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Solid Carbon Dioxide (Dry Ice): Introduction

  • Dry ice is a solid form of carbon dioxide that is primarily used as a refrigerant and cooling agent. It does not leave any residue, since it is a form of solid carbon dioxide. It is known as dry ice as it is processed through sublimation. Once heated, it changes directly into a gas instead of melting into liquid. Dry ice possesses lower temperature as compared to water ice. This is a major advantage of dry ice. 
  • The dry ice mechanism involves compressing the gaseous form of carbon dioxide, followed by cooling to the liquefied form of CO2. The liquefied form goes through pressurized expansion to obtain dry ice, sometimes also known as solid carbon dioxide. Dry ice is frequently used than water-based ice due to its relatively low temperature (-78°C).
  • Dry ice is non-combustible and non-toxic as compared to other forms of refrigerants. It is used in the industrial sector to conserve frozen foods where mechanical cooling is unattainable. It is also employed in industrial cleaning. Dry ice is used in the blasting method, which helps clean contaminants such as ink, dirt, mold release agents, paint, oil, and glue. This is a proficient and cost efficient method for industries to improve quality and production capability. Dry ice is also used in restoration of buildings that are damaged in fire accidents.

Key Drivers and Restraints of Global Solid Carbon Dioxide (Dry Ice) Market

  • Demand for dry ice is expected to rise with the development of dry ice machine industry across the globe. Large multinational organizations and private firms have been contributing prominently to the revenue growth of the dry ice market. Dry ice is cost-effective product. This is expected to boost the demand for dry ice in various applications in the near future.
  • Increase in demand for frozen foods and rise in usage of dry ice as refrigerant in food and shipping industries are anticipated to drive the global dry ice market. Notable growth in the transportation industry is expected to boost the shipping of products, thereby augmenting the opportunities for the global dry ice market.
  • The versatility of dry ice and its use as an effective alternative to conventional electric power based cooling system is also expected to boost the demand for dry ice during the forecast period 

Solid Carbon Dioxide (Dry Ice): End-use Segment

  • In terms of end-use, the global dry ice market can be segmented into industrial sector, transportation, food processing, health care, commercial, entertainment industry, and others
  • The industrial sector segment is expected to account for significant share of the global dry ice market during the forecast period. It is anticipated to be followed by the transportation segment.
  • The entertainment industry segment is likely to expand at a rapid pace during the forecast period

Covid-19 Impact on Solid Carbon Dioxide (Dry Ice) Market

  • On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
  • Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, and other reasons. This is expected to hamper the solid carbon dioxide (dry ice) market.

Asia Pacific to Dominate Solid Carbon Dioxide (Dry Ice) Market

  • In terms of region, the global dry ice market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is projected to be the key region of the global dry ice market during the forecast period. It is likely to be followed by Europe. Increase in demand for dry ice in the industrial sector, transportation, health care, and entertainment industries in China, Japan, and India is driving the market in Asia Pacific.

Key Manufacturers Operating in Global Solid Carbon Dioxide (Dry Ice) Market

The global dry ice market was highly fragmented in 2019. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global dry ice market include:

  • US Ice Carvers
  • Messer Group
  • Yara International ASA
  • Polar Ice
  • Continental Carbonic Products Inc.
  • Sicgil India
  • Praxair Technology Inc.
  • Chuan Chon Dryice
  • Air Liquide
  • Ice Tech

Global Solid Carbon Dioxide (Dry Ice) Market: Research Scope

Global Solid Carbon Dioxide (Dry Ice) Market, by Machine Type

  • Production Machine
  • Cleaning Machine

Global Solid Carbon Dioxide (Dry Ice) Market, by End-use

  • Industrial Sector
  • Transportation
  • Food Processing
  • Health Care
  • Commercial
  • Entertainment Industry
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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