Dry Ice Market By End Use Industry Type (Industrial Sector, Transportation, Food Processing, Healthcare, Commercial, Entertainment Industry and Others); By Machine Type (Production Machine & Cleaning Machine) - Global Demand Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Dry ice refers to a type of ice that is used as a refrigerant to keep things cold in medical and food industries and generate clouds of smoke in stage shows in entertainment industry. It is a form of solid carbon dioxide that does not leave any residue. It is called dry ice because of the process of sublimation, where upon heated it changes directly into a gas instead of melting into liquid.
Dry ice mechanism involves compressing gaseous form of carbon dioxide followed by cooling to liquefied form of CO2. Further, the liquefied form goes through pressurized expansion to obtain dry ice, sometimes also known as solid carbon dioxide. As compared to water based ice, dry ice is frequently used due to its relatively low temperature (-78°C).
Dry ice is non-combustible and non-toxic in nature as compared to other forms of refrigerants. Dry ice finds its usage in industrial sector for conserving frozen foods where mechanical cooling is unattainable and also in industrial cleaning with the help of dry ice blasting method which cleans contaminants like ink, dirt, mold release agents, paint, oil, and glue among others. This method is a proficient and cost efficient way for industries to hone quality and production capability. It also finds its applications in restoration of buildings that are damaged in fire accidents.
The demand for dry ice market affirms to magnify in development of industry for dry ice machines. The dry ice market is expected to expand at a CAGR of approximately 6.8% over the next ten years. The dry ice market has generated around USD 158 million in year 2017 and is anticipated to reach approximately 234 million USD by the end of forecast period.The dry ice machine market is determined for definite growth during forecast period. Dry ice market has large number of manufactures coming from private firms as well as large multinational organizations, anticipated to account for about 70% share in terms of revenue. This factor is estimated for positive growth of the dry ice market.
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Globally, Europe has the highest consumption market which consumed largest consumption amount in 2017. In terms of production, Europe has occupied the major share of around 46 % in dry ice production market in 2017 followed by the United States and Asia-Pacific with their market share around 33% and 14% of global dry ice production.
Our in-depth analysis of the dry ice market includes the following segments:
Dry ice market is further classified on the basis of region as follows:
Dry ice market is anticipated to witness a steady growth during the forecast period. This can be attributed to the use of dry ice for industrial cleaning for clearing out contaminants like ink, mold release agents, paint, glue and different forms of dirt among others with the help of dry ice blasting method. Dry ice is a cost effective method that is likely to bolster the demand of dry ice market in the near future.
Due to rising fire accidents, there is surging need for restoration of residential and industrial buildings. Dry ice can be used for renovation in such cases furthering the growth of dry ice market. Factors such as these combined with its non-toxic and non-combustible properties are anticipated to boost the market growth by the end of forecast period.
Globally, dry ice market is estimated to witness stable growth during forecast period. This can be attributed to rising demand for dry ice for frozen foods along with usage of dry ice as a refrigerant in shipping and food industries. The applicable use of dry ice as substitute for conventional electric power based cooling arrangement is anticipated to fuel the growth of dry ice market by the end of forecast period.
However, inability for long term storage might deter the growth of dry ice market.
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