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
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., and nexAir LLC among others are some of the major players in the dry ice market profiled in the full version of the report.
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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More Insights into Dry Ice Market Report
In its latest report, FMI offers an unbiased analysis of the global dry ice market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (dry ice pellets, sry ice blocks, other dry ice types), application (dry ice for food and beverages, dry ice for storage and transportation, dry ice for healthcare, dry ice for industrial cleaning, dry ice for other applications), and region.
According to the latest FMI reports, based on region, the dry ice market in the Asia Pacific region is expected to demonstrate the highest growth during 2022-2032. Heightened demand in the food preservation industry will likely generate growth opportunities for the target market in this region. Swelling demand for dry ice from industrial, transportation, medical, and entertainment industries, particularly those in China, Japan, and India will fuel the growth of the dry ice market in Asia Pacific. Europe is expected to follow closely after Asia Pacific in terms of dry ice market growth during the projected period.
The dry ice market in North America will also present notable growth during 2022-2032. The target market in this region will be primarily driven by the demand from the growing entertainment industry in Canada and the U.S. The increasing demand from the transportation and pharmaceutical sector also contributes to the overall dry ice market growth in this region during the forecast period.
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