Market Overview
Dry Ice Market Report by Market Research Future (MRFR), Market size is expected to reach USD 270 million in the forecast period with a CAGR of 7%.
Market Dynamics
Dry ice market growth is being fueled by growing demand for dry ice over water-based ice. Dry ice is a considerably superior solution to ice made of water. When heated, dry ice evaporates completely. Dry ice is also used in the manufacturing of soda and other beverages. Dry ice is in high demand in a variety of industries, including pharmaceuticals, entertainment, food, and machine blast cleaning. Furthermore, dry ice is utilised to transport bodily parts, organs, and blood. Due to the vast range of applications, the dry ice sector is expected to increase significantly during the projection period.
Manufacturing and processing in the present era require sophisticated machines, cutting-edge technology, and, most importantly, a safe working environment. Sanitation is a primary concern in beverage and food manufacturing. Dry ice that has been certified by the FDA, EPA, and USDA is the best and safest way to keep containers, ovens, and mixers clean by not leaving any secondary waste behind. Dry ice is also critical for food and beverage preservation. It can extend the life of products and aid in their storage. That is why food and beverage firms also transport their products using dry ice. Food and beverage sectors have experienced tremendous growth throughout time as a result of rising per capita income and economic development.
The healthcare sector's rapid growth will create prospects for the dry ice market. Dry ice is used to preserve biological specimens, pharmaceuticals, blood, organs, and body parts. Additionally, dry ice is used to transport chemicals that require low temperatures, which is projected to create prospects for the dry ice sector in the near future.
The primary issue is that dry ice cannot be stored for an extended period of time since it sublimates after 18-24 hours. This is a significant constraint on the global market. Additionally, the emergence of more cost-effective alternatives may restrain the dry ice market's expansion. The dry ice market has significant challenges due to a shortage of experienced workers and a lack of awareness in developing regions. In developing nations, individuals are already cooling with conventional technologies such as water-based ice, which poses a challenge for the worldwide industry.
Competitive Dynamics
The notable players of the market are S. Ice (US), Polar Ice Ltd. (Ireland), Continental Carbonic Products, Inc. (US), Sicgil India Limited (India), Linde plc (US), Chuan Chon Enterprise (Taiwan), Air Liquide (France), Dry Ice UK Ltd (UK), Dry Ice Corp. (US), Tripti Dry Ice Co (India), Pacific/Reliant Dry Ice (US), CryoCarb (US).
Segmental Analysis
The dry ice market is segmented by type, application, and geography.
The dry ice market is categorised by type, including dry ice pellets, dry ice slabs, dry ice blocks, dry ice slices, dry ice powder, and dry ice columns. During the forecast period, the dry ice block segment will experience the fastest growth.
The dry ice market is categorised by application into transportation & distribution, entertainment, food processing, research, and industrial cleaning, among others. Among these, the food manufacturing and processing segment is likely to continue to dominate the global market over the forecast period.
Regional Overview
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the primary regions for the dry ice market.
Asia Pacific is predicted to develop at the fastest rate of any of these regions, owing to the growing need for dry ice in food preservation. The Asia Pacific market is being driven by an increase in demand for dry ice in the industrial sector, transportation, health care, and entertainment industries in China, Japan, and India.
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