Material Informatics Market: Overview
The material informatics market size is anticipated to grow from USD 129 million in 2022 to USD 276 million by 2030, at a CAGR of 16.3% from 2023 to 2030.
The material informatics market is a rapidly growing industry that involves the use of computational tools and data analytics to design and develop new materials. Material informatics is an interdisciplinary field that combines materials science, data science, and computer science to enable the discovery and optimization of new materials. The market is being driven by the growing demand for advanced materials in various industries, including aerospace, automotive, healthcare, electronics, and energy. The ability of material informatics to accelerate the material discovery process, reduce costs, and improve the performance of materials is driving its adoption in these industries.
The Material Informatics market, like many other industries, has been impacted by the COVID-19 pandemic. Material informatics involves the use of data-driven techniques to accelerate the discovery and design of new materials, which has become increasingly important in a range of fields, including pharmaceuticals, renewable energy, and electronics. The pandemic has caused disruptions in the supply chain and manufacturing processes, which has affected the demand for new materials. Additionally, the closure of laboratories and research facilities has slowed down the pace of research and development activities in the material informatics industry. However, the pandemic has also highlighted the importance of material informatics in responding to global challenges. For example, researchers have been using material informatics to accelerate the development of vaccines and therapeutics for COVID-19. Furthermore, the pandemic has led to an increased focus on sustainability and renewable energy, which has created new opportunities for material informatics.
Material Informatics Market Drivers:
As industries such as automotive, aerospace, and electronics demand materials with higher performance and durability, there is a growing need for faster and more efficient ways to discover and develop new materials. The increasing adoption of digital technologies, such as cloud computing and big data analytics, is enabling the collection and analysis of large amounts of data, which can be leveraged to develop new materials.With increasing focus on sustainability, there is a need for materials that are environmentally friendly and can reduce the carbon footprint of products. Material informatics can help identify and develop such materials. The advancements in machine learning and artificial intelligence are enabling the development of more sophisticated algorithms that can analyze complex data sets and identify new materials with unique properties. Governments and private organizations are investing heavily in research and development of new materials, which is driving the demand for material informatics solutions.
Material Informatics Market: Restraints
Material informatics is a complex field that requires experts in various domains, including materials science, data science, and computer science. The shortage of skilled professionals with these interdisciplinary skills could hinder the growth of the market. Developing material informatics software and infrastructure requires a significant amount of investment in terms of resources and capital. This can be a significant barrier for small and medium-sized companies to enter the market. Material informatics involves the use of sensitive data such as chemical formulas and proprietary information. Ensuring data privacy and security is crucial for companies in the field, and any data breaches or leaks could result in significant losses. The success of material informatics depends on the availability of large and diverse datasets. However, accessing such data can be a challenge due to limitations in data sharing, lack of standardization, and proprietary restrictions. Integrating material informatics solutions with existing laboratory and manufacturing systems can be challenging, especially for companies with legacy systems. This could result in additional costs and complexity in adopting new technologies.
Material Informatics Market: Segmentation
The market can be segmented based on the various components involved in material informatics, such as software, services, and hardware. Segmentation can also be done based on the various applications of material informatics, such as drug discovery, energy storage, electronic devices, and others. The market can be segmented based on the end-users of material informatics, such as academic and research institutions, pharmaceutical and biotech companies, energy and power companies, and others. The material informatics market can be segmented based on the geographic region, such as North America, Europe, Asia Pacific, and Rest of the World. Segmentation can also be done based on the type of deployment, such as on premise or cloud-based material informatics solutions. The market can be segmented based on the size of the organization, such as small and medium-sized enterprises (SMEs) and large enterprises.
Material Informatics Market: Regional Landscape
North America is a leading region in the material informatics market, owing to the presence of major players and early adoption of digital technologies. The United States is the largest market in the region, with a high demand for advanced materials and digital solutions in various industries such as healthcare, energy, and aerospace. Europe is another prominent region in the material informatics market, with a growing demand for sustainable materials and advanced manufacturing technologies. Countries such as Germany, France, and the UK are major players in the market, with a strong focus on research and development in materials science. The Asia Pacific region is expected to witness significant growth in the material informatics market, owing to the growing industrialization and digitalization of various industries in countries such as China, India, and Japan. The region also has a large base of manufacturers and suppliers, which is driving the adoption of digital solutions in the supply chain. The Middle East and Africa region is expected to show significant growth in the material informatics market, owing to the increasing adoption of digital solutions in industries such as oil and gas, chemicals, and construction. The region also has a high demand for advanced materials in various applications.
Material Informatics Market: Competitive Landscape
Some of the main competitors dominating the global Material Informatics Market include- Citrine Informatics, Schrödinger, Materials Design, Inc., Dassault Systèmes, Granta Design Limited, and Siemens AG.
Global Material Informatics Market is segmented as follows: