Dry Ice Market Size, Industry Analysis Report By Type (Dry Ice Pellets, Dry Ice Blocks), By Application (Dry Ice for Food & Beverages, Dry Ice for Storage & Transportation, Dry Ice for Healthcare, Dry Ice for Industrial Cleaning, Dry Ice for Other Applications) & Region – Forecast
- PUBLISHED ON
- 14/11/2022
- NO OF PAGES
- 267
- CATEGORY
- Food & Beverages
The Global Dry Ice Market was valued at USD 1247.22 Million in 2022 and is projected to reach USD 1763.55 Million by 2030, growing at a CAGR of 4.5% over the forecast period. Carbon dioxide in the form of dry ice is used primarily as a refrigerant and cooling agent. Since it is a kind of solid carbon dioxide, it leaves no trace. Due to the sublimation method used to prepare it, it is commonly known as dry ice. Instead of melting into a liquid when heated, it transforms immediately into a gas. In comparison to water ice, dry ice has lower temperatures. This is a significant benefit of dry ice. The carbon dioxide used to make dry ice is compressed into a gas, then cooled until it becomes liquefied. To create dry ice, sometimes referred to as solid carbon dioxide, the liquefied form is expanded under pressure. In contrast to other types of refrigerants, dry ice is non-toxic as well as non-combustible. In the manufacturing industry, it is used to preserve frozen foods when mechanical cooling is not possible. Additionally, it is used in industrial cleaning. The blasting technique uses dry ice to assist remove pollutants like ink, dirt, mould-releasing agents, paint, oil, and glue. This is an effective and economical way for industries to increase quality and output capacity.
Dry Ice Market - Growth Factors
The market for dry ice is anticipated to increase significantly as a result of the fast-rising demand for frozen foods and the expanding usage of dry ice as a refrigerant in the food and shipping sectors. The transportation sector is anticipated to expand significantly, supporting the shipping of goods and offering the dry ice market excellent potential for revenue growth. Grocery stores as well as the healthcare sector are predicted to generate profitable growth prospects for the dry ice market in the upcoming years as long transportation trips increase. The dry ice market is anticipated to expand steadily throughout the course of the forecast period. The global dry ice market is expanding as a result of the rising requirement for dry ice as a refrigerant in the food & transportation sectors. The use of dry ice for industrial cleaning via dry ice blast cleaning is another element anticipated to propel the global dry ice market. The usage of cleaning solvents and other chemicals can be replaced with this safer option. The worldwide dry ice industry is also anticipated to grow as a result of the growing demand for frozen goods.
Dry Ice Market – Market Trends
• With the growth of the dry ice machine industry internationally, demand for dry ice is anticipated to increase. Large private companies and multinational corporations have made significant contributions to the expansion of the dry ice market's revenue.
• The demand for dry ice is expected to rise as the dry ice machine market expands globally. The growth of the dry ice market's income has been significantly aided by large private enterprises and multinational corporations.
• Dry ice's adaptability and use as a powerful substitute for traditional electric power-based cooling systems are also anticipated to drive up demand for the substance during the projection period.
Dry Ice Market – Segmentation
The Dry Ice Market by Type is categorized into:
• Dry Ice Pellets
• Dry Ice Blocks
• Other Dry Ice Types
The Dry Ice Market by Application is classified into:
• Dry Ice for Food & Beverages
• Dry Ice for Storage & Transportation
• Dry Ice for Healthcare
• Dry Ice for Industrial Cleaning
• Dry Ice for Other Applications
The Dry Ice Market –Regional Analysis
During the projected timeline, Asia Pacific is expected to dominate the worldwide dry ice market. Europe is likely to adopt it after it. The market in Asia Pacific is being driven by an increase in demand for dry ice in the transportation, healthcare, and entertainment sectors in China, Japan, and India.
The Dry Ice Market – Key Market players
The major players in the market are: Central McGowan, VICTEX, ASCO CARBON DIOXIDE LTD, The Iceman., Linde, Merck KGaA, Polar Ice Ltd, Chillistick Ltd., Thomas Scientific, Pacific/Reliant Dry Ice, Praxair Technology, Inc., and nexAir LLC among others.
Report scope
Global Dry Ice Market: Historical Years- 2018-2021
Global Dry Ice Market: Forecast Years- 2022-2030
Global Dry Ice Market 2022- USD 1247.22 Million
Global Dry Ice Market CAGR- 4.5%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
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Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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