Material Informatics Market worth $276 million by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 9, 2023 /PRNewswire/ -- The global material informatics market size is anticipated to grow from USD 129 million in 2023 to USD 276 million by 2028, at a CAGR of 16.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The increasing usage of material informatics software in manufacturing, chemical & pharmaceutical, and materials science is the key factor boosting the market's growth.

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Chemicals segment to account for a significant market share during the forecast period.

Material informatics software solutions play a crucial role in discovering, developing, and optimizing various chemicals and their types, such as polymers, dyes, and biomolecules. Chemicals are formed by combining various chemical compounds. These chemicals are needed by different industries, with different end uses and target characteristics. Identifying suitable chemical compounds through the process of synthesis and testing can be costly and time-consuming. Therefore, material informatics platforms can simplify the discovery and development process of novel chemical blends and, ultimately, new chemical compounds.

Manufacturing application is projected to hold a significant share of the material informatics market during the forecast year.

Material informatics finds applications in manufacturing areas related to automobiles, aerospace, electronics, and semiconductors. Due to recent advancements in materials science, vehicles and aircraft have become lighter. Material informatics is essential for producing lightweight components in automotive and aerospace applications. Apart from this, material informatics is also gaining pace in electronics and semiconductor manufacturing. Electronic materials are used to form highly complex electronic components and devices. These devices include integrated electronic circuits, optoelectronic devices, and computational devices. Owing to the rising demand for electronics and lightweight materials in every prominent industry, material informatics software play a vital role in materials R&D in manufacturing application.

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China to account for a significant market share of Asia Pacific from 2023 to 2028

China is projected to account for the major share of the material informatics market in the Asia Pacific from 2023 to 2028. The country is a key producer of chemical & pharmaceutical, automotive, and electronics. The country is also known for low-cost automotive product manufacturing. It is a major manufacturing hub for electronic parts, and various developing countries in the Asia Pacific region rely on China for electronic goods. The country has set up electronics manufacturing units across the country. Consequently, material informatics software vendors witness a considerable demand from manufacturing hubs of automotive, electronics, and food applications for low-cost, low risk, and reduced time for materials R&D. All these factors are pushing the growth of the material informatics market in China.

Mat3ra (US), Schrödinger (US), Dassault Systèmes (France), Citrine Informatics (US), Phaseshift Technologies (Canada) are the top five players in the material informatics market globally.

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