The demand for dry ice is expected to increase at a strong CAGR of 8% from 2022 to 2032, leading to a forecasted market value of US$ 300 Million by that year. The target market, which was valued at US$ 137 Million in 2021, is anticipated to grow to US$ 138.95 Million in 2022. One of the key development drivers for the dry ice market over the projected period will be the increasing demand for dry ice to repair and refurbish industrial and residential structures damaged by fire.
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.
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“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.
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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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