The global materials informatics (MI) market would reach US$ 485.7 million by 2028 growing at a compound annual growth rate (CAGR) of 27.1% during the forecast period from 2021- 2028. Materials informatics is termed as a branch which integrates informatics such as AI and data to material science and its engineering which helps in enhancing the usage, selection, discovery and development of the materials.
Significant interest for materials informatics with support of data mining and machine learning aids in discovery of new materials for any application or product, helps in designing newest materials and optimizing its processing and functioning. Materials informatics (MI) market is still in its development phase but is attaining enormous traction. Several startups have been raising millions from the integration of MI and AI and the leading key players have undergone towards revolution in the market. Factors towards the revolution arises owing to their own MI policies such as companies started their in-house R&D department for MI, to work with new startups or establishing joint ventures. Such factors and developments create thrust to accelerate the growth of the market during the forecast period. However, this field is yet in the nascent phase and faces some challenges in the market growth. Factors such as inadequate MI algorithms and obscure data structure which hinders for a specific experiment data. In addition, lack of infrastructure, noisy data volume and format are immature for the experiment restraining the market growth.
3D printing market is expected to transform the materials informatics (MI) market industry. In the upcoming years, demands for 3D printing technology would provoke the market and materials informatics acts as a catalyst for this 3D industry.
Global Materials Informatics (MI) market report analysis is segmented by technique, material, application and region. By technique, it bifurcates into digital annealer, statistical analysis, deep tensor and genetic algorithm. Based on material, it subdivides into organic materials, hybrid materials and inorganic materials. By application usage, the market is categorised into chemical industries, food science, electronics, nanotechnology, dyes, R&D agencies, material science and paper & pulp. Based on regional insights, the market bifurcates into North America (U.S, Canada), Europe (Germany, France, UK, Russia, Spain, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific), Rest of the World (Latin America and Middle East & Africa).
North America is leading in the global materials informatics (MI) market owing to maximum new startups setup in Canada region. Asia- Pacific region is expected to grow during the forecast period owing to Japanese chemicals and materials companies in the region.
The major key players involved in the global materials informatics (MI) market are Alpine Electronics Inc., Phaseshift Technologies, Citrine Informatics, Exabyte.io, Schrodinger, Nutonian Inc., Materials Zone Ltd., Kebotix, BASF, and AI Materia among others.
Segmentation and Scope of the Global Materials Informatics (MI) Market
Global materials informatics (MI) market is segmented by technique, material, application and region.
Prominent players in the Global Materials Informatics (MI) Market among other includes