According to SPER Market Research, Dry ice is a solid form of carbon dioxide that is primarily used as a refrigerant and cooling agent. In contrast to many other refrigerants, it is non-flammable and non-toxic. With the growth of the dry ice machine industry internationally, demand for dry ice is anticipated to expand. Large private companies and multinational corporations have made significant contributions to the broadening of the dry ice market’s revenue. Due to its use in the packaging and transportation of food, dry ice demand is anticipated to rise in the near future across a variety of applications. For instance, food-grade dry ice is a necessary component of all soft drinks. The dry ice market is anticipated to grow significantly over the projected period in the food and beverage manufacturing industry as well. Additionally, it is projected that during the forecast period, demand for dry ice would rise due to its adaptability and use as a viable alternative to conventional electric power-based cooling systems. Shipping of goods is anticipated to increase due to the transportation sector’s notable growth, expanding the market opportunities for dry ice globally.
Dry Ice Market Overview:
- Forecast CAGR (2022-2032): 8.24%
- Forecast Market Size (2032): 0.31 billion
Consumer demand for considerably safer frozen food is predicted to increase as the COVID-19 epidemic subsides, which has led to a steady increase in the usage of dry ice as a refrigerant. The administration’s strategy to improve the product’s quality in order to maintain social isolation, confinement, and store occupant numbers is assumed to be the reason of the COVID-19 invasive species’ reduction in product consumption. Dry ice sales are claimed to have significantly increased after Pfizer announced good results for its COVID-19 vaccine, that needs to be refrigerated to be safe. The enterprises have built temperature-controlled thermal shippers that, when loaded with dry ice, can be utilized as temporary storage, due to the utilization of the dry ice. In order to sustain lower temperatures, this method have been specially built, and temperature-controlled thermal shippers are developed. By adding more dry ice, they can be used for many days as temporary storage containers.
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Dry Ice Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ASCO CARBONDIOXIDE LTD, Central McGowan, Chillistick Ltd, Linde, Merck KGaA, Next Air LLC, Pacific/Reliant Dry Ice, Polar Ice Ltd, Praxiar Technology, The Iceman, Thomas Scientific, VICTEX
Global Dry Ice Market Segmentation:
By Product: Based on the Product, Global Dry Ice Market is segmented as; Dry Ice Blocks, Dry Ice Pellets, Dry Ice Slab, Dry Ice Slice, Dry Ice Column, Dry Ice Powder, Others.
By Capacity: Based on the Capacity, Global Dry Ice Market is segmented as; Dry Ice for Food & Beverages, Dry Ice for Healthcare, Dry Ice for Industrial Cleaning, Dry Ice for Other Applications, Dry Ice for Storage & Transportation.
By Market Type: Based on the Market Type, Global Dry Ice Market is segmented as; Production Machine, Cleaning Machine.
By End User: Based on the End User, Global Dry Ice Market is segmented as; Industrial Sector, Transportation, Food Processing, Healthcare, Commercial, Entertainment Industry, Others.
By Region: In terms of region, the Global Dry Ice Market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to be the key region of the global dry ice market during the forecast period. It is likely to be followed by Europe. Increase in demand for dry ice in the industrial sector, transportation, health care, and entertainment industries in China, Japan, and India is driving the market in Asia Pacific.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Sara Lopes, Business Consultant – USA
SPER Market Research