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Dry ice is solid form of carbon dioxide (CO2) that does not leave any residue. It is an odourless, colourless, slightly acidic, and non-flammable material. Dry ice is produced by compressing and cooling CO2 gaseous in extreme high pressures, which produce liquid CO2 at the initial stage. The liquid form goes through pressurized expansion to obtain dry ice and then compressed by a hydraulic press into convenient dry ice pellets, slices, or blocks. It has low temperature of approximately -75°C when compared with the water based ice. Further, in the process of sublimation, when dry ice is heated, it directly changes into a gas instead of melting in the form of liquid. It is mainly used in refrigeration to keep the frozen and medical product cold.
The rising preference of dry ice over water-based ice has led to fuel the lucrative growth in the dry ice market. The dry ice has a low temperature than water-based ice. When it is heated, it directly changes into the gas and does not leave any residue. The dry ice is cost-effective and has non-combustible and non-toxic properties. It is also used to make carbonated drinks and soda. These benefits of dry ice increase its use over water-based ice in the food preservation, machine blast cleaning, pharmaceutical, and entertainment industry. Hence, rising demand for dry ice from various industries due to its advantages over water-based ice will surge the market during the forecast period.
Key Market Driver -
Increasing preference of dry ice over water-based ice to drive the market growth
Key Market Restraint -
Difficulty in storage of dry ice for long time to restrict the market growth
However, dry ice cannot be stored for a long time as it sublimates within 18 to 24 hours. This acts as a restraint for the use of dry ice, and anticipated to hamper the market growth.
Based on product type, the dry ice market is segmented into dry ice pellet, dry ice block, dry ice slab, dry ice slice, dry ice column, dry ice powder, and others. Based on application, the market is segmented into transport & distribution, food manufacturing/processing, industrial cleaning, entertainment, research/scientific, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the dry ice market are 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.
The Asia Pacific is anticipated to witness the highest growth in the dry ice market during the forecast period. The growth is due to the rising demand for dry ice in food preservation application. In North America, the rising entertainment industry has led to rising demand for dry ice, in which the US, and Canada, are the leading contributors. Europe witnessed sustainable growth in the market, owing to the rising demand for dry ice in the medical sector. The Middle East & Africa and Latin America will register significant growth, owing to the rising demand for dry ice in industrial cleaning.
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