PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455695
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455695
Material Informatics Market size was valued at USD 201.43 Million in 2023, expanding at a CAGR of 28.45% from 2024 to 2032.
Materials Informatics is an effort that aims to enhance the efficiency of materials development through the utilization of informatics methods, such as statistical analysis. In recent times, there has been a widespread application of these methods in the field of materials, due to the digitization of data and the availability of powerful computing equipment like supercomputers. These advancements have enabled researchers to analyze experiments and papers, thereby predicting the molecular structure and manufacturing techniques of materials. Materials Informatics encompasses a range of technologies from various fields, including properties theory, experiments, simulations, databases, cloud computing, security, and machine learning. It is considered a fusion of materials science and information science, and its application has been greatly accelerated by technological advancements in both domains. Governments around the world are actively investing in materials informatics, with the Obama administration in the U.S. allocating approximately 200 million dollars to promote its development.
Material Informatics Market- Market Dynamics
Increasing integration of material informatics and Artificial Intelligence (AI) is expected to dominate the growth of market.
Material informatics, when combined with AI, allows for the customization and improvement of materials to meet specific requirements in a wide range of applications. This personalized approach has the potential to create more efficient and high-performing materials in sectors such as electronics, healthcare, energy, and aerospace. According to AI statistics, 54% of companies consider AI to be a cost-effective solution, highlighting the significance of integrating AI into business strategies by 2024. Material informatics employs computational techniques, data analysis, and AI methods to accelerate the process of discovering, developing, and optimizing materials. The ability to produce materials with tailored properties for various uses presents numerous opportunities across different industries. However, a lack of transparency could hinder the expansion of the market.
Material Informatics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 28.45% over the forecast period (2024-2032)
Based on Material Type segmentation, Elements was predicted to show maximum market share in the year 2023
Based on Technique segmentation, Statistical Analysis was the leading type in 2023
Based on Application segmentation, Material Types Science was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Material Informatics Market is segmented on the basis of Material Type, Technique, Application, and Region.
The market is categorized into three sections according to the Material Type: Elements, Chemical, and Others. Elements hold the majority share in the market. The utilization of these elements in the material informatics market enables a more precise and focused approach to cater to the distinct needs and demands of various industries, applications, and regions.
The market is segmented into four groups according to Technique: Deep Tensor, Digital Annealer, Genetic Algorithm, and Statistical Analysis. Statistical Analysis holds the largest market share. Statistical analysis is frequently paired with data visualization methods. Utilizing plots, charts, and graphs to visualize data can aid in comprehending trends, patterns, and correlations within complex datasets.
The market is segmented into five categories according to Application: Chemical & Pharmaceutical, Material Types Science, Manufacturing, Food Science, Energy, and Others. Material Types Science holds the largest market share. Material informatics plays a key role in developing eco-friendly materials with specific properties that comply with regulations, thus driving market expansion.
Material Informatics Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The growth of the market is expected to be driven by North America, primarily due to the increasing adoption of data mining and machine learning in the field of material informatics. North America has been at the forefront of advancements in data mining, machine learning, and artificial intelligence (AI), which are integral to material informatics. The United States holds the largest market size for machine learning, with the projected value of USD56.75 billion in 2023, according to Machine Learning Statistics. Europe holds the second largest region for market growth, attributed to the growing research and development activities across various sectors such as electronics, chemicals, and others.
Specialized companies in material informatics software are in competition to provide comprehensive solutions for data analysis, modeling, simulation, and predictive analytics. These software platforms empower researchers and engineers to effectively explore, analyze, and design materials with specific properties. Industries such as automotive, aerospace, electronics, energy, and healthcare utilize material informatics to expedite the discovery of new materials, optimize manufacturing processes, and improve product performance. These industrial players invest in internal research and development, collaborate with software providers and research institutions, and implement material informatics solutions to gain a competitive advantage.
Materials Informatics (MI) is an emerging area of research that involves the utilization of artificial intelligence and deep learning to analyze large volumes of materials data. While traditional materials research has relied heavily on experimentation and researchers' expertise, the potential applications of MI are continuously growing.
In the past few years, companies in the chemical and materials industry have been challenged to create advanced materials that support the concept of a circular economy. Unlike the traditional approach to materials development, which involves time-consuming trial and error processes, there is a growing interest in materials informatics, which integrates materials science with information science.
GLOBAL MATERIAL INFORMATICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
AI Materia
Exabyte.io
Alpine Electronics Inc.
Citrine Informatics
Dassault Systems
Kebotix
Hitachi High-Tech
Schrodinger
Materials Zone Ltd.
MaterialsDesign
MAT3RA
Nutonian Inc.
Noble.AI
Phaseshift Technologies
Tilde Materials Informatics
Others