GCC Dry Ice Market Analysis, Size, and Share by 2028
GCC Dry Ice Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Pellets, Blocks, and Others) and Application (Food & Beverages, Storage and Transportation, Healthcare, Industrial Applications, and Others)
- Status : Published
- Report Code : TIPRE00029681
- Category : Chemicals and Materials
- No. of Pages : 102
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The GCC dry ice market is expected to grow from US$ 19.01 million in 2022 to US$ 24.78 million by 2028, registering a CAGR of 4.5% from 2022 to 2028.
Dry ice is the solid form of carbon dioxide. It is commonly used for temporary refrigeration as CO₂ does not exist in a liquid state at normal atmospheric pressure and sublimates directly from the solid state to the gas state.
The increased awareness regarding the superior properties of dry ice over water-based ice is driving the GCC dry ice market growth. Dry ice can maintain lower temperature conditions than water-based ice. When it is heated, it directly changes into the gas and does not leave any residue. This cost-effective material has noncombustible and nontoxic properties. Furthermore, water-based ice have a very limited application scope, whereas dry ice have various applications, including cold grinding, dry ice blast cleaning, freeze drying, in-process cooling for the chemical and food industry, plumbing pipe repairs, sample distribution within the 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. It is also used to make carbonated drinks and soda. Dry ice provides superior cooling and longevity, which makes it suitable for the storage or transportation of products, unlike water-based ice which melts quickly. A large block of ice can provide cooling for as long as 24 hours in a vented cooler before requiring replacement. Regular ice, on the other hand, can begin to melt in 3–4 hours. Since it is made from liquefied carbon dioxide gas that has been frozen to extremely low temperatures of -109.3°F, the exceptionally cold temperature of dry ice allows packaged frozen products to stay in a frozen state for extended periods. Hence, it is essential to store frozen foodstuffs, such as ice cream. These application areas of dry ice are expected to propel the GCC dry ice market growth.
Market Insights
Rapidly Increasing Demand for Frozen Food Boosts Dry Ice Market Growth in GCC
Dry ice is a dense, snowlike substance that sublimes at −78.5°C (−109.3°F). It is used as a refrigerant, especially during the shipping of perishable products such as meat or ice cream. As the dry ice sublimes, it leaves no residue to contaminate or compromise the quality of food. The increasing consumer preference across GCC toward convenience foods leads to an elevated demand for frozen products as they require less time and effort as compared to cooking from scratch. Moreover, preparing dishes from frozen food products is easier and less time-consuming, which makes these products suitable for consumption among consumers with busy lifestyles and dual working households. Moreover, increasing disposable income is also one of the factors that have a considerable influence on the demand for frozen food products, which ultimately supports the growth of the GCC dry ice market. The airline industry also uses dry ice for in-flight catering, keeping food chilled or frozen until ready to serve. On-board aircraft do not have any mechanical refrigeration, dry ice slices are used to preserve and maintain food temperatures within acceptable profiles. As the dry ice sublimes, it leaves no residue to contaminate or compromise the quality of food.
Type Insights
Based on type, the dry ice market is segmented into pellets, blocks, and others. In 2022, the blocks segment held the largest market share, and it is also expected to register the highest CAGR during the forecast period. Dry ice blocks are being increasingly used in commercial, transportation, and industrial applications.
GCC Dry Ice Market Share, by Type, 2021 & 2028
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GCC Dry Ice Market: Strategic Insights
Market Size Value in US$ 19.01 million in 2022 Market Size Value by US$ 24.78 million by 2028 Growth rate CAGR of 4.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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GCC Dry Ice Market: Strategic Insights
| Market Size Value in | US$ 19.01 million in 2022 |
| Market Size Value by | US$ 24.78 million by 2028 |
| Growth rate | CAGR of 4.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Rawabi Holding; Gulf Cyro; United Parcel Service of America, Inc.; Esnadee; Linde Plc; Albarrak Group Company; Asco Carbon Dioxide Ltd.; Eco Green Dry Ice; Saboo International; and Freezpak International are the key players in the GCC dry ice market. The leading players adopt strategies such as mergers and acquisitions, and product launches to expand their geographic presence and clientele.
