Digital Chemical Industry Market: Current Analysis and Forecast (2021-2027)

Report Description

The global Digital Chemical Industry market is likely to showcase robust growth during the forecast period (2021-2027). In last of couple of years global industrial sector has been witnessing a new trend of digitalization. Industries are increasingly participating in this new era of technology in order to improve their business efficiency. Chemical industry is no exceptional case in this global transition, after demonstrating overperformance compared to world index in last decade, the industry is looking for new areas of investment to maintain its performance in the near foreseeable future. Increasing investment in technologies like AI and advance analytics can change the dynamics of global industrial sector including chemical industry. These technologies could help chemical industry in operations like supply chain, research & development, manufacturing, and procurement, among others. For instance, in 2020, the global investment in artificial intelligence technology was stood around $9.6 billion, making it the second largest investment area.

2020 resulted as a boon for the digital industry, chemical industry also witnessed some light of positivity in the wake of COVID-19. Companies are operating remotely owing to which requirement of digital monitoring and control of the operations increases so does the demand of digital technology in the industry.
Insights Presented in the Report

“Amongst technology, internet of things (IoT) held significant share in the market in 2020.”

Based on technology, the market is divided into IoT, AR, VR, AI, digital twin, 3D printing, and others. Among these, IoT held the considerable share in the market. This can be mainly attributed to its increasing adoption by chemical manufacturers to automate the process, integrate machines, monitor performance, and predict equipment failure. Further, by integrating new technologies like blockchain and predictive analytics with IoT platform one can track-and-trace capabilities that can lead to fine-tuning of production yields in response to fluctuating demand of end-products and prices of feedstocks.

“Amongst vertical, bulk chemical held the prominent share in the market in 2020.”

Based on vertical, the market is categorized into bulk chemical, specialty-chemical, agrochemical, and others. Among these, bulk chemical held the significant share in the market owing to its increasing demand for large demand of several industrial. Further, complex procedure to produce bulk chemical requires advances technology to reduce the process intracity is further propelling the growth of digital technology in bulk chemical sector.

“Early adoption and large investment in digital technology helps the North America to obtain the front position in the market”

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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry
  
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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Digital Chemical Industry three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Digital Chemical Industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Digital Chemical Industry through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Digital Chemical Industry market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by technology, vertical, and operation. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Digital Chemical Industry globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Digital Chemical Industry. Further, we conducted factor analysis using dependent and independent variables such as changing dynamics of chemical industry and growing demand of chemicals. A thorough analysis was conducted for demand and supply-side scenario considering increasing investment, top partnerships, merger and acquisition, business expansion, and product launches in the Digital Chemical Industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Digital Chemical Industry market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Digital Chemical Industry across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Digital Chemical Industry market in terms of revenue generated. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Digital Chemical Industry market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, vertical, and operation.

The main objective of the Digital Chemical Industry market study

The current & future market trends of global Digital Chemical Industry were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Digital Chemical Industry in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology, vertical, and operation
• Defined analysis of the regulatory framework for the Digital Chemical Industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Digital Chemical Industry for the major countries
• Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Digital Chemical Industry market players and the growth strategies adopted by them to sustain in the growing market

Deep dive country level analysis of the industry