iCrowd Newswire – Aug 7, 2020
Global Dry Ice Market has shown steady growth over the years. Its aggregate revenues are projected to increase at CAGR of 3.81%, over the prediction period 2019-2026, and reach USD 289.65 million by 2026. The growing global business of high-quality perishable food products requires more refrigeration facilities during transportation. Growing import & export activities related to drugs & vaccines and rising organized retail & foodservice industry are expanding the demand for Dry Ice in the global market.
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Due to global pandemic, there has been a slowdown in economic activity and more transportation restrictions in affected countries. It is likely to impact the production and profitability of global Dry Ice companies, mainly engaged in manufacturing and raw material procurement. Small and medium-sized firms may have greater difficulty surviving the disruption.
The selection of Dry Ice form depends upon its application. For instance, Pellet form of Dry Ice is the best for smaller-scale needs or one-time storage or delivery purposes. The Dry Ice slice form is high in density and long-lasting. Dry Ice slices are customized for the airline and pharmaceutical industry. Rectangular and square solid pieces of Dry Ice are often used in the storage and/or transportation of perishable goods such as food or medical supplies. Each slice is individually wrapped for ease of use and for reducing sublimation levels.
In the industrial cleaning sector, Dry Ice blasting has become the fastest-growing application of CO2 in the entire industry. The Sandblasting and Dry Ice blasting use a jet nozzle and compressed air to shoot small pellets of Dry Ice (blasting rice) in a similar way for superior results. The extreme cold causes targeted material to shrink, allowing its easier removal. The used blasting rice will sublimate into gaseous CO2 after use, which makes cleaning a breeze.
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North America controls the significant market share in the global Dry Ice market. It has bright potential due to the rising trend of direct to doorstep food delivery services. Companies like Blue Apron and Hello Fresh offer meal kit services, and now even Amazon is assuring two-hour grocery delivery. Such developments call for more storage facilities, and Dry Ice becomes the foremost requirement for it. Dry ice is a substantially growing market in North America due to the presence of an established e-commerce business model for food delivery. More efficiencies in the region add to the cost-effectiveness of using Dry Ice. Also, there are major suppliers in the industry that have large scale facilities tied to CO2 manufacturing plants.
The global Dry Ice market is pretty consolidated with a few industry titans capturing a large part of the market share. Linde Plc and Messer Group GmbH are the two principal players within the global Dry Ice market accounting for significant market share across the globe. In 2018, Linde Plc. declared business combination between Praxair and Linde AG. Companies such as Gulf Cryo, Polar Ice Ltd., Continental Carbonic Products Inc., Sicgil India Limited, Linde Plc., Air Liquide, Tripti Dry Ice Co., Messer Group GmbH, Air Water Inc., and Punjab Carbonic Private Limited are the key players in the global fry ice market.
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