Report Spotlights
- Progressive trends in the dry ice industry to help players develop effective long-term strategies
- Business growth strategies adopted by companies to secure growth in developed and developing markets
- Quantitative analysis of the GCC dry ice market from 2020 to 2028
- Estimation of the demand for dry ice
- Porters analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the market growth
- Recent developments to understand the competitive market scenario and the demand for dry ice
- Market trends and outlook, and factors driving and restraining the GCC dry ice market
- Understanding the strategies that underpin commercial interest with regard to the GCC dry ice market, aiding in the decision-making process
- GCC dry ice market size at various nodes of market
- Detailed overview and segmentation of the GCC dry ice market and its industry dynamics
- GCC dry ice market size in various regions with promising growth opportunities
The "GCC Dry Ice Market Analysis to 2028" report aims to provide an overview of the market with detailed market segmentation based on type and application. Based on type, the market is segmented into pellets, blocks, and others. Based on application, the GCC dry ice market is segmented into food & beverages, storage and transportation, healthcare, industrial applications, and others. The storage and transportation segment held the largest share of the GCC dry ice market in 2022. With the rising demand to transport products at various sectors such as hotels, restaurants, supermarkets, grocery stores and the healthcare industry, the dry ice market is expected to witness significant growth in the coming years. The growing demand for dry ice as a refrigerant in the food and transportation industries is driving the growth of the global dry ice market. Dry ice transport is used to maintain the cold chain as well as for the transport and refrigerated shipping of food, perishable goods, and pharmaceutical products.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Kuwait, Qatar, Saudi Arabia, United Arab Emirates
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Dry Ice Market, by Type
1.3.2 Dry Ice Market, by Application
1.3.3 Dry Ice Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.1.1 Dry Ice Market, by Type, and Application
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. 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
4.2.5 Threat of Substitutes
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. 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 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. Dry Ice– GCC Market Analysis
6.1 Dry Ice Market Overview
6.2 Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
6.3 Competitive Positioning – Key Market Players
7. Dry Ice Market Analysis – By Type
7.1 Overview
7.2 Dry Ice Market, By Type (2021 and 2028)
7.3 Pellets
7.3.1 Overview
7.3.2 Pellets: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
7.4 Blocks
7.4.1 Overview
7.4.2 Blocks: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
7.5 Others
7.5.1 Overview
7.5.2 Others: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8. Dry Ice Market Analysis – By Application
8.1 Overview
8.2 Dry Ice Market, By Application (2021 and 2028)
8.3 Food and Beverages
8.3.1 Overview
8.3.2 Food and Beverages: 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: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.5 Healthcare
8.5.1 Overview
8.5.2 Healthcare: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.6 Industrial Applications
8.6.1 Overview
8.6.2 Industrial Applications: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
8.7 Others
8.7.1 Overview
8.7.2 Others: Dry Ice Market – Revenue and Forecast to 2028 (US$ Mn)
9. Dry Ice Market – Geographic Analysis
9.1 GCC: Dry Ice Market
9.1.1 GCC: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.2 GCC: Dry Ice Market, By Type
9.1.3 GCC: Dry Ice Market, by Application
9.1.4 GCC: Dry Ice Market, by Key Country
9.1.4.1 Saudi Arabia: Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.1.1 Saudi Arabia: Dry Ice Market, By Type
9.1.4.1.2 Saudi Arabia: Dry Ice Market, by Application
9.1.4.2 UAE: Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.2.1 UAE: Dry Ice Market, By Type
9.1.4.2.2 UAE: Dry Ice Market, by Application
9.1.4.3 Qatar: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.4.3.1 Qatar: Dry Ice Market, By Type
9.1.4.3.2 Qatar: Dry Ice Market, by Application
9.1.4.4 Kuwait: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.4.4.1 Kuwait: Dry Ice Market, by Type
9.1.4.4.2 Kuwait: Dry Ice Market, by Application
9.1.4.5 Rest of GCC: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
9.1.4.5.1 Rest of GCC: Dry Ice Market, By Type
9.1.4.5.2 Rest of GCC: Dry Ice Market, by Application
10. Impact of COVID-19 Pandemic on GCC Dry Ice Market
10.1 Impact of COVID-19 on GCC Dry Ice Market
11. Company Profiles
11.1 Rawabi Holding
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Gulf Cryo
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Linde Plc
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Albarrak group
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Asco Carbon Dioxide Inc.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 EcoGreen Dry Ice Services
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 SABOO INTERNATIONAL
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Freezpak international
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
LIST OF TABLES
Table 1. Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
Table 2. GCC: Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. GCC: Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. Saudi Arabia Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. Saudi Arabia Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 6. UAE Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. UAE Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 8. Qatar Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 9. Qatar Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 10. Kuwait Dry Ice Market, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 11. Kuwait Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of GCC Dry Ice Market, By Type– Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of GCC Dry Ice Market, by Application – Revenue and Forecast to 2028 (US$ Million)
LIST OF FIGURES
Figure 1. Dry Ice Segmentation
Figure 2. Dry Ice Segmentation – By Geography
Figure 3. GCC Dry Ice Market Overview
Figure 4. GCC Dry Ice Market, By Type
Figure 5. GCC Dry Ice Market, by Geography
Figure 6. GCC Dry Ice Market, Industry Landscape
Figure 7. Porter’s Five Forces Analysis of Dry Ice Market
Figure 8. Dry Ice Market, Ecosystem
Figure 9. Expert Opinion
Figure 10. Dry Ice Market Impact Analysis of Drivers and Restraints
Figure 11. Geographic Overview of Dry Ice Market
Figure 12. Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Dry Ice Market Revenue Share, By Type (2021 and 2028)
Figure 14. Pellets: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 15. Blocks: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 16. Others: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 17. Dry Ice Market Revenue Share, By Application (2021 and 2028)
Figure 18. Food and Beverages: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 19. Storage and Transportation: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 20. Healthcare: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 21. Industrial Applications: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 22. Others: Dry Ice Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 23. GCC: Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. GCC: Dry Ice Market Revenue Share, By Type (2021 and 2028)
Figure 25. GCC: Dry Ice Market Revenue Share, by Application (2021 and 2028)
Figure 26. GCC: Dry Ice Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. Saudi Arabia: Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. UAE: Dry Ice Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Qatar: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
Figure 30. Kuwait: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
Figure 31. Rest of GCC: Dry Ice Market –Revenue and Forecast to 2028 (US$ Million)
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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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