New York, USA, April 27, 2023 (GLOBE NEWSWIRE) -- Dry Ice Market Research Report Information by Type, Application and Region - Forecast till 2030, the market size is expected to reach 670 million in the forecast 2022-2030 with a CAGR of 6.40%.
Market Scope:
The items may be kept fresh for less money and with less impact on the environment by using dry ice. Because of this, it is frequently utilized in the long-distance delivery of commodities and products. And it is a key component in the expansion of the dry ice business. The quantity of energy absorbed by 1 ton of gas is measured by the global warming potential. The cooling capability improves with decreasing global warming potential. In comparison to other refrigerants, dry ice has higher cooling capability and has the lowest potential for global warming. Additionally, the non-flammable and non-toxic properties increase the benefits.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 670 Million |
| CAGR | 6.40% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing per capita income of people and economic development |
Competitive Dynamics:
The main players are those who make significant contributions to the dry ice market. There are many key players in the dry ice industry, and some of them are
- Ice (US)
- Air Liquide (France)
- Dry Ice UK Ltd (UK)
- Dry Ice Corp. (US)
- Tripti Dry Ice Co (India)
- Pacific/Reliant Dry Ice (US)
- Continental Carbonic Products, Inc. (US)
- Single India Limited (India)
- Linde plc (US)
- Chuan Chon Enterprise (Taiwan)
- CryoCarb (US)
- Polar Ice Ltd. (Ireland)
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Market USP:
Market Drivers
The market for dry ice is expanding due to the growing preference for it over water-based ice. A considerably superior alternative to water-based ice is dry ice. The dry ice doesn't leave any residue after being heated. Dry ice is also used in the brewing of soda and other beverages. Pharmaceuticals, entertainment, cuisine, and machine blast cleaning all show a requirement for dry ice. Additionally, the delivery of bodily parts, organs, and blood also uses dry ice. The dry ice industry trends are anticipated to increase throughout the projection period due to the vast range of applications.
Opportunities for the dry ice industry will arise from the healthcare sector's significant expansion. Blood, organs, pharmaceuticals, biological samples, and body parts may all be preserved with dry ice. In addition, dry ice is used to transport chemicals that must be transported at extremely low temperatures, which is anticipated to create prospects for the dry ice business in the near future.
Modern manufacturing and processing require complex machinery, cutting-edge technology, and most importantly, a safe working environment. Production of beverages and foods is primarily concerned with sanitation. The best and safest methods for keeping the containers, ovens, and mixers clean by not leaving any extra waste behind are dry ice techniques that have been authorized by the FDA, EPA, and USDA. Food and drink preservation are significantly aided by the use of dry ice. It can improve a product's self-life and facilitate storage. Because of this, dry ice is also used by food and beverage industries for shipping.
Market Restraints
The main issue is that dry ice cannot be kept for an extended period of time since it sublimates in 18 to 24 hours. One of the main barriers to the worldwide market is this. The availability of more affordable alternatives might also restrain the growth of the dry ice industry.
A significant issue facing the dry ice business is the lack of competent labor and a lack of knowledge in less developed areas. People already use traditional cooling techniques like water-based ice in poor places, which presents a problem for the worldwide industry.
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COVID-19 Analysis
Since the start of the year 2020, the covid-19 epidemic has impacted several commercial enterprises throughout the globe. It has had a detrimental impact on every industry, including food and beverage, medicines, transportation, and others. These industries have had difficulties as a result of the shutdown. The production process has come to a complete stop, which prevents the supply from keeping up with demand. There are many uses for dry ice in the food and beverage industry, but as food output has decreased, so has demand for dry ice. The pandemic also had a detrimental impact on the pharmaceutical industries. The demand for dry ice has been impacted by the fact that it is utilized as a refrigerant in the pharmaceutical industry. One of the main issues that the global market faced was the constraints on travel and transportation. Overall, the pandemic had a detrimental effect on the dry ice business. But once everything returns to normal, the major companies are attempting to increase market demand.
Market Segmentation
By type
The category for dry ice blocks experiences the fastest increase throughout the anticipated timeframe. Because they are practical to use in large-scale applications and help keep food for extended periods of time, blocks are becoming more and more in demand in the food and beverage, storage, and transportation industries. Global market study predicts that over the projected period, this market category will grow at a CAGR of 6.40%.
In Practice
The segment that produces and processes food is anticipated to have the largest worldwide market share over the forecast period. Due to increased demand, foods now have a longer shelf life and may be preserved for extended periods of time.
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Regional Analysis
Due to the increasing demand for dry ice in food preservation, the Asia-Pacific region is anticipated to have the largest growth in the market among these.
Due to the growing demand in the entertainment business, North America is also seeing market expansion in the health sector.
Due to the growing need for dry ice in the medical industry, Europe is poised to see stable market expansion.
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