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

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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.

Browse in-depth TOC on “AI in Chemicals Market”348 – Tables 69 – Figures360 – 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.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
IBM (US), Microsoft (US), Schneider Electric (France), AWS (US), Google (US), SAP (Germany), NVIDIA (US), C3.ai (US), GE Vernova (US), Siemens (Germany), Hexagon (Sweden), Engie Impact (US), TrendMiner (Belgium), Xylem (US), NobleAI (US), Iktos (France), Kebotix (US), Uptime AI (US), Canvass AI (Canada), Nexocode (Poland), SandboxAQ (US), Deepmatter (England), Zapata AI (US), Citirne Informatics (US), Chemical.AI (China), Augury (Israel), Intellegens (UK), Ripik.AI (India), Tractian (US), Polymerize (Singapore), ScienceDesk (Germany), OptiSol Business Solutions (India), NuWater (Africa) and VROC (Australia).
By component, the services segment to account for higher CAGR during the forecast period.
AI services, including professional and managed services, are transforming the chemicals market by providing expertise, support, and solutions tailored to AI-driven initiatives. Professional services encompass consulting, implementation, and customization of AI solutions, assisting organizations in defining AI strategies, selecting appropriate technologies, and integrating AI into existing workflows. Managed services, on the other hand, offer ongoing support, monitoring, and maintenance of AI systems, enabling organizations to focus on core operations while outsourcing AI management to experts. Managed services providers offer proactive monitoring, troubleshooting, and optimization of AI infrastructure and applications, ensuring reliability, scalability, and security. Both professional and managed services play a crucial role in accelerating AI adoption, driving innovation, and maximizing the benefits of AI technologies in the chemicals industry.
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By Business Application, the production segment is expected to hold the largest market size for the year 2024.
The chemical industry is currently undergoing significant transformation, due to the widespread adoption of artificial intelligence. This revolutionary technology is driving efficiency, promoting innovation, and streamlining production processes in the sector. By utilizing AI-powered solutions such as machine learning algorithms, advanced analytics, and real-time data analysis, chemical companies are optimizing their manufacturing operations like never before. From production planning to quality control, AI is enhancing product quality, maximizing yields, and resulting in significant cost reductions and increased enhances product quality, maximizes yields, significantly reduces costs, and increases productivity. In addition, AI’s ability to analyze vast datasets allows companies to adapt to changing market demands quickly adapt to changing market demands, reducing inventory losses, and optimizing offerings. Furthermore, AI technologies are playing a crucial role in promoting environmental sustainability by minimizing waste and energy consumption. As more organizations recognize the potential benefits of AI integration, the chemical industry is poised for further advancement.
By End User, active ingredients is projected to grow at the highest CAGR during the forecast period.
Active ingredients are specific substances that provide therapeutic or functional properties to products, such as agrochemicals, personal care items, and household chemicals. These ingredients play a critical role in the effectiveness and performance of end products, whether they are medicines, pesticides, skin care products, or cleaning agents. In various sectors, AI is increasingly being used to develop, optimize, and apply active ingredients. In the agrochemical industry, AI algorithms analyze agricultural data to develop novel pesticides and herbicides that have improved efficacy and environmental safety profiles. In the personal care and household chemicals industries, AI assists in the formulation of formulation of skincare products, cosmetics, and cleaning agents with optimized active ingredient concentrations, stability, and performance characteristics. Furthermore, AI-driven predictive modeling and simulation enable manufacturers to forecast market demand, customize formulations based on consumer preferences, and optimize production processes for efficiency and cost-effectiveness.
Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The rapid growth in AI adoption within the chemical sector across Asia Pacific stems from its ability to address industry challenges effectively. AI technologies offer solutions for optimizing manufacturing processes, predicting equipment failures, and improving product quality. Additionally, the region’s burgeoning demand for chemicals necessitates increased efficiency and innovation, driving companies to embrace AI-driven approaches. Moreover, governmental initiatives and investments in AI infrastructure further propel its adoption, positioning Asia Pacific as a frontrunner in leveraging AI for chemical industry advancement.
