The dry ice market, a niche segment of the industrial gases sector, has been steadily growing in recent years, fueled by a diverse range of applications across various industries. Dry ice, also known as solid carbon dioxide (CO2), is gaining traction due to its unique properties and versatility.
The global Dry Ice Market is projected to reach a value of US$ 300 Million by 2032, with the demand growing at a robust CAGR of 8% from 2022 to 2032. Valued at US$ 137 Million in 2021, the target market will likely reach an estimated US$ 138.95 Million in 2022.
The rising demand for dry ice to restore and renovate industrial and residential buildings damaged by fire will serve as one of the major growth inducers for the dry ice market during the forecast period.
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The swiftly rising demand for frozen foods due to a fast-paced lifestyle along with the surging usage of dry ice as a refrigerant in the food and shipping sectors are predicted to significantly boost the growth of the dry ice market.
Considerable growth and development in the transportation sector will likely support product shipping which will, in turn, open up various revenue growth opportunities for the global dry ice market. Owing to a surge in long transportation trips, grocery stores, and the healthcare industry will also contribute towards the creation of profitable opportunities for the dry ice market in the upcoming years.
Additionally, the dry ice market will grow steadily over the next few years due to the increasing demand for dry ice as a refrigerant in the food, transportation, pharmaceutical, and healthcare industries. Furthermore, the use of dry ice for industrial cleaning through dry ice blast cleaning will also contribute to the overall market growth. Dry ice is a safer substitute for cleaning purposes than the use of solvents and other chemicals.
“Owing to its non-inflammable and non-toxic properties, dry ice is expected to find application in a variety of industries which, in turn, will foster the global growth of the dry ice over market the forecast period,” says an FMI analyst.
Key Takeaways:
- The short lifespan of dry ice may hinder its overall market growth.
- The development of the dry ice machine industry across the globe will strengthen market prospects.
- The advancing entertainment industry will push the dry ice market towards growth in North America.
- The dry ice market in the Asia Pacific region is expected to undergo the highest growth.
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Competitive Landscape
Major players in the dry ice market
- 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.
- nexAir LLC
Many manufacturers- large multinational corporations and private firms- substantially contribute to the oval revenue growth of the market. These leading market players are employing various organic and inorganic strategies to gain a competitive advantage.
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Key Segments Covered in the Dry Ice Market Report
Type:
- Dry Ice Pellets
- Dry Ice Blocks
- Other Dry Ice Types
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:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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