Generative AI in the Chemicals and Materials Industry: Technology Advances and Growth Opportunities

Generative AI in the Chemicals and Materials Industry: Technology Advances and Growth Opportunities

Generative AI Integration Promises Transformational Growth with Higher ROI and Increased Margins

RELEASE DATE
31-Oct-2023
REGION
Global
Deliverable Type
Technology Research
Research Code: DAC0-01-00-00-00
SKU: CM_2023_276
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Description

Generative artificial intelligence (GenAI) is emerging as a game changer in the chemicals and materials industry. This technology, which combines advanced machine learning with vast data resources, has the potential to transform the industry by driving innovation, efficiency, and ecologically sound practices. Gen AI allows for faster research and development (R&D), resulting in shorter timelines and lower costs. It enables material optimization, which improves product performance and sustainability. Predictive maintenance and supply chain optimization are now possible, resulting in reduced downtime and more efficient logistics. Thus, GenAI has the potential to address the industry's growing demand for novel materials and environmentally friendly practices in a cost-efficient manner. However, complex regulatory landscapes, a talent gap in AI and data science, and the need for high-quality data present challenges.

This research service identifies the pain points across various business functions in the chemicals and materials industry, determining how they can be addressed by harnessing Gen AI. It presents an impact analysis of GenAI in the industry, along with a timeframe in which GenAI is expected to address bottlenecks. The study also examines the investment landscape, identifies the key industrial and academic players in this space, and highlights growth opportunities enabling the development and adoption of Gen AI technology in the chemicals and materials industry. The base year is 2022, and the forecast period is from 2023 to 2030.

Table of Contents

Why Is It Increasingly Difficult to Grow?The Strategic Imperative 8™: Factors Creating Pressure on Growth

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on Generative Artificial Intelligence (GenAI) in the Chemicals and Materials Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Research Methodology

Emerging Trends and Critical Needs in the Chemicals and Materials Industry

Emerging Trends and Critical Needs in the Chemicals and Materials Industry (continued)

Overview of Key Subtasks Across Business Functions in the Chemicals and Materials Industry

Overview of Key Subtasks Across Business Functions in the Chemicals and Materials Industry (continued)

Overview of Key Subtasks Across Business Functions in the Chemicals and Materials Industry (continued)

Overview of Key Subtasks Across Business Functions in the Chemicals and Materials Industry (continued)

Evolution of GenAI from Concept to Creation

Evolution of GenAI from Concept to Creation (continued)

Comparison of GenAI Technology with Conventional Digital Tools

Comparison of GenAI Technology with Conventional Digital Tools (continued)

Transformative Aspects of GenAI in the Chemicals and Materials Industry

Growth Drivers

Growth Restraints

Scope and Segmentation

Application of GenAI in Chemicals and Materials R&D

Application of GenAI in Chemicals and Materials R&D (continued)

Application of GenAI in Chemicals and Materials R&D (continued)

Application of GenAI in Chemicals and Materials R&D (continued)

Application of GenAI in Chemicals and Materials R&D (continued)

Application of GenAI in Chemicals and Materials Manufacturing and Processing

Application of GenAI in Chemicals and Materials Manufacturing and Processing (continued)

Application of GenAI in Chemicals and Materials Manufacturing and Processing (continued)

Application of GenAI in Chemicals and Materials Manufacturing and Processing (continued)

Application of GenAI in Chemicals and Materials Manufacturing and Processing (continued)

Application of GenAI in Chemicals and Materials Commercialization

Application of GenAI in Other Domains of the Chemicals and Materials Industry

Application of GenAI in Other Domains of the Chemicals and Materials Industry (continued)

Application of GenAI in Other Domains of the Chemicals and Materials Industry (continued)

Application of GenAI in Other Domains of the Chemicals and Materials Industry (continued)

Impact Analysis of GenAI Across Chemicals and Materials Activities

Impact Analysis of GenAI Across Chemicals and Materials Activities (continued)

Impact Analysis of GenAI Across Chemicals and Materials Activities (continued)

Leading GenAI Solutions for the Chemicals and Materials Industry

Leading GenAI Solutions for the Chemicals and Materials Industry (continued)

Academic Research for Developing Chemicals and Materials by Leveraging GenAI

Academic Research for Developing Chemicals and Materials by Leveraging GenAI (continued)

Partnerships and Collaborations Aiming to Accelerate the Adoption of GenAI Capabilities

Funding and Investment Analysis on Expanding GenAI Capabilities for the Chemicals and Materials Industry

Use Cases of Implementing GenAI Capabilities in the Chemicals and Materials Industry

Use Cases of Implementing GenAI Capabilities in the Chemicals and Materials Industry (continued)

Examples of Chemicals and Materials Companies Trying to Explore or Implement GenAI Technology Across their Business Functions

Examples of Chemicals and Materials Companies Trying to Explore or Implement GenAI Technology Across their Business Functions (continued)

Analyst Perspective on GenAI’s Potential to Revolutionize the Chemicals and Materials Industry

Growth Opportunity 1: Quantum-powered GenAI for Optimizing Materials Properties

Growth Opportunity 1: Quantum-Powered GenAI for Optimizing Materials Properties (continued)

Growth Opportunity 2: Cloud-based GenAI Services for Accelerated Materials Discovery

Growth Opportunity 2: Cloud-based GenAI Services for Accelerated Materials Discovery (continued)

Growth Opportunity 3: GenAI with RPA for QC Compliance

Growth Opportunity 3: GenAI with RPA for QC Compliance (continued)

Technology Readiness Levels (TRL): Explanation

Your Next Steps

Why Frost, Why Now?

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Generative artificial intelligence (GenAI) is emerging as a game changer in the chemicals and materials industry. This technology, which combines advanced machine learning with vast data resources, has the potential to transform the industry by driving innovation, efficiency, and ecologically sound practices. Gen AI allows for faster research and development (R&D), resulting in shorter timelines and lower costs. It enables material optimization, which improves product performance and sustainability. Predictive maintenance and supply chain optimization are now possible, resulting in reduced downtime and more efficient logistics. Thus, GenAI has the potential to address the industry's growing demand for novel materials and environmentally friendly practices in a cost-efficient manner. However, complex regulatory landscapes, a talent gap in AI and data science, and the need for high-quality data present challenges. This research service identifies the pain points across various business functions in the chemicals and materials industry, determining how they can be addressed by harnessing Gen AI. It presents an impact analysis of GenAI in the industry, along with a timeframe in which GenAI is expected to address bottlenecks. The study also examines the investment landscape, identifies the key industrial and academic players in this space, and highlights growth opportunities enabling the development and adoption of Gen AI technology in the chemicals and materials industry. The base year is 2022, and the forecast period is from 2023 to 2030.
More Information
Deliverable Type Technology Research
Author Abhishek Paul Choudhury
Industries Chemicals and Materials
No Index No
Is Prebook No
Keyword 1 Generative AI Trends in Materials
Keyword 2 Chemicals & Materials Tech Trends
Keyword 3 Future Trends in AI Technology
Podcast No
WIP Number DAC0-01-00-00-00