Top Key Companies in AI in Chemicals Market:
The major AI in chemicals providers include IBM (US), Microsoft (US), Schneider Electric (France), AWS (US), Google (US), SAP (Germany), NVIDIA (US), C3.ai (US), GE Vernova (US), Siemens (Germany), Hexagon (Sweden), Engie Impact (US), TrendMiner (Belgium), Xylem (US), NobleAI (US), Iktos (France), Kebotix (US), Uptime AI (US), Canvass AI (Canada), Nexocode (Poland), SandboxAQ (US), Deepmatter (England), Zapata AI (US), Citirne Informatics (US), Chemical.AI (China), Augury (Israel), Intellegens (UK), Ripik.AI (India), Tractian (US), Polymerize (Singapore), ScienceDesk (Germany), OptiSol Business Solutions (India), NuWater (Africa) and VROC (Australia). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the AI in Chemicals Market.
Recent Developments:
In March 2024, AWS and NVIDIA collaborated to enhance computer-aided drug discovery using new AI models. Their collaboration focuses on modeling the efficacy of new chemical molecules, predicting protein structures, and gaining insights into how drug molecules interact with biological targets, contributing significantly to advancements in pharmaceutical research and development.In January 2024, a robotic chemistry lab collaborated with Google AI to predict and synthesize novel inorganic materials, leveraging advanced algorithms and automation for accelerated material discovery and development.In November 2023, GE Vernova’s Gas Power business announced its collaboration with Duke Energy on the nation’s first 100% green hydrogen-fueled peaking power plant. GE Vernova will support the development of an end-to-end green hydrogen system at Duke Energy’s DeBary plant in Volusia County, Florida, near Orlando.In October 2023, NobleAI, known for Science-Based AI solutions in Chemical and Material Informatics, partnered with Azure Quantum Elements (AQE), a Microsoft cloud service merging High-Performance Computing (HPC), AI, and quantum computing. This collaboration integrated AQE’s advanced molecular simulation, and HPC features with NobleAI’s AI-driven solutions.In May 2023, Google Cloud unveiled two new AI-powered life sciences solutions to speed up drug discovery and precision medicine for biotech companies, pharmaceutical firms, and public sector organizations. The Target and Lead Identification Suite aids researchers in identifying amino acid functions and predicting protein structures, while the Multiomics Suite accelerates genomic data discovery and interpretation, facilitating the design of precision treatments.In May 2023, the chemical industry is collaborating with Siemens on a pilot project to reduce carbon emissions in its supply chain. This partnership is part of the Together for Sustainability initiative, involving 47 chemical companies that opted for Siemens’ “Sigreen” solution for digitally exchanging Product Carbon Footprint (PCF) data.In April 2023, Mitsui Chemicals and IBM Japan collaborated to enhance agility and accuracy in discovering new applications by merging Generative Pre-trained Transformer (GPT) with IBM Watson Discovery. They aim to drive sales and market share growth for Mitsui Chemicals products through advanced digital transformation (DX) in the business sector.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=152170973
AI in Chemicals Market Advantages:
The increasing popularity of cloud-based QLM systems can be attributed to their cost-effectiveness, scalability, and flexibility, which enable enterprises to leverage advanced QLM features without making substantial initial expenditures in IT infrastructure.Artificial intelligence (AI)-driven optimisation algorithms help to expedite the time it takes to bring new goods to market by streamlining chemical processes, cutting down on waste, minimising experimentation time, and optimising resource usage.In order to generate chemicals with improved quality, consistency, and performance that satisfy demanding regulatory standards and customer expectations, artificial intelligence (AI) models can forecast chemical reactions, optimise formulations, and detect process parameters.AI models are able to identify process parameters, optimise formulations, and forecast chemical reactions. Artificial intelligence (AI)-enabled systems are able to assess chemical dangers, forecast safety issues, and suggest preventive actions to reduce accidents, guarantee worker safety, and adhere to environmental, health, and safety laws.chemicals