Market Analysis
The dry ice market is likely to touch USD 670 million at a 6.40% CAGR between 2022- 2030, according to the recent Market Research Future (MRFR) report. Dry ice is carbon dioxide in a solid form that upon sublimation becomes gas instead of liquid. It evaporates over a specific time period leaving the container bottom and biological sample clear from water.
Various factors are adding to the global dry ice industry growth. These factors, as per the new MRFR report, include cost-effectiveness, increasing use to clear out contaminants such as glue, paints, mold release agents, ink, and other forms of dirt, and increasing need of dry ice to restore industrial and residential buildings for increasing fire accidents. Additional factors adding market growth include non-combustible and non-toxic properties, growing demand for dry ice pellets and dry ice cubes in the healthcare industry grocery stores, increasing use in frozen foods, as a refrigerant in food industries and shipping, and as an alternative for conventional electric power based cooling arrangement.
On the contrary, the inability for long term storage may limit the dry ice market growth over the forecast period.
Covid-19 Analysis /Covid-19 Impact on Dry Ice Market
The world is equally fighting health as well as an economic pandemic with the novel coronavirus casting its shadow over economies worldwide. In fact, the complete lockdown scenario in different countries has impacted several industries, including the dry ice market directly or indirectly, resulting in a shift in activities such as product commercialization, vendor operations, and supply chain operations, among others. A good number of projects in South Korea, Germany, the US, and China have been delayed, and companies are experiencing short-term operational issues owing to lack of site access and supply chain constraints on account of the coronavirus pandemic. The APAC region is likely to get highly impacted by the novel coronavirus outbreak for its effect in India, Japan, China. In fact, China is the hub of the lethal disease and is a key country with regards to the chemical industry.
Key Players
Eminent players profiled in the global dry ice market report include CryoCarb (US), Pacific/Reliant Dry Ice (US), Tripti Dry Ice Co (India), Dry Ice Corp. (US), Dry Ice UK Ltd (UK), Air Liquide (France), Chuan Chon Enterprise (Taiwan), Linde plc (US), Sicgil India Limited (India), Continental Carbonic Products, Inc. (US), Polar Ice Ltd. (Ireland), and S. Ice (US). Industry players have incorporated strategies such as acquisitions, mergers, collaborations, joint ventures, new product development, and strategic alliances to build a niche in the market.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global dry ice market based on application and type.
By type, the dry ice market is segmented into blocks, pellets, and others. Of these, the pellets segment will lead the market over the forecast period for its increasing use to transport biological and food specimens such as blood and vaccines, chilling, freezing, blast cleaning, and restoring old buildings.
By application, the dry ice market is segmented into industrial cleaning, healthcare, storage and transportation, food and beverages, and others. Of these, the industrial cleaning segment will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global dry ice market covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, Europe will have the lions share in the market over the forecast period for the growing demand for frozen food products and the presence of leading market players. Trading of superior quality perishable food products that need cold storage at the time of transportation is high is this region, which is also adding market growth.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
