Dry Ice Market | Size, Industry Applications and 2023 ForecastsPosted by Rishab Gupta on January 28th, 2020 Market Scenario Dry Ice Market is expected to cross USD 270 Million by 2025 at a CAGR of 7% during the forecast period of 2019 to 2025. It is a perfect competition market as it is governed by several buyers and dry ice suppliers at the local and regional level. Market players are expanding their product portfolios by offering dry ice in different forms such as dry ice pellets, dry ice blocks, and dry ice cubes to cater to the rising demand for dry ice in various industries. Manufacturers of dry ice are focusing on mergers & acquisitions to strengthen their distribution networks and attract a larger customer base to sustain in the global market. Key Players
Market Synopsis Dry ice refers to the frozen form of carbon dioxide (Co2) usually captured during industrial processes. The market is expected to register steady growth during the forecast period due to the increasing demand for dry ice in various application industries. The major application of dry ice is in industrial cleaning as it is a cost-effective solution. The use of dry ice to restore old industrial and residential buildings, along with its non-combustible and non-toxic properties, is also driving market growth. The high demand for dry ice in the logistics industry, for transporting perishable food products, is yet another determinant catalyzing market growth across the globe. The major factor hampering the sale of dry ice is the high sublimation rate. Dry ice generally sublimates at a rate of five to ten pounds every 24 hours when kept in a typical ice chest, thus, necessitating the purchase of dry ice close to its consumption time. Market USP Cost-effective industrial cleaning solution Market Drivers High demand for dry ice in storage and transportation: Dry ice is a cost-effective solution for preserving perishable and frozen food products. Dry ice offers comparatively lower temperatures than water-based ice and, hence, the demand for dry ice is high for storage and transportation. Additionally, the surging demand for frozen food, rising need for the storage of perishable food products, and the growth of cold-storage logistics are boosting the growth of the global market. As per MRFR analysis, the global frozen food market is expected to register a CAGR of 4.2% during the forecast period of 2017 to 2023. Non-toxic and non-combustible properties of dry ice Higher cooling energy than water-based ice Market Restraint High sublimation rate Segmentation By Type Pellets: The segment dominated the global dry ice market in 2018 owing to the high demand for pellet dry ice in various application industries. Dry ice in the form of pellets is widely used in the restoration of old buildings, blast cleaning, freezing, and chilling and transportation of food and biological specimens such as vaccines and blood. Blocks Others By Application Food & Beverages Storage & Transportation Healthcare Industrial Cleaning: The rising adoption of blast cleaning in various industrial applications is a major determinant responsible for the growth of the industrial cleaning segment of the global dry ice market. The segment accounted for the largest market share in 2018 and is expected to continue to dominate during the forecast period. Dry ice is used in industrial cleaning for the removal of pathogenic microbes as it is a non-corrosive and non-hazardous, cost-effective solution that can clean unreachable places. Others By Region North America Europe: The region garnered the largest market share of nearly 45% in 2018 due to the presence of prominent market players and high demand for frozen food products. The trade of high-quality perishable food products that require cold storage during transportation is also high in the region. Asia-Pacific Rest of the World Like it? Share it! More by this author |