that satisfy strict regulatory criteria and customer expectations while improving quality, consistency, and performance.Algorithms for AI-based predictive maintenance examine sensor data from chemical processing machinery to find irregularities, forecast equipment breakdowns, and plan maintenance in advance, reducing downtime and increasing output.Artificial intelligence (AI) algorithms enhance supply chain operations through demand prediction, inventory management, logistics route optimisation, and cost-effective sourcing strategy identification. These algorithms also improve manufacturing and distribution efficiency and responsiveness in the chemical industry.Artificial Intelligence (AI) propels innovation and competitiveness in the chemicals business by enabling the customisation of chemical products and formulations to match individual client requirements, preferences, and applications.Report Objectives
To define, describe, and predict the AI in Chemicals Market by component (hardware, software, and services), business application, and end usersTo provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growthTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall AI in Chemicals MarketTo analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo analyze competitive developments, such as partnerships, mergers and acquisitions, and product developments, in the AI in Chemicals MarketTo analyze the impact of the recession across all the regions in the AI in Chemicals MarketBrowse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Optellum showcases AI for precision lung cancer treatment at ASCO 2024

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OXFORD, United Kingdom, May 30, 2024 /PRNewswire/ — Optellum, a global leader in AI-driven clinical decision support for early lung cancer diagnosis, has launched its multimodal therapy AI guidance platform for life science research. The novel AI software and scientific results, showing potential to optimize curative lung cancer treatment, will be showcased for the first time at the 2024 ASCO Annual Meeting in Chicago (31 May—4 June).

Lung cancer often shows no symptoms until it reaches an advanced stage, leaving patients with limited treatment options and less favorable outcomes. However, by continuous automated analysis of the 90 million CT scans US patients receive yearly, it may be possible to create an “early detection system”. Optellum Virtual Nodule Clinic, the first FDA-cleared decision support for early-stage lung cancer, integrates a Patient Discovery AI based on Natural Language Processing with a clinically validated Lung Cancer Prediction (LCP) score based on imaging AI/Radiomics. The combination assists clinicians in identifying at-risk patients across health systems and prioritizing them for follow-up interventions.
Early diagnosis offers patients curative treatment options. Unfortunately, some 30% to 60% of Stage I-II NSCLC patients will experience recurrence after surgery. Accurate prognosis of recurrence risk could enable thoracic oncology teams to optimize treatment early, for example, to tailor the extent of surgical resection and ensure neo-adjuvant and peri-operative treatments are offered to those at risk. To drug developers, it may enable risk-stratifying populations to increase treatment rates, expand indications to earlier stages, and predict treatment response.
Optellum will showcase their precision lung cancer care AI solutions at the American Society for Clinical Oncology (ASCO) 2024 Annual Meeting. In the ASCO scientific program (Poster Session, 3rd June, 1:30 pm), Optellum’s clinical partners will present results of AI-guided recurrence prognosis in Stage I-III NSCLC from multi-modal pre-surgical data (Abstract #8066 1) showing significantly increased sensitivity for recurrence compared to staging. The Optellum AI solutions will also be demoed at the CancerLinQ booth (#14013) and ConcertAI booth (#12045).
Christine D. Berg, M.D., the co-principal investigator of the National Lung Screening Trial (NLST) at the National Cancer Institute, which paved the way for lung cancer screening implementation, commented: “The accurate determination of prognosis drives treatment decisions in oncology. Radiomic tools combined with demographics, as shown by Optellum, can be an effective non-invasive technology to optimize decision making early in the patient’s journey, which may help to improve outcomes.”
