Dry Ice Market’s Revenue Prospects Estimated to be Remarkable with Positive Outlook for Transportation Industry
Category: Chemicals & Materials Published Date : Oct-23 ID: CVC01109 Format: PDF Pages: 300
The increasing preference for dry ice over water-based ice has fueled significant growth in the dry ice market. Dry ice, with its lower temperature compared to water-based ice, undergoes a direct transformation into gas when heated, leaving no residue behind. This cost-effective substance boasts non-combustible and non-toxic properties, making it particularly appealing. Furthermore, dry ice finds applications in the production of carbonated drinks and soda. These advantages of dry ice have led to a surge in its utilization across various industries such as food preservation, machine blast cleaning, pharmaceuticals, and entertainment. As a result, the growing demand for dry ice, driven by its myriad benefits over water-based ice, is set to propel the market forward during the forecast period.
What are the Key Catalysts Propelling the Growth of the Dry Ice Market?
The robust upsurge in the desire for frozen foods and the expanding adoption of dry ice as a refrigerant within the food and shipping sectors are poised to play a pivotal role in driving substantial dry ice industry growth.
The transportation industry’s remarkable expansion is expected to bolster the shipment of products, thereby offering remarkable revenue prospects for the dry ice industry. Given the escalating prevalence of extended transportation journeys, both grocery stores and the healthcare sector are anticipated to create appealing avenues for profitable development over the forthcoming years.
Throughout the forecast period, the dry ice market is anticipated to demonstrate consistent growth. The increasing requirement for dry ice as a refrigerant in the food and transportation domains is actively propelling the industry expansion worldwide.
Another contributing factor to the market’s momentum is the utilization of dry ice in industrial cleaning via dry ice blast cleaning, a safer substitute for conventional cleaning solvents and chemical agents. Additionally, the escalating demand for frozen foods is forecasted to further advance the industry progression.
What Hinders the Dry Ice Industry, Given its Short Shelf Life and Cost-effective Alternatives?
The primary issue lies in the limited shelf life of dry ice, as it undergoes sublimation within 18-24 hours, presenting a significant constraint in the global market. Additionally, the availability of more cost-effective alternatives can potentially impede the growth of the dry ice market.
What Opportunities Does the Use of Dry Ice Present in the Entertainment Industry?
Dry ice is a popular choice in theatrical productions for generating mesmerizing fog and mist effects that elevate the ambiance and bring dramatic flair to scenes. This versatile fog can replicate diverse weather conditions and evoke the desired mood for the audience.
In the realm of entertainment, dry ice is a common ingredient in concerts, music festivals, and live events, where it crafts visually striking fog and smoke effects that harmonize with stage design and lighting, infusing excitement and enhancing the overall atmosphere. Moreover, theme parks and amusement destinations across India incorporate dry ice to craft eerie settings in haunted houses, thrill rides, and various themed attractions.
Which Sub-segment is Expected to Lead the Market for Dry Ice by Product Type?
During the forecast period, the dry ice block category stands out as the fastest-growing segment, underpinned by a rising demand primarily in the food and beverage industry, as well as the storage and transportation sectors.
The key drivers behind this robust growth for dry ice market are the inherent advantages offered by dry ice blocks, including their suitability for large-scale applications and their exceptional ability to prolong the storage life of perishable foods. As a result of these factors, the global market analysis suggests that this segment is poised to capture a substantial market share of 43.0% by the conclusion of the forecast period.
This surge in the dry ice block segment highlights the growing importance of cold chain logistics and refrigeration solutions in preserving and transporting food products efficiently. As the food and beverage industry expands and demand for extended storage capabilities rises, dry ice blocks are emerging as a versatile and effective solution, driving their significant market share increase in the forecasted period.
Which Specific Application Segment is Anticipated to Hold the Largest Industry Share?
The dry ice market is segmented by application into food and beverages, storage and transportation, industrial cleaning, healthcare, entertainment, and other applications. Notably, the storage and transportation segment is anticipated to take the dominant position in the market.
This prominence owes much to the indispensable role dry ice plays in managing temperature-sensitive shipments, offering a reliable solution for the safe and controlled transfer of various items, including food, perishable goods, and clinical supplies.
In addition to its critical use in the transportation of these items, dry ice is integral to the preservation of blood in blood banks, ensuring its consistent maintenance at precise temperatures and under sterile conditions.
Furthermore, the storage and supply chain aspects of dry ice feature prominently in clinical trials conducted by pharmaceutical companies, healthcare institutions, and research laboratories, facilitating the frozen and refrigerated transport of diverse products, ranging from pharmaceuticals and medical devices to food and carbon fiber materials.
Why is the Market for Dry Ice in East Asia Expected to Thrive the Most?
