Chemical Technology Market Forecasted to Grow to $2.5 Billion by 2031 at 6.2% CAGR
The global chemical technology market is predicted to reach $2.5 billion by 2031, growing at a 6.2% CAGR from $1.4 billion in 2021. Growth is driven by increased use in various applications and demand for 3D printing, despite cybercrime risks. Artificial Intelligence dominates the technology segment, with blockchain showing the fastest growth. Petrochemicals and polymers lead in applications. Asia-Pacific remains the largest regional market, while Europe is expected to exhibit the fastest CAGR during the forecast period.
A new report by Allied Market Research indicates the global chemical technology market is projected to expand significantly, reaching $2.5 billion by 2031 from $1.4 billion in 2021, demonstrating a Compound Annual Growth Rate (CAGR) of 6.2%. This robust growth is primarily attributed to the increasing adoption of chemical technology across various sectors such as consumer chemicals, petrochemicals & polymers, specialty chemicals, fertilizers & agrochemicals, and industrial gases. The rising demand for 3D printing further propels market expansion. However, the market faces a potential restraint from the risk of cybercrime. Conversely, a surge in chemical production within both developed and developing countries is expected to unlock new growth opportunities.Segmentation analysis reveals that the Artificial Intelligence (AI) segment held nearly one-fourth of the technology market share in 2021, leveraging its capabilities to analyze large datasets and optimize chemical processes. Meanwhile, blockchain technology is anticipated to register the fastest CAGR of 6.9%, enhancing supply chain management through improved transparency. By application, the petrochemicals and polymers segment captured half of the market share in 2021 and is projected to maintain dominance with the fastest CAGR of 6.5%, crucial for producing plastics and fibers. Regionally, Asia-Pacific led the market in 2021 due to strong chemical production, while Europe is expected to show the fastest CAGR of 6.5%, driven by its pharmaceutical and plastics industries. Leading market players include Profacgen, Bayer AG, and Corteva.