“Our multi-modal AI platform aims to become the ‘operating system’ that guides precision lung cancer care across the patient journey, from early identification to predicting response and monitoring,” said Václav Potěšil, PhD, Founder & Chief Business Officer at Optellum. “Neo-adjuvant therapies are real game changers. Together with our medtech and biopharma partners, we leverage the power of AI to help democratize access to life-saving early diagnosis and precision treatment for every patient who can benefit.”
Learn more here.
About OptellumOptellum is a commercial-stage lung health company providing artificial intelligence decision-support software that assists physicians in early diagnosis and optimal treatment for their patients. The company was founded so that every lung disease patient is diagnosed and treated at the earliest possible stage when the probability of better health outcomes is highest. The Oxford-based medtech company has been the first to achieve FDA 510(k) clearance and reimbursability for US Medicare patients under CMS New Technology APC for the application of AI decision-support software in lung cancer diagnosis. It has since announced strategic partnerships with industry leaders, including GE Healthcare, Johnson & Johnson, and many other top biopharma and medtech companies, while Virtual Nodule Clinic has been implemented in healthcare systems across the USA and Europe. Optellum has headquarters at the Oxford Centre for Innovation in Oxford, UK, and a US office at the Texas Medical Center. For more information, visit optellum.com or follow us on LinkedIn.
Media Contact
Optellum Communications | [email protected]
1 Pre- and post-operative lung cancer recurrence prediction following curative surgery: A retrospective study using European radiomics and clinical data. Ann Valter, Tanel Kordemets, Aydan Gasimova, Noah Waterfield Price, Lutz Freitag, Anil Vachani, David Paul Carbone, Kersti Oselin, https://meetings.asco.org/abstracts-presentations/239181
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Element Biosciences to Showcase Sequencing Innovations at the European Human Genetics Conference

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Customers laud the positive impact of AVITI on advancing their scientific research
SAN DIEGO, May 30, 2024 /PRNewswire/ — Element Biosciences, Inc., developer of pioneering technologies to empower science, will showcase the rapidly growing use of its AVITI™ System sequencer across the European scientific community at the European Human Genetics Conference 2024 in Berlin, Germany, on June 1.  

During ESHG 2024, which runs from June 1-4, Element Biosciences’ Chief Technology Officer and Co-Founder Michael Previte will share the latest details on the AVITI24™, the first platform to combine state-of-the-art sequencing and multiomic cell analysis in one integrated biology tool.  The AVITI24 enables the simultaneous measurement of multiple analytes, including DNA, RNA, proteins, phosphorylated proteins, and morphology, in up to one million cells per flow cell.
“At ESHG, we’re excited to show the transformative power of AVITI and highlight how we’re advancing our mission to increase access to high-quality, affordable tools for complex biological research through AVITI24,” said Previte.
The AVITI System is expanding access to faster, more efficient and innovative sequencing for European scientific labs, with Element’s technologies now being used by researchers in most countries in Europe. With its AVITI24 open for preorders, Element also announced that existing customers are prebooking ahead of shipment, including the National Genomics Infrastructure (NGI) at SciLifeLab, a world-leading Swedish national center for large-scale research and one of the largest molecular biology research infrastructures in Europe.
“As part of the National Genomics Infrastructure, we’re committed to staying at the forefront of technology,” said Robert Månsson Welinder, Head of Strategic Relations at NGI. “Element’s AVITI24 will help us push this frontier and allow our scientific community to pursue new and exciting science.”
Leading European scientists emphasized the positive impact the AVITI has had on advancing their scientific research. Igor Fijalkowski, researcher at the Center for Medical Genetics at Ghent University in Belgium, noted the ease of adoption and flexibility of the platform saying “Over the last year or so we performed more than 100 runs of AVITI sequencing and overall, across multiple applications, the sequencing quality has been excellent. The transition was frictionless, so we are very happy with the way the sequencer has been performing.”