The East Asia dry ice market is poised for significant growth due to the region’s expanding food and beverage industry, increased demand for cold chain logistics and storage solutions, as well as the rising utilization of dry ice in various applications, such as healthcare and industrial cleaning. This growth is further driven by the increasing awareness of the benefits of dry ice and its ability to meet the demands of a diverse range of industries in the East Asian market.
Furthermore, the growing emphasis on food safety and the need for reliable temperature-controlled transportation and storage systems, particularly in countries like China and Japan, are key factors propelling the demand for dry ice.
The rise in healthcare-related applications, such as blood preservation and clinical trials, also contributes to the robust prospects of the dry ice market in East Asia. Additionally, as East Asian economies continue to develop, the entertainment and industrial sectors are exploring innovative ways to incorporate dry ice for special effects and cleaning purposes, further enhancing the market’s growth potential in the region.
Owing to the above-mentioned factors, the market in East Asia is projected to get hold of a market share of 35.1% by 2033.
How is North America Contributing to the Growth of the Dry Ice Industry?
North America significantly fuels the market expansion, primarily due to the flourishing entertainment industry. The United States and Canada play pivotal roles in driving the heightened demand for dry ice.
Additionally, in the United States, regulatory approvals have streamlined the storage requirements for Pfizer’s COVID-19 vaccine, permitting less extreme temperatures for transportation and storage. This regulatory development eases the distribution and dispensing of one of the country’s two authorized emergency vaccines. As a result, North America continues to demonstrate substantial growth prospects in the dry ice market, bolstered by the dynamic entertainment sector and evolving healthcare needs.
How Strong is the Competition in the Dry Ice Industry?
The competition in the dry ice business is notably robust, characterized by a diverse range of suppliers and players catering to various industries and applications.
Among the prominent companies in the dry ice market are Praxair Technology, Inc., ASCO CARBON DIOXIDE LTD, Linde, Chillistick Ltd, Thomas Scientific, Merck KGaA, VICTEX, The Iceman, Polar Ice Ltd, Pacific/Reliant Dry Ice, nexAir LLC, and Central McGowan stand as key players.
Established industry leaders vie with smaller, innovative companies, continually introducing new applications and advanced production methods. The market dynamics are influenced by factors such as regional demand, the development of eco-friendly alternatives, and evolving regulations.
As the dry ice market grows and diversifies, competition remains fierce, prompting companies to innovate and differentiate their offerings to maintain a strong presence and satisfy the evolving needs of industries such as food and beverage, healthcare, and entertainment.
Praxair Technology, Inc.: The company serves a variety of end markets including chemicals, energy & decarbonization, food & beverage, electronics, healthcare, manufacturing, metals & mining.
ASCO CARBON DIOXIDE LTD.: A Swiss-based global enterprise, that provides comprehensive solutions for both CO2 and dry ice applications. Their diverse service portfolio encompasses CO2 recovery systems, ASCOJET dry ice blasting machines, dry ice production equipment, CO2 cylinder filling systems, CO2 vaporizers, CO2 storage tanks, CO2 dosing systems for water neutralization, and a wide array of other CO2 and dry ice-related technologies.
Chillistick Ltd.: Chillistick produces dry ice utilizing a by-product derived from renewable energy generation, distinctly different from fertilization plants. Moreover, Chillistick offers specialized guidance and assistance in the realm of Cold Chain Logistics.
Since 2020, the company has diversified its operations to encompass 3PL services and Frozen/Chilled Food Fulfillment, incorporating Warehousing and Pick and Pack services into its offerings.
