Global digital chemical industry market is expected to foresee bolstering growth due to increasing adoption of advance technology in order to improve the operation efficiency

The global Digital Chemical Industry market is likely to showcase robust growth during the forecast period (2021-2027). Changing trend in the global industrial activities has encouraged the chemical manufacturers to advance their operational activities in order to meet the changing requirement of businesses and maintain their position in the market. Such factors are revolutionizing the working of chemical industry.

The global digital chemical industry is in the midst of technological changes because of two crucial factor which are related to both within the industry and outside the industry. Firstly, huge potential of digital technology in several areas of chemical industry, ranging from advancement in networks and sensors to utilization of large amount of plant data, and engineering and material technologies. All these factors can increase the business efficiency and productivity. For instance, a chemical giant was able to attain price rise of 3 to 7% compared to 1% increase in prior year by using advance digital tools to change the price of numerous product-customer combination in 7 countries. Secondly, changing trend in end user industries including automotive, construction, agriculture, healthcare and nutrition and manufacturing are disrupting the end-use industries which is also impacting the digital transformation of chemical manufacturers.

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Digital technology played an important role in the light of COVID-19 as industries was operating from remote location, therefore requirement of digital technology was the need for the hour as a result chemical manufacturer adopted technologies like IoT to maintain the operational efficiency.

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• Based on operation, the market is categorized into research & development, manufacturing, procurement, packaging, supply chain, and others. Among these, manufacturing operation held the significant share in the market owing to its large and increasing adoption of new technology in manufacturing process to increase the efficiency and productivity of plants by simultaneously reducing the cost of production. Thus, helping in companies’ profitability. Further, technology like IoT helps in monitoring and automate the manufacturing process, thus reducing the labor cost, so reduce the companies’ expenditure
• Based on technology, IoT held the largest market share owing to its early adoption in the chemical operation majorly in the manufacturing process in order to monitor and automate the intricate chemical processes. By adoption IoT, industry witnessed increase in efficiency and productivity while simultaneously helped in cost cutting as it reduce the labor cost to monitor and control the process. For instance, Tata Chemicals Ltd. uses industrial internet of things (IIoT) for better automation and for improved efficiency.

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For a better understanding of the market adoption of digital chemical industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America held the significant share in the market owing to early adoption of advance technology and presence of large number of technology players in the market.

Global Digital Chemical Industry Market Segmentation

Market Insight, by Technology

• Internet of Things (IoT)
• Augmented Reality (AR)
• Virtual Reality (VR)
• Artificial Intelligence (AI)
• Digital Twin
• 3D Printing
• Others

Market Insight, by Vertical

• Bulk Chemical
• Specialty Chemical
• Agrochemical
• Others

Market Insight, by Operation

• Research & Development
• Manufacturing
• Procurement
• Packaging
• Supply Chain
• Others

Market Insight, by Region

• North America Digital Chemical Industry Market
  • United States
  • Canada
  • Rest of North America
• Europe Digital Chemical Industry Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific Digital Chemical Industry Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Digital Chemical Industry Market

Top Company Profiles

• ABB Ltd.
• Analog Devices Inc.
• Atos SE
• Autonics Corporation
• Cisco Systems Inc.
• Emerson Electric Co.
• Fanu Coporation
• Flowserve Corporation
• Fortive Corporation
• General Electric