ID: MRFR/F-B & N/7138-HCR | February 2021 | Region: Global | 90 pages
Dry Ice Market size is expected to cross USD 270 Million by 2025 at a CAGR of 7% during the forecast period of 2019 to 2025. It is a perfect competition market as it is governed by several buyers and dry ice suppliers at the local and regional level. Market players are expanding their product portfolios by offering dry ice in different forms such as dry ice pellets, dry ice blocks, and dry ice cubes to cater to the rising demand for dry ice in various industries. Manufacturers of dry ice are focusing on mergers & acquisitions to strengthen their distribution networks and attract a larger customer base to sustain in the global market.
Dry ice refers to the frozen form of carbon dioxide (Co2) usually captured during industrial processes. The market is expected to register steady growth during the forecast period due to the increasing demand for dry ice in various application industries. The major application of dry ice is in industrial cleaning as it is a cost-effective solution. The use of dry ice to restore old industrial and residential buildings, along with its non-combustible and non-toxic properties, is also driving market growth. The high demand for dry ice in the logistics industry, for transporting perishable food products, is yet another determinant catalyzing market growth across the globe.
The major factor hampering the sale of dry ice is the high sublimation rate. Dry ice generally sublimates at a rate of five to ten pounds every 24 hours when kept in a typical ice chest, thus, necessitating the purchase of dry ice close to its consumption time.
Cost-effective industrial cleaning solution
Frequently Asked Questions (FAQ) :
Dry Ice Market is projected to grow at a 7.0% CAGR between 2019-2025.
Europe is expected to lead the Dry Ice Market.
Dry Ice Market is predicted to touch USD 270 million by 2025.
Industrial cleaning segment will lead the Dry Ice Market.
High sublimation rate may limit the Dry Ice Market growth.