Dry Ice Market Research Report - Global Forecast till 2025

Global Dry Ice Market Research Report: Information by Type (Pellets, Blocks, and others), Application (Food & Beverages, Storage & Transportation, Healthcare, Industrial Cleaning, and others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025

ID: MRFR/F-B & N/7138-HCR | February 2021 | Region: Global | 90 pages

Market Scenario


Dry Ice Market size is expected to cross USD 270 Million by 2025 at a CAGR of 7% during the forecast period of 2019 to 2025. It is a perfect competition market as it is governed by several buyers and dry ice suppliers at the local and regional level. Market players are expanding their product portfolios by offering dry ice in different forms such as dry ice pellets, dry ice blocks, and dry ice cubes to cater to the rising demand for dry ice in various industries. Manufacturers of dry ice are focusing on mergers & acquisitions to strengthen their distribution networks and attract a larger customer base to sustain in the global market.


Market Synopsis


Dry ice refers to the frozen form of carbon dioxide (Co2) usually captured during industrial processes. The market is expected to register steady growth during the forecast period due to the increasing demand for dry ice in various application industries. The major application of dry ice is in industrial cleaning as it is a cost-effective solution. The use of dry ice to restore old industrial and residential buildings, along with its non-combustible and non-toxic properties, is also driving market growth. The high demand for dry ice in the logistics industry, for transporting perishable food products, is yet another determinant catalyzing market growth across the globe.


The major factor hampering the sale of dry ice is the high sublimation rate. Dry ice generally sublimates at a rate of five to ten pounds every 24 hours when kept in a typical ice chest, thus, necessitating the purchase of dry ice close to its consumption time.


Market USP


Cost-effective industrial cleaning solution


Market Drivers



  • High demand for dry ice in storage and transportation: Dry ice is a cost-effective solution for preserving perishable and frozen food products. Dry ice offers comparatively lower temperatures than water-based ice and, hence, the demand for dry ice is high for storage and transportation. Additionally, the surging demand for frozen food, rising need for the storage of perishable food products, and the growth of cold-storage logistics are boosting the growth of the global market. As per MRFR analysis, the global frozen food market is expected to register a CAGR of 4.2% during the forecast period of 2017 to 2023.



  • Non-toxic and non-combustible properties of dry ice



  • Higher cooling energy than water-based ice


Market Restraint



  • High sublimation rate


Segmentation


By Type



  • Pellets: The segment dominated the global dry ice market in 2018 owing to the high demand for pellet dry ice in various application industries. Dry ice in the form of pellets is widely used in the restoration of old buildings, blast cleaning, freezing, and chilling and transportation of food and biological specimens such as vaccines and blood.



  • Blocks



  • Others


By Application



  • Food & Beverages



  • Storage & Transportation



  • Healthcare



  • Industrial Cleaning: The rising adoption of blast cleaning in various industrial applications is a major determinant responsible for the growth of the industrial cleaning segment of the global dry ice market. The segment accounted for the largest market share in 2018 and is expected to continue to dominate during the forecast period. Dry ice is used in industrial cleaning for the removal of pathogenic microbes as it is a non-corrosive and non-hazardous, cost-effective solution that can clean unreachable places.



  • Others


By Region



  • North America



  • Europe: The region garnered the largest market share of nearly 45% in 2018 due to the presence of prominent market players and high demand for frozen food products. The trade of high-quality perishable food products that require cold storage during transportation is also high in the region.



  • Asia-Pacific



  • Rest of the World


Key Players



  • S. 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)



Frequently Asked Questions (FAQ) :


Dry Ice Market is projected to grow at a 7.0% CAGR between 2019-2025.

Europe is expected to lead the Dry Ice Market.

Dry Ice Market is predicted to touch USD 270 million by 2025.

Industrial cleaning segment will lead the Dry Ice Market.

High sublimation rate may limit the Dry Ice Market growth.

Dry Ice Market