According to Fortune Business Insights, the global dry ice market forecast is expected to experience a considerable growth owing to the growing demand for dry ice from the pharmaceutical industry across the globe. This information is published by Fortune Business Insights, in its upcoming report
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Dry ice is a colorless, odorless, and non-flammable material that is a solid form of carbon dioxide (CO2). It is produced by compressing and cooling carbon dioxide at an extremely high pressure. Additionally, it has lower temperature of about minus 750 C and is extensively adopted across several industrial applications such as food & beverage, pharmaceutical, and others.
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The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect the market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Rising Pharmaceutical Industry to Favor Market Growth
The increasing incidence of chronic diseases and the growing number of surgical procedures are driving the demand for efficient medications. It is vital that the medicines need to be in optimum condition to maintain its efficiency. In addition to this, there are medications that are time and temperature sensitive that propel the demand for dry ice and its application. The surging demand for soda and carbonated drinks that is manufactured using dry ice is expected to further bode well for the growth of the global dry ice market during the forecast period.
Asia-Pacific to Remain at the Forefront; Rising Demand for Food Preservation Application to Aid Growth
Among all the regions, Asia-Pacific is expected to hold the highest position in the global dry ice market in the forthcoming years. This is ascribable to the rising demand of dry ice for food preservation application in the region.
The market in Europe is expected to experience substantial growth backed by increasing demand for the product across the medical sector to preserve medicines and other surgical materials between 2020 and 2027.
Major Companies to Focus on Product Innovation by Adopting Advanced Technologies
The global dry ice market is consolidated by the presence of major companies that are striving to maintain their stronghold by innovating dry ice products and catering to the consumers’ demand. Additionally, the other key players are adopting strategies such as merger and acquisition, partnership, and collaboration to gain a competitive edge over their rivals that will bode well for the market growth in the forthcoming years.
September 2020 – DeltaTrak, a global leader of cold chain management solutions, introduced its new FlashLink Dry Ice USB PDF in-Transit Logger. According to the company, the product has a built-in micro processor that has the ability to record even in minus 820 C and is designed for dry ice shipments of TATS (time and temperature sensitive) materials.
List of the Key Players Profiled in the Global Market for Dry Ice
ASCO CARBON DIOXIDE LTD
Polar Ice Ltd
Pacific/Reliant Dry Ice
Praxair Technology, Inc.
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