Several other researchers noted the cost-effectiveness, high quality, and flexibility of the AVITI platform. “Since the installation of our AVITI we have been blown away by its flexibility and quality outputs,” said Megan Hamilton, Genomics Facility Manager at the Babraham Institute in Cambridge, United Kingdom. Petri Auvinen, Research Director at the Institute of Biotechnology, University of Helsinki, Finland, said “AVITI seems to be the most efficient and most legitimate system to run a new chemistry for sequencing.”
Others called out the unique features of the AVITI not available on other platforms. “The cost-effectiveness of AVITI adds to its high sequencing quality of Q40-50, which makes it an important device in the future of cancer research,” said Romain Boidot, molecular biologist at the Georges-François Leclerc Center, France. Also in France, Charles Poncet, lab manager at INRAE, said “We chose AVITI for its combination of performance, price of the instrument and reagents, flexibility, and applications. We also had the chance to test AVITI with our wheat samples and the results were excellent, especially for an organism with such complex genetics.”
Two years after launching AVITI, the sequencer that provides the highest quality sequencing on a benchtop, Element has continued to innovate on its modular platform. It has introduced faster run times, expanded kit offerings, the Elembio Cloud software platform, and industry-leading affordability, while maintaining unprecedented accuracy.
About Element Biosciences, Inc.
Element Biosciences is a pioneering life science company democratizing access to advanced biological tools, driving impactful discoveries to benefit humanity. We are focused on developing disruptive DNA sequencing and multi-omics technology for research markets. Through innovating every fundamental element of a biological assay system, Element empowers customers with affordable, high-quality data and an improved user experience, which in turn will accelerate scientific discoveries. To learn more about Element, please visit www.elementbiosciences.com and follow us on LinkedIn, X (Twitter), and Facebook.
Media Contact:Kristi HeimElement [email protected]
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St. Pölten UAS: Networking Meeting of the Higher Education Area

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St. Pölten UAS Hosts 33rd EURASHE Annual Conference
Every year, the European Association of Institutions in Higher Education (EURASHE) brings together representatives of the higher education sector in order to discuss and design a common path in important matters for the present and future of education. This year’s meeting was held at the St. Pölten University of Applied Sciences. The focus of the event was on transnational collaborations between higher education institutions and on cooperation with the business world and society. More than 200 experts from all over Europe, Africa, Asia, and the Middle East took part.
ST. PÖLTEN, Austria, May 30, 2024 /PRNewswire/ — EURASHE, the European Association of Institutions in Higher Education, features approximately 600 universities, universities of applied sciences, university colleges, and similar institutions that conduct primarily professional higher education and applied research.

 
Important Voice in the European Higher Education Area”In order to come up with solutions to the diverse challenges of our times, it is necessary for us to integrate the knowledge and experiences of various fields and to further develop our creativity. In most cases, individual higher education institutions can generate only little impact unless they pool their forces. Therefore, international partnerships and university alliances are decisive for future-oriented development”, emphasises St. Pölten UAS CEO Hannes Raffaseder who is the current President of EURASHE. St. Pölten UAS is also the coordinator of the European University Alliance E³UDRES².
„Regarding higher education institutions it’s important that we have a diversity of voices in Europe and EURASHE is a very important voice for the universities of applied sciences. They bring in a different perspective. Typically they are very rooted in the local or regional context. They are close to the labour market and they are very innovative. So we need EURASHE to bring in their perspective and come up with new ideas on how we can make transnational cooperation work better at European level”, says Sophia Eriksson Watershoot, Director for Youth, Education and  Erasmus+ from the European Commission.
“I am happy to have our conference here in St. Pölten. The conference is different each year, and that is what makes EURASHE conferences so interesting. Here at this new campus, people get a feel of how fast changing this sector is. And we had a great diversity of people at the conference this year including guests from all around the world like North America, Asia, and the Middle East”, says John Edwards, Secretary General of EURASHE.
33rd EURASHE Annual Conferencehttps://www.eurashe.eu/events/annual-conference-2024https://www.eurashe.eu
Contact:Mark [email protected]+43 2742 313 228 ext. 269
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