Dry Ice Market Is Predicted to Reach USD 670 Million By 2030, Increasing at a CAGR Of 6.40% by 2022 To 2030.
Market Highlights
The Dry Ice market outlook is projected to expand steadily during the forecast period due to the growing demand for dry ice in the numerous application industries. The key use of dry ice in industrial cleaning is a cost-effective approach. The use of dry ice to rebuild old industrial and residential structures, along with its non-combustible and non-toxic properties, is also driving market development. The high demand for dry ice in the logistics industry, for the transport of perishable food products, is yet another determinant of market growth worldwide. In addition, the growing demand for frozen food, the the need for storage of perishable food goods and the development of cold storage logistics are fueling the growth of the global industry.
The high sublimation rate is the main factor hindering the sale of dry ice. Dry ice typically sublimates at a rate of five to ten pounds per 24 hours when stored in a standard ice chest, requiring the acquisition of dry ice prior to its ingestion period.
Segmental Analysis
The market is segmented into pellets, blocks and others by type. Due to the high demand for pellet dry ice in different application industries, the segment dominated the global dry ice market in 2018. In the restoration of old buildings, freezing, blast cleaning, and chilling and transportation of food and biological specimens such as vaccines and blood, dry ice in the form of pellets is commonly used.
The market is segmented into food beverages, storage transport, healthcare, industrial cleaning and others by application. A major factor accountable for the development of the industrial cleaning segment of the global dry ice market is the increasing implementation of blast cleaning in various industries. The segment accounted for the largest market share in 2018 and during the forecast period it is expected to continue to dominate. In industrial cleaning, dry ice is used to remove pathogenic microbes because it is a cost-effective, non-corrosive and non-hazardous, solution that can clean unreachable places.
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Regional Overview
Due to the involvement of leading industry players and strong demand for frozen food products, Europe garnered the largest market share of nearly 45 percent in 2018. In the region, the trade in high-quality perishable food items requiring cold storage during transport is also high.
The global dry ice market insight has experienced significant growth in recent years due to its widespread applications across various industries. Dry ice, solid carbon dioxide, is valued for its unique properties including sublimation at room temperature, making it ideal for various applications like transportation of temperature-sensitive goods, medical and pharmaceutical uses, and special effects in the entertainment industry. The food and beverage sector also drives demand for dry ice, particularly for its role in preserving and transporting perishable goods. As industries continue to innovate and adapt, the dry ice market is expected to expand further, driven by the growing need for efficient and eco-friendly cooling solutions.
During the forecast period, the dry ice market is expected to see steady growth across the APAC region. The growth of the global dry ice market can be due to the increasing demand in the food and transport industries for dry ice as a refrigerant. The use of dry ice for industrial cleaning through dry ice blast cleaning is another factor that is expected to drive the growth of the APAC dry ice industry. Compared with the use of washing solvents and other additives, this is a cleaner alternative. In addition, the growth of the APAC dry ice market is projected to be driven by a rising appetite for frozen food. The flexibility of dry ice and its use as an economical alternative to a traditional cooling system based on electric power is expected to translate into a steady rise in dry ice production, thus fueling the development of the APAC dry ice market over the forecast period.
Competitive Dashboard
The global market players are 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), and CryoCarb (US).
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