Global Dry Ice Market – Overview
Dry ice is a solid form of carbon dioxide. Solid carbon dioxide has different characteristics such as solid state and phase change that can go directly to gaseous state without changing into liquid state.
Rapidly growing demand for frozen foods and increasing use of dry ice refrigerant across the shipping and food industries is projected to considerably drive the overall development of the global dry ice market. Notable developments in the global transportation industry is projected to support the shipping of different products and hence creating impressive revenue growth opportunities for the global market in the coming years of the forecast period. Healthcare industry and grocery stores are projected to offer lucrative opportunities of growth to further push the development of the global market in the coming years of the projection period.
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Global Dry Ice Market – Competitive Landscape
The overall competitive landscape of the global dry ice market is a highly fragmented one. The fragmentation of the market is due to presence of several key players. The companies in the market are operating at greater operating profit so as to help the overall development of the global dry ice market. The companies are investing heavily on expanding their production capacities so as to cater to the increasing demand from several different end user segments. Some of the key players in the global dry ice market include names such as Continent Carbonic Products Inc., Yara International ASA, Dry Ice Corp., Dry Ice UK Ltd., and Praxair Technology Inc. among others.
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Global Dry Ice Market – Drivers and Restraints
There are multiple factors that are projected to drive the development of the global dry ice market. One of the key driving factor for the development of the global market has been the increasing demand for dry ice as a refrigerant in the transport and food industry. Another important factor which is projected to push the overall development of the global dry ice market is the use of the dry ice for different industrial cleaning process such as dry ice blast cleaning. Such cleaning provides a safer option as compared to the use of cleaning solvents and other relevant materials. In addition to this, increasing demand for frozen foods is projected to drive the overall development of the global dry ice market. The versatility of dry ice and its increasing use as an efficient alternative to the traditional electric power based cooling system is projected to translate into a consisted growth in demand for dry ice. Hence, the future of the market is expected to bright in the coming years of the forecast period ranging from 2020 to 2030.
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Global Dry Ice Market – Geographical Outlook
In terms of the geographical segmentation, the global dry ice market has been segmented into five key regions. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global dry ice market is being dominated by the regional segment of North America. The regional segment is mainly driven the presence of several players operating in the region. In addition to this, presence of matured market space is also a key driving factor for the regional market development.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising rate of growth in the coming years of the forecast period. Increasing demand from the emerging economies such as India and China are also projected to drive the overall development of the Asia Pacific region.
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