and manufacturing costs, time, and related risks in the manufacturing ecosystem. Additionally, the surging demand for material informatics in research and development activities across various fields, including chemical and pharmaceutical, materials science, and manufacturing, for innovative material development, has propelled the market growth.
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Material Informatics Market Report Scope :
| Report Metric | Details |
| Estimated Market Size | USD 129 Million |
| Projected Market Size | USD 276 Million |
| Growth Rate | CAGR of 16.3% |
| Forecast period | 2023–2028 |
| Based Year | 2022 |
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| Segments covered |
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| Largest Growing Region | Asia Pacific (APAC) |
The demand for material informatics has increased due to the need for innovative materials to reduce design and manufacturing costs, time, and related risks in the manufacturing ecosystem. Additionally, the surging demand for material informatics in research and development activities across various fields, including chemical and pharmaceutical, materials science, and manufacturing, for innovative material development, has propelled the market growth.
The market growth for the material informatics market will show a significant upsurge due to its various applications in chemical and pharmaceutical, materials science, manufacturing, energy, and food science. With the help of material informatics software, researchers, academicians, and material experts can understand a spectrum of material properties, combinatorial chemistry, process modeling, materials property databases, materials data management, and product life cycle management.
“Browse in-depth TOC on “ MaterialIinformatics Market Trends, Growth Drivers“
175 – Tables
49 – Figures
201 – Pages
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However, the lack of prescribed standards and regulations is a major challenge for the market. Although material informatics platforms have been around for more than two decades, there are several issues related to their integration and implementation.
The elements segment is expected to account for the largest share of the material informatics market during the forecast period. The materials science application is projected to register the highest CAGR in the materials informatics market during the forecast period.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the rapid growth of manufacturing in emerging economies such as China, Japan, and South Korea.
Several software vendors and providers are adopting different strategies, including acquisitions, partnerships, collaborations, sales contracts, product launches, and product enhancements, to propel the growth of the material informatics market.
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