I find I disagree. As much as many people want infusion to count as spellcasting, even the creator of the class, it is not considered that in PFS. Noqual only gives a 20% spell failure to casting spells.
Given the expense of Noqual vs. Mithril (3k/4k/3k more for light/medium/heavy armor, equal for weapons), and the additional 5000gp if you ever enchant it, it's really not much of an issue.
In a home game, where alchemists count as spellcasters (for taking feats and such), then yes it would have to apply then as well.
First, just to alleviate my confusion: Is there a special chronicle sheet allowing noqual items?
EDIT: Oh I guess if you're running the AP Shattered Star for PFS it's ok. Haven't done PFS in a while.
Second: Does noqual also affect spellcasting that doesn't have somatic components? Arcane spell failure chance only affects arcane spells with somatic components. The rules of noqual state that, "The [noqual] armor’s spell failure chance increases by 20% and applies to all magic cast while wearing the armor, regardless of the magic’s source or class abilities possessed by the wearer." Does the "all magic cast" part means it's a specific vs general ruling here or does the somatic component general rule still apply for spell failure chance?
Third: The FAQ was pretty clear that as written, alchemist's extracts isn't spellcasting. If noqual doesn't affect magic item use such as potions or wands, then it shouldn't affect extracts.