Demand for dry ice is expected to magnify with the development of dry ice machines industry across the globe. Manufacturers in large multinational organizations and private firms have been contributing prominently in the revenue growth of dry ice market. Dry ice being a cost-effective product is expected to bolster its demand across various applications in the near future. Rising number of fire accidents leads to increasing demand for dry ice, in order to restore and renovate industrial and residential buildings. These factors coupled with non-combustible and non-toxic properties of dry ice is expected to further drive the global market growth.
Rapidly increasing demand for frozen foods and growing use of dry ice as refrigerant across the food and shipping industries is anticipated to significantly drive the growth of dry ice market. Notable growth in transportation industry is expected to support the shipping of products, thereby holding impressive revenue growth opportunities for dry ice market. Grocery stores and healthcare industry are anticipated to create lucrative growth opportunities for the growth of dry ice market with rising lengthy transportation trips in the forthcoming years. However, inability of dry ice in long-term storage might restrain the growth of dry ice market in the forthcoming years.
Dry Ice is solid form of carbon dioxide. Solid carbon dioxide is characterized by phase change from solid state directly to gaseous state without undergoing change into liquid state with an increase in temperature. As such, it does not lead to any residue post the phase change and hence is rightly termed as Dry ice. Dry ice manufacturing process involves initially compressing and cooling gaseous carbon dioxide to yield liquid carbon dioxide. In the next step, this liquefied carbon dioxide is allowed to undergo expansion following which it is pressurised to yield solid carbon dioxide or dry ice. Dry ice is often used instead of traditional water based ice due to relatively lower temperature(-79 degrees) of dry ice as compared to that of water based ice at the same time it does not melt into a liquid form, rendering it free from waste generation. Moreover, dry ice is non-flammable and non-toxic as opposed to some of the other refrigerants used.
Dry Ice Market: Drivers & Restraints
Dry ice market is expected to witness a steady growth during the forecast period. The growth of global dry ice market can be attributed to the growing demand for dry ice as a refrigerant in food and transport industry. Another factor that is expected to fuel the growth of global dry ice market is the use of dry ice for industrial cleaning by means of dry ice blast cleaning. It offers a safer solution as compared to use of cleaning solvents and other chemicals. Moreover, growing demand for frozen foods is expected to drive the growth of global dry ice market. The versatility of dry ice and its use as an effective alternative to conventional electric power based cooling system is expected to translate into a steady growth in demand for dry ice, thus fuelling the growth of global dry ice market during the forecast period.
Dry Ice Market: Segmentation
Depending on the end use application industry of dry ice, the global dry ice market can be segmented into following key market segments:
Dry Ice Market: Region-wise Outlook
On the basis of geographic regions of the globe, global Dry Ice market is segmented into seven major geographic segments. These key market segments are North America, Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East & Africa and Latin America Dry Ice market.
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Dry Ice Market: Key Players
Some of the identified major participants of the global Dry Ice market are as follows: