Asia Pacific Dry Ice Market Forecast to 2028
Asia Pacific Dry Ice Market Forecast to 2028 – Regional Analysis – by Type (Pellets, Blocks, and Others) and Application (Food and Beverages, Storage and Transportation, Healthcare, Industrial Applications, and Others)
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Description
The Rapidly Increasing Demand for Frozen Foods Fuels Asia Pacific Dry Ice Market
Increase in demand for frozen foods and rise in usage of dry ice as refrigerant in food and shipping industries are anticipated to provide growth opportunities to the Asia Pacific dry ice market . Dry ice is carbon dioxide in its solid form, a dense, snowlike substance that sublimes at −78.5 °C (−109.3 °F), used as a refrigerant, especially during shipping of perishable products such as meats or ice cream. As the dry ice sublimes, it leaves no residue to contaminate or compromise the quality of food.
The increasing consumer preference toward convenience foods favors the increasing demand for frozen products as they require less time and effort as compared to cooking from scratch. Frozen food products consume less time and are easy to cook, consumers are preferring these products due to the busy lifestyles and dual working households. Moreover, increasing disposable income is also one such factor that has a huge influence on the demand of frozen food products which ultimately affects the market growth of the dry ice market.
Furthermore, the high demand for frozen meat & poultry and seafood is also contributing to the market growth. The increasing awareness among consumers regarding the health benefits offered by meat and seafood is surging its demand. These products are low-fat and high-protein food that can help to build muscle, improve eyesight, boost brainpower, support heart health, relieve joint discomfort, and improve skin and hair. Consumers are shifting toward a healthy lifestyle, which has led to high demand for heathy food with nutritional value. Hence, the surge in demand of frozen food products is ultimately bolstering the market growth of the dry ice market.
Asia Pacific Dry Ice Market Overview
The Asia Pacific region is anticipated to witness highest growth in dry ice market during the forecast period. The growth of the pharmaceutical industry in the region is directly influencing the growth of the dry ice market. Asia-Pacific is one of the significant markets for pharmaceutical products and is majorly driven by the rise in demand for generic medicines, increase in healthcare expenditure, a surge in geriatric population, change in demographics, and greater accessibility to advanced treatments.
China, Japan, and India are the major producers of pharmaceuticals in Asia-Pacific. The governments of these countries are developing new policies to promote the development of the pharmaceutical industry. For instance, to address the needs of the growing population in Japan, the government is responding by easing various life science regulations and surging approval of innovative new drugs to promote pharmaceuticals companies, both in domestic and foreign markets, and dry ice is used in their shipment and storage as dry ice helps in maintaining the temperature. Favorable government policies for the development of the pharmaceuticals industry, coupled with the strong growth of the healthcare sector in the region, are favoring the growth of dry ice market.
Asia Pacific Dry Ice Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Dry Ice Market Segmentation
The Asia Pacific dry ice market is segmented into type, application, and country.
Based on type, the Asia Pacific dry ice market is segmented into pellets, blocks, and others. The blocks segment held the largest share of the Asia Pacific dry ice market in 2022.
Based on application, the Asia Pacific dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The storage and transportation segment held the largest share of the Asia Pacific dry ice market in 2022.
Based on country, the Asia Pacific dry ice market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific dry ice market in 2022.
Air Products and Chemicals, Inc.; L’Air Liquide SA; Linde Plc; and Sicgil India limited are some of the leading companies operating in the Asia Pacific dry ice market.
Summary Info
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According to the research team’ Research, the Asia Pacific dry ice market was valued at US$ 91.57 million in 2022 and is expected to reach US$ 133.80 million by 2028, registering a CAGR of 6.5% from 2022 to 2028. High demand for dry ice in storage and transportation and increasing preference for dry ice over water-based ice are the critical factors attributed to the Asia Pacific dry ice market expansion.
Dry ice has a lower temperature than water-based ice. When it is heated, it directly changes into the gas and does not leave any residue. Dry ice is cost effective and has non-combustible and non-toxic properties. It is also used to make carbonated drinks and soda. When mechanical refrigeration is not an option, ice is an important component of both food storage and transport. Water-based ice melts very quickly and cannot be used for storage or transportation of products. Dry ice provides superior cooling and longevity. A large block of ice can cool for as long as 24 hours in a vented cooler before requiring replacement. Regular ice, on the other hand, can begin to melt in just three to four hours. Since it’s made from liquefied carbon dioxide gas that has been frozen to extremely low temperatures of -109.3F, dry ice’s exceptionally cold temperature allows packaged frozen products to stay in a frozen state for extended periods. Hence, for food items like ice cream, dry ice is essential.
Another advantage dry ice has over regular ice is in food storage and transport. Besides causing the items being transported to become warmer as the regular ice melts, water will begin to accumulate within containers, potentially resulting in leakage. Dry ice evaporates into a gas through a process called sublimation which allows the container to remain free of water even after several hours. These benefits of dry ice increase its use over water-based ice in food preservation, machine blast cleaning, and pharmaceutical industry.
Furthermore, water- based ice have a very limited application scope, whereas dry ice has various applications, including, cold grinding, dry ice blast cleaning, freeze drying, in-process cooling for chemical and food industry, plumbing pipe repairs, sample distribution within pharmaceutical industry, shrink fitting, special effects, etc. The versatility of dry ice and its use as an effective alternative to conventional electric power-based cooling system is expected to boost the demand for dry ice.
On the contrary, the inability of dry ice to be stored for an extended period hampers the Asia Pacific dry ice market.
Based on type, the Asia Pacific dry ice market is segmented into pellets, blocks, and others. The blocks segment held 51.6% share of Asia Pacific dry ice market in 2022, amassing US$ 47.29 million. It is projected to garner US$ 71.76 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on application, the Asia Pacific dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The storage and transportation segment held 33.2% share of Asia Pacific dry ice market in 2022, amassing US$ 30.44 million. It is projected to garner US$ 45.20 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on country, the Asia Pacific dry ice market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.2% share of Asia Pacific dry ice market in 2022. It was assessed at US$ 34.08 million in 2022 and is likely to hit US$ 52.46 million by 2028, exhibiting a CAGR of 7.5% during 2022–2028.
Key players operating in the Asia Pacific dry ice market are Air Products and Chemicals, Inc.; L’Air Liquide SA; Linde Plc; and Sicgil India limited, among others.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific Dry Ice Market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific Dry Ice Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Research Team Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Dry Ice Market, by Type
1.3.2 Asia Pacific Dry Ice Market, by Application
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Asia Pacific Dry Ice Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Suppliers
4.2.3 Bargaining Power of Buyers
4.2.4 Competitive Rivalry
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Manufacturers
4.3.3 End-use Industries
4.4 Expert Opinion
5. Asia Pacific Dry Ice Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 High Demand for Dry Ice in Storage and Transportation
5.1.2 Dry Ice Increasing Preference for Dry Ice over Water-based Ice
5.2 Market Restraints
5.2.1 The Inability of Dry Ice to be Stored for an Extended Period
5.3 Market Opportunities
5.3.1 The Rapidly Increasing Demand for Frozen Foods
5.4 Future Trends
5.4.1 Use of Dry Ice for Creating Special Effects
5.5 Impact Analysis of Drivers and Restraints
6. Asia Pacific Dry Ice – Market Analysis
6.1 Asia Pacific Dry Ice Market Overview
6.2 Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (USD Million)
7. Asia Pacific Dry Ice Market Analysis – By Type
7.1 Overview
7.2 Asia Pacific Dry Ice Market, By Type (2021 and 2028)
7.3 Pellets
7.3.1 Overview
7.3.2 Pellets: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
7.4 Blocks
7.4.1 Overview
7.4.2 Blocks: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
7.5 Others
7.5.1 Overview
7.5.2 Others: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8. Asia Pacific Dry Ice Market Analysis – By Application
8.1 Overview
8.2 Asia Pacific Dry Ice Market, By Application (2021 and 2028)
8.3 Food and Beverages
8.3.1 Overview
8.3.2 Food and Beverages: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.4 Storage and Transportation
8.4.1 Overview
8.4.2 Storage and Transportation: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.5 Healthcare
8.5.1 Overview
8.5.2 Healthcare: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.6 Industrial Applications
8.6.1 Overview
8.6.2 Industrial Applications: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.7 Others
8.7.1 Overview
8.7.2 Others: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
9. Asia Pacific Dry Ice Market – Country Analysis
9.1.1 Asia Pacific Dry Ice Market, by Key Country
9.1.1.1 Australia: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: Asia Pacific Dry Ice Market, By Type
9.1.1.1.2 Australia: Asia Pacific Dry Ice Market, by Application
9.1.1.2 China: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: Asia Pacific Dry Ice Market, By Type
9.1.1.2.2 China: Asia Pacific Dry Ice Market, by Application
9.1.1.3 India: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Asia Pacific Dry Ice Market, By Type
9.1.1.3.2 India: Asia Pacific Dry Ice Market, by Application
9.1.1.4 Japan: Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: Asia Pacific Dry Ice Market, By Type
9.1.1.4.2 Japan: Asia Pacific Dry Ice Market, by Application
9.1.1.5 South Korea: Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: Asia Pacific Dry Ice Market, by Type
9.1.1.5.2 South Korea: Asia Pacific Dry Ice Market, by Application
9.1.1.6 Rest of Asia Pacific: Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Asia Pacific: Asia Pacific Dry Ice Market, By Type
9.1.1.6.2 Rest of Asia Pacific: Asia Pacific Dry Ice Market, by Application
10. Company Profiles
10.1 LINDE
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Sicgil India Ltd.
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 L’Air Liquide SA
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 Air Products and Chemicals Inc
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
LIST OF TABLES
Table 1. Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (USD Million)
Table 2. Australia Asia Pacific Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia Asia Pacific Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. China Asia Pacific Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. China Asia Pacific Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 6. India Asia Pacific Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. India Asia Pacific Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 8. Japan Asia Pacific Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 9. Japan Asia Pacific Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 10. South Korea Asia Pacific Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 11. South Korea Asia Pacific Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of Asia Pacific Asia Pacific Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Asia Pacific Asia Pacific Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
LIST OF FIGURES
Figure 1. Asia Pacific Dry Ice Market Segmentation
Figure 2. Asia Pacific Dry Ice Market Segmentation – By Country
Figure 3. Asia Pacific Dry Ice Market Overview
Figure 4. Asia Pacific Dry Ice Market, By Type
Figure 5. Asia Pacific Dry Ice Market, by Country
Figure 6. Porter’s Five Forces Analysis
Figure 7. Ecosystem: Asia Pacific Dry Ice Market
Figure 8. Expert Opinion
Figure 9. Asia Pacific Dry Ice Market Impact Analysis of Driver And Restraints
Figure 10. Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (USD Million)
Figure 11. Asia Pacific Dry Ice Market Revenue Share, By Type (2021 and 2028)
Figure 12. Pellets: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 13. Blocks: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 14. Others: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 15. Asia Pacific Dry Ice Market Revenue Share, By Application (2021 and 2028)
Figure 16. Food and Beverages: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 17. Storage and Transportation: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 18. Healthcare: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 19. Industrial Applications: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 20. Others: Asia Pacific Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 21. Asia Pacific Dry Ice Market, by Key Country– Revenue (2021) (US$ Mn)
Figure 22. Asia Pacific Dry Ice Market Revenue Share, by Key Country (2021 and 2028)
Figure 23. Australia: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. China: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. India: Asia Pacific Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Japan: Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
Figure 27. South Korea: Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of Asia Pacific: Asia Pacific Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
List of Companies
o Air Products and Chemicals, Inc.
o L’Air Liquide SA
o Linde Plc
o Sicgil India limited
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