Dry ice market size is anticipated to reach USD 670 million by 2030, registering a CAGR of 6.40% during 2022-2030.
The Dry Ice Market size is expected to reach 670 million in the forecast 2022-2030 with a CAGR of 6.40%. Dry ice is a form of carbon dioxide (CO2), which turns to gas instead of liquid after sublimation. It is basically an odorless, non-flammable, and slightly acidic material that is produced by compressing and cooling CO2 gaseous in high pressure, and it produces liquid CO2 in the initial stage. The dry ice has a low temperature which is approximately -75 degrees. The main use of it in refrigeration is to keep the product cold for a longer time. Dry ice is not only a great refrigerant in the supermarkets but also in the medicine store, seafood store, baked goods, gourmet foods, dairy frozen, and meat & poultry.
Dry ice is a cost-effective solution to preserve the products; at the same time, it is environmentally friendly. That is why it is widely used in the transportation of products and goods in long-distance shipping. And it is one of the major factors boosting the dry ice market growth. The global warming potential is an indicator that indicates the amount of energy absorbed by 1 ton of gas. The lower is the global warming potential, the better is the cooling capacity. Dry ice has the least global warming potential as well as it offers better cooling capacity when compared to other refrigerants. Also, the non-flammable and non-toxic nature adds to the advantages.
The rising demand for dry ice over water-based ice is fueling the dry ice market growth. Dry ice is a far better option than water-based ice. When heated, the dry ice doesn’t leave any residue. The use of Dry ice is also in the production of soda and drinks. The demand for dry ice can be seen in pharmaceuticals, entertainment, food, and machine blast cleaning. Additionally, dry ice is also used in the transportation of body parts, organs, and blood. Due to wide range of application the dry ice industry trends is all set to grow in the forecast period.
The covid-19 pandemic has affected many business organizations in the world since the beginning of it 2020. All sectors like food & beverages, pharmaceuticals, transportation, and others have been negatively affected by it. The imposition of lockdown has also caused trouble for these sectors. The production works are one a halt, and due to this, the supply can’t meet the demand. There are various applications of dry ice in the food & beverage sector, but due to lack of food production, the demand for dry ice has declined as well. Additionally, the pharmaceutical sectors were also negatively affected by the pandemic. Dry ice is used as a refrigerant in the pharmaceutical so as a result, the demand for it has been affected. The restrictions in travel and transportation are also one of the major factors that caused trouble for the global market. So overall, the dry ice market had a negative impact due to the pandemic. But the key players are trying to boost the demand of the market after everything comes to normalcy.
Drivers in the dry ice market
Manufacturing and processing in modern days involve complicated machines, advanced technologies, and most importantly safe environment. Sanitation is the key focus in beverage and food production. FDA, EPA, and USDA-approved dry ice are the best and safest processes to keep the containers, ovens, and mixers clean by not leaving any secondary waste behind. Dry ice also plays a significant role in the preservation of food and beverages. It can increase the self-life of products and help with storage. That is why the food & beverage manufacturers use dry ice for transportation as well.
With time the food & beverage industries are showing significant growth due to the increasing per capita income of people and economic development. For instance, according to the data of World Food India, the food and beverage segment in India is expected to increase from USD 369 billion to USD 1.142 trillion by 2030. And it is likely to dive the global market revenue. Additionally, dry ice is also used in the transportation sectors to improve the shelf-life of products, and it will also play a major part in propelling the dry ice market size.
Opportunities in the dry ice market
Substantial growth in the healthcare sector will bring opportunities for the dry ice market. Dry ice is used in the preservation of biological samples, medicines, blood, organs, and body parts. Additionally, dry ice is used in the transportation of the chemicals that need to be kept at low temperatures, and it is expected to generate opportunities for the dry ice industry in the coming time.
Restraints in the dry ice market
The major problem is dry ice can’t be stored for a long time because it sublimates within 18-24 hours. This is one of the major restraints in the global market. Also, the presence of other alternatives which are more cost-effective can also hamper the dry ice market growth.
Challenges in the dry ice market
The lack of availability of skilled workers and lack of awareness in the underdeveloped regions is a major challenge in the dry ice market. In underdeveloped regions, people are already using conventional methods like water-based ice for cooling, and it can be a challenge for the global market.
Cumulative Growth Analysis
Due to the rising application of dry ice in various industries, the demand for the dry ice market is growing rapidly, and the market is expected to register a healthy CAGR of 6.40% in the global market forecast period. The market has shown substantial growth in the past, and it is expected to do the same in the future.
The dry ice market is divided on the basis of type, application, and region.
Based on type, the dry ice 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 dry ice block segment registers the highest growth during the forecast period. The demand for blocks is rising in the food & beverages sectors, and storage & transportation sectors, as well as they, are convenient to use in large-scale applications, and it stores the foods for a longer time. This segment is expected to register a CAGR of 6.40% in the forecast period, according to global market analysis.
Based on application, the dry ice market is segmented into transport & distribution, entertainment industry, food manufacturing, research, industrial cleaning, and others. Among these, the food manufacturing and processing segment are expected to hold the highest global market share in the forecast period. This is due to rising demand increase the shelf-life of the foods and preserving them for a longer time.
On the basis of regions, the dry ice market is segmented into North America, Europe, Latin America, Asia-pacific, and the middle east & Africa.
The major regions for the dry ice market are North America, Europe, Latin America, Asia-pacific, and Middle East & Africa. Among these, ASIA-pacific is expected to witness the highest growth in the market owing to the rising demand for dry ice in food preservation. North America is also witnessing health growth in the market due to the rising demand in the entertainment industry. Europe is all set to see sustainable growth in the market due to the rising demand for dry ice in the medical sector.
There are many big contributors in the dry ice market, and they are called the key players. There are many key players in the dry ice industry, and some of them are
All of these key players play a crucial part in propelling the dry ice market trends, but among them, Dry Ice Corp. (US) highly contributes to the global market.
Recent developments In January 2021, ASCO CARBON DIOXIDE LTD has introduced ASCOJET 1208, which is a dry blasting machine. This machine is easy to handle and lightweight as well. It is mainly preferred for cleaning purposes.
In October 2021, Central McGowan introduced ColdZERO, a block of professional-grade dry ice. It has a high cooling capacity.
This dry ice market report provides deep insight into the current and future state of the dry ice market outlook across various regions. This report talks about the covid-19 impact. Further, it says about the drivers, opportunities, restraints, and challenges in the global market. This report also covers market segmentation, competitive landscape, and recent developments in the dry ice market.
|Market Size||USD 670 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), CryoCarb (US)|
|Key Market Opportunities||Cost-effective industrial cleaning solution|
|Key Market Drivers||Increasing per capita income of people and economic development|
Dry Ice Market is projected to grow at a 6.40% CAGR between 2022-2030.
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), CryoCarb (US) are the key players in the global dry ice market.
Dry Ice Market is predicted to touch USD 670 million by 2030.
Industrial cleaning segment will lead the Dry Ice Market.
High sublimation rate may limit the Dry Ice Market growth.
Asia-pacific is expected to lead the Dry Ice Market.