Recent Developments in the Dry Ice Market:
1.1. Global Market Outlook
1.2. Technology Roadmap
1.3. Supply and Demand Side Trends
1.4. Strategic Success Factors
1.5. Analysis and Recommendations
2.1. Market Taxonomy
2.2. Market Definitions
2.3. Inclusions & Limitations
3.1. Supply Side Overview
3.2. Demand Side Overview
4.1. Macroeconomic Factors
4.2. Forecast Factors
4.3. PEST Analysis
4.4. Porter’s Five Forces
4.5. Value Chain Analysis
4.6. Market Dynamics
4.7. Patent Analysis
4.8. Trade Analysis
4.9. Investment Feasibility Matrix
4.10. Challenges for New Entrants
4.11. Regulations Overview
4.12. Covid-19 Impact Assessment
4.12.1. Economy/Cluster Projections
4.12.2. Covid-19 Economic Assessment
4.12.3. Potential Impact on Target Market
4.12.4. Recovery Scenario
5.1. Historical Value ($ Mn) and Future Market Value ($ Mn) Projection Analysis
5.2. Demand Y-o-Y Growth Rate Analysis
5.3. Total $ Opportunity Analysis
5.4. Historical Volume (Tons) and Future Market Volume (Tons) Projection Analysis
6.1. Regional Pricing Analysis By Type
6.2. Regional Price Forecast
6.3. Profit Margin Analysis
6.4. Future Price Impact Factors
7.2. Market Trends
7.3. Historical Market Analysis and Market Forecast Analysis
7.3.1. Dry Ice Pellets
7.3.2. Dry Ice Blocks
7.3.3. Other Dry Ice Types
7.4. Market Attractiveness Analysis
8.2. Market Trends
8.3. Historical Market Analysis and Market Forecast Analysis
8.3.1. Dry Ice for Food & Beverages
8.3.2. Dry Ice for Storage & Transportation
8.3.3. Dry Ice for Healthcare
8.3.4. Dry Ice for Industrial Cleaning
8.3.5. Dry Ice for Other Applications
8.4. Market Attractiveness Analysis
9.2. Market Trends
9.3. Historical Market Analysis and Market Forecast Analysis
9.3.1. North America
9.3.2. Latin America
9.3.3. Western Europe
9.3.4. Eastern Europe
9.3.5. East Asia
9.3.6. South Asia Pacific
9.3.7. Middle East & Africa
9.4. Market Attractiveness Analysis by Region
10.2. Key Market Trends
10.3. Pricing Analysis
10.4. Historical Market Analysis and Market Forecast Analysis
10.4.1. By Country
10.4.1.1. The U.S.
10.4.2. By Type
10.4.3. By Application
10.5. Market Attractiveness Analysis
10.5.1. By Country
10.5.2. By Type
10.5.3. By Application
10.6. Market Participants Presence Mapping
11.2. Key Market Trends
11.3. Pricing Analysis
11.4. Historical Market Analysis and Market Forecast Analysis
11.4.1. By Country
18.104.22.168. Rest of L.A.
11.4.2. By Type
11.4.3. By Application
11.5. Market Attractiveness Analysis
11.5.1. By Country
11.5.2. By Type
11.5.3. By Application
11.6. Market Participants Presence Mapping
12.2. Key Market Trends
12.3. Pricing Analysis
12.4. Historical Market Analysis and Market Forecast Analysis
12.4.1. By Country
22.214.171.124. Rest of Western Europe
12.4.2. By Type
12.4.3. By Application
12.5. Market Attractiveness Analysis
12.5.1. By Country
12.5.2. By Type
12.5.3. By Application
12.6. Market Participants Presence Mapping
13.2. Key Market Trends
13.3. Pricing Analysis
13.4. Historical Market Analysis and Market Forecast Analysis
13.4.1. By Country
126.96.36.199. Rest of Eastern Europe
13.4.2. By Type
13.4.3. By Application
13.5. Market Attractiveness Analysis
13.5.1. By Country
13.5.2. By Type
13.5.3. By Application
13.6. Market Participants Presence Mapping
14.2. Key Market Trends
14.3. Pricing Analysis
14.4. Historical Market Analysis and Market Forecast Analysis
14.4.1. By Country
188.8.131.52. South Korea
14.4.2. By Type
14.4.3. By Application
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Type
14.5.3. By Application
14.6. Market Participant's Presence Mapping
15.2. Key Market Trends
15.3. Pricing Analysis
15.4. Historical Market Analysis and Market Forecast Analysis
15.4.1. By Country
184.108.40.206. Rest of SAP
15.4.2. By Type
15.4.3. By Application
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Type
15.5.3. By Application
15.6. Market Participants Presence Mapping
16.2. Key Market Trends
16.3. Pricing Analysis
16.4. Historical Market Analysis and Market Forecast Analysis
16.4.1. By Country
220.127.116.11. GCC Countries
18.104.22.168. South Africa
22.214.171.124. Rest of MEA
16.4.2. By Type
16.4.3. By Application
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Type
16.5.3. By Application
16.6. Market Participants Presence Mapping
17.1. Market Concentration Analysis
17.2. Tier Structure Breakdown
17.3. Market Share Analysis
17.4. Production Capacity Analysis
17.5. Key Strategies Adopted by Top Players
17.6. Start-up Ecosystem
17.6.1. New Player Entry
17.6.2. Strategies Adopted by New Players
17.7. Company Footprint Analysis
17.7.1. Vehicle Type Footprint
17.7.2. Regional Footprint
17.8. Competitive Dashboard
18.1. Praxair Technology, Inc.
18.2. ASCO CARBON DIOXIDE LTD
18.4. Chillistick Ltd
18.5. Thomas Scientific
18.6. Merck KGaA
18.8. The Iceman
18.9. Polar Ice Ltd
18.10. Pacific/Reliant Dry Ice
18.11. never LLC
18.12. Central McGowan