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