Market Overview
The Dry Ice industry is projected to achieve a 6.40% CAGR and attain a market size of $670 million during the 2022-2030 forecast period.
Dry Ice refers to the solid version of carbon dioxide (CO2). It is known for not leaving any residues. Dry Ice is produced by cooling and compressing the carbon dioxide at very high pressure, producing the liquid version of the compound. The initial stage of the compression always requires pressurized expansion, which leads to the formation of the desired initial stage. The process begins with a convenient hydraulic pressure applied to the basic compound, and then an adequate amount of pressure is applied to move to the formation of slices, blocks, and pellets. The temperature of the compound can soar down as low as -75 degrees from Ice, and when it undergoes the process of sublimation, Dry Ice is produced.
Healthy and substantial growth is expected from the market with a fixed CAGR of 8%. By the day, there had been a rising preference for dry products in the market compared to water and ice-based products. Even in its fundamental form, Dry Ice has a comparatively low temperature considering the water-based Ice. This makes the product perfect and suitable for usage over other water-based products with their demerits. One of the major advantages of the product is that it doesn’t leave any residue when heated, making it the perfect side ingredient for using non-toxic properties. Most drinks like soda and non-carbonated drinks possess benefits, which are the major driving factors of the Dry Ice Market. There has been a constantly rising demand for dry products in various entertainment and pharmaceutical industries. The advantages of the product over water-based ice products make the market rise.
However, the pandemic brought a major drawback to the entire production of the Dry Ice Market. The supply chains were disrupted, as a result of which there was a problem with the import and export of raw materials. Despite this, healthy growth was forecasted for the market in its forecast period.
Market Segmentation
The Dry Ice Market Insights is segmented majorly into type and application.
Depending upon the type, the Dry Ice Market is segmented into blocks, pellets, and others. Depending upon the application, the market is again segmented into storage, transport, healthcare, industrial cleaning, and food.
Regional Analysis
A recent geographical stat updated that the Dry Ice Market has recently shown its enormous global growth in the field of South America and Asia-Pacific due to its growing economies. Europe Dry Ice Market also leads its way with global driven demand for the same.
Industry News
The Dry Ice Market Outlook was predicted to stand at a global market rate of $138.95 million and is again further estimated to be at $300 million in 2032. Healthy and substantial growth is expected from the market with a fixed CAGR of 8%. The major key players in the industry are Linde PLC, Air Liquide, and Dry Ice Corp.
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