Dry Ice Market is predicted to reach USD 763 million at a CAGR of 6.75%

Market Highlights

Dry Ice market, which was valued at USD 365.2 million in 2021, is projected to witness substantial growth in the coming years. Forecasts indicate that the industry will expand from USD 397.2 million in 2022 to reach USD 763.50 million by 2032. This growth trajectory reflects a notable compound annual growth rate (CAGR) of 6.75% during the forecast period spanning from 2022 to 2032.

The dry ice market involves the production and distribution of solid carbon dioxide (CO2) in its frozen state. Widely used for cooling, freezing, and transport of perishable goods, as well as in special effects and industrial applications, dry ice's sublimation properties make it an effective and unique cooling agent. The market's growth is fueled by its versatile applications across various industries.

Segment Analysis

The global Dry Ice market has been segmented based on Type and Application.

On the basis of Type, the market is segmented into dry ice pellet, dry ice slab, dry ice block, dry ice slice, dry ice powder, dry ice column, and others. The category for dry ice blocks experiences the fastest growth during the anticipated timeframe. Because they are practical to use in large-scale applications and help keep food for extended periods of time, blocks are becoming more and more in demand in the food and beverage, storage, and transportation industries.

Based on Application, the global Dry Ice market has been segmented into transport & distribution, entertainment industry, food manufacturing, research, industrial cleaning, and others. The segment that produces and processes food is anticipated to have the largest worldwide market share over the forecast period. Due to increased demand, foods now have a longer shelf life and may be preserved for a longer period of time.

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Regional Analysis

The global Dry Ice market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Dry Ice market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Dry Ice market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Dry Ice market comprises of Middle East, Africa, and Latin America.

The Asia-Pacific Dry Ice Market dominated this market in 2022 (45.80%). Due to the increased demand for dry ice in food preservation, ASIA-PACIFIC is anticipated to experience the largest growth in the market. Due to the growing demand in the entertainment business, North America is also experiencing market expansion in the health sector. Due to the growing need for dry ice in the medical industry, Europe is poised to experience stable market expansion.

Additionally, the dry ice market exhibits regional variations in demand and supply. Developed regions like North America and Europe have well-established logistics and industrial applications, driving steady consumption. Emerging economies in Asia-Pacific are witnessing increased usage due to expanding food and pharmaceutical sectors. Additionally, the market's growth is influenced by regional regulations and the development of cold chain infrastructure for transportation and storage of temperature-sensitive products.

Key Findings of the Study

The global Dry Ice market is expected to reach USD 670 million by 2030, at a CAGR of 6.40% during the forecast period.
The Asia-Pacific Dry Ice Market dominated this market in 2022 (45.80%). Due to the increased demand for dry ice in food preservation, ASIA-PACIFIC is anticipated to experience the largest growth in the market.
Based on Application, The segment that produces and processes food is anticipated to have the largest worldwide market share over the forecast period.
US Ice (US), Polar Ice Ltd. (Ireland), Continental Carbonic Products, Inc. (US), Sicgil India Limited (India), Linde plc (US), Chuan Chon Enterprise (Taiwan), Air Liquide (France), Dry Ice UK Ltd (UK), Dry Ice Corp. (US), Tripti Dry Ice Co (India), Pacific/Reliant Dry Ice (US), and CryoCarb (US).
Market Outlook:

The dry ice market is expected to continue its upward trajectory, propelled by several factors including the growing demand for cold chain logistics, increasing applications in the healthcare sector, and rising adoption in industrial cleaning processes. Moreover, with the increasing focus on sustainability, dry ice is being preferred over traditional cooling agents due to its minimal environmental impact.

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Segmental Analysis:

Type: The dry ice market is segmented based on type into blocks, slices, and pellets. Pellets segment holds a significant share owing to its ease of handling and versatility in applications such as food preservation, shipping, and dry ice blasting.

Application: The market is further segmented based on application into transportation, industrial cleaning, food processing, healthcare, and others. Among these, transportation and logistics emerge as leading segments due to the rising demand for cold chain solutions in the food and pharmaceutical industries.

End-Use Industry: End-use industries driving the demand for dry ice include food & beverage, healthcare & pharmaceuticals, aerospace, and automotive. The food & beverage industry holds the largest share due to the increasing need for frozen food transportation and storage.

Demand Drivers:

Cold Chain Logistics: With the expansion of global trade and e-commerce, the demand for efficient cold chain logistics solutions has surged, driving the demand for dry ice as a refrigerant.

Healthcare Applications: Dry ice finds extensive usage in the healthcare sector for preserving and transporting vaccines, blood samples, and organs, especially in regions with inadequate access to traditional refrigeration facilities.

Industrial Cleaning: The eco-friendly and non-abrasive nature of dry ice blasting makes it a preferred choice for industrial cleaning applications, replacing traditional methods such as sandblasting and solvent cleaning.

Challenges:

Despite the promising growth prospects, the dry ice market faces challenges such as fluctuating raw material prices, stringent regulations regarding the handling and transportation of dry ice, and competition from alternative cooling agents.

Market Share:

The global dry ice market is characterized by the presence of key players such as Air Liquide S.A., Linde plc, Praxair Technology, Inc., and Messer Group GmbH. These companies are actively engaged in strategic initiatives such as product innovation, mergers & acquisitions, and geographic expansion to strengthen their market position.

Regional Overview:

North America: Holds a dominant position in the global dry ice market owing to the presence of key players and robust demand from end-use industries such as food processing and healthcare.

Europe: Witnessing significant growth driven by stringent regulations promoting the use of eco-friendly refrigerants and increasing adoption in industrial cleaning applications.

Asia Pacific: Emerging as a lucrative market with rapid industrialization, expanding cold chain infrastructure, and growing demand from sectors such as food & beverage and pharmaceuticals.

Latin America, Middle East, and Africa: Showing promising growth potential fueled by increasing investments in infrastructure development and rising awareness regarding the benefits of dry ice in various applications.

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