Dry Ice Market Forecasts to 2030 – Global Analysis By Type (Pellet, Block, Slab, Column, Powder and Other Types), Distribution Channel, End User and By Geography

Dry Ice Market Forecasts to 2030 – Global Analysis By Type (Pellet, Block, Slab, Column, Powder and Other Types), Distribution Channel, End User and By Geography

According to Stratistics MRC, the Global Dry Ice Market is accounted for $431.5 million in 2023 and is expected to reach $773.7 million by 2030 growing at a CAGR of 8.7% during the forecast period. Dry ice is the solid form of carbon dioxide (CO2). It is commonly used as a cooling agent in various applications, such as preserving perishable items during shipping, creating special effects in entertainment industry productions, and in scientific experiments. It is also used for cleaning purposes due to its ability to remove contaminants without leaving behind residue. However, it should be handled with care due to its extreme cold temperature and the potential hazards associated with its rapid sublimation.

According to the American Frozen Food Institute and FMI, frozen food sales grew by 21% in 2020, which was approximately double the growth of fresh food sales in that same period.

Market Dynamics:

Driver:

Rising need for cold chain logistics

With the growing popularity of frozen foods, pharmaceuticals, and biotechnology products, the need for efficient cold storage and transportation solutions has surged. Cold chain logistics ensure that perishable goods, sensitive medical supplies, and temperature-sensitive items remain at optimal conditions throughout the supply chain. As industries increasingly rely on dry ice for its exceptional cooling properties, the demand for robust cold chain logistics services continues to rise, driving innovation and investment in this sector.

Restraint:

Competition from alternative cooling methods

The market faces escalating competition from alternative cooling methods, with advancements in refrigeration technologies and environmentally-friendly alternatives. Innovations such as phase-change materials and cryogenic refrigerants are gaining traction, offering efficient cooling solutions while reducing carbon footprint. The emergence of sustainable cooling techniques utilizing renewable energy sources poses a significant challenge to traditional dry ice applications.

Opportunity:

Increasing use in cleaning applications

As industries prioritize environmentally friendly solutions, dry ice cleaning offers a non-toxic, residue-free alternative. Its effectiveness in removing contaminants from various surfaces without causing damage makes it appealing across sectors such as manufacturing, automotive, and food processing. The demand for dry ice for cleaning applications is expected to continue rising as industries prioritize sustainable and efficient cleaning solutions, driving market growth in this sector.

Threat:

High production costs

The process of manufacturing dry ice involves capturing and compressing carbon dioxide gas, which demands specialized equipment and energy-intensive procedures. Additionally, transportation and storage expenses contribute to the overall cost burden. These factors, coupled with fluctuating demand and regulatory constraints, further exacerbate the cost issue. As a result, businesses operating in the dry ice market often struggle to maintain profitability amidst these financial pressures.

Covid-19 Impact:

The COVID-19 pandemic has significantly impacted the dry ice market. With the surge in demand for vaccines, pharmaceuticals, and perishable goods requiring cold storage and transportation, there has been a corresponding increase in the need for dry ice. This heightened demand, coupled with disruptions in the supply chain, has led to supply shortages and price volatility in the dry ice market. Additionally, the adoption of stringent health and safety measures has further propelled the use of dry ice for sanitation purposes, amplifying its demand.

The pellet segment is expected to be the largest during the forecast period

The pellet segment is expected to be the largest during the forecast period. With a growing emphasis on cold chain logistics and the need for safe transportation of perishable goods, the demand for pellets in dry ice is soaring. Additionally, advancements in manufacturing technologies and the availability of high-quality raw materials are further fueling market expansion. This trend is expected to continue, with the market projected to reach substantial growth.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is expected to have the highest CAGR during the forecast period. Hospitals rely on dry ice to maintain the required temperatures for preserving vaccines, biological samples, and medical supplies. With the global emphasis on vaccination campaigns and medical research, hospitals are increasingly procuring dry ice in significant quantities. This trend is expected to persist as healthcare facilities continue to prioritize efficient cold chain management, ensuring the integrity and effectiveness of temperature-sensitive medical products.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. The region's stringent regulations regarding food safety and the rising need for cold chain logistics further fuel market expansion. Additionally, the adoption of dry ice for cleaning applications in industrial settings contributes to market momentum. With a focus on innovation and sustainability, companies are investing in research and development, further propelling the market forward.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period due to increasing demand across various industries such as food and beverage, healthcare, and logistics. Factors such as the rise in e-commerce activities, stringent regulations regarding food safety, and the growing need for efficient cold chain logistics have propelled the market forward. Additionally, advancements in technology and innovative applications of dry ice are further fueling market expansion in the region.

Key players in the market

Some of the key players in Dry Ice market include Messer Group, Air Liquide, Reliant Dry Ice, Novair Industries, Linde plc, CryoCab, Continental Carbonic Products, Inc., Dry Ice Solutions Ltd., Cee Kay Supply, Merck KGaA, Polar Ice Ltd, Chillistick Ltd., Thomas Scientific, Manav Gases Pvt Ltd and ASCO Carbondioxide Ltd.

Key Developments:

In April 2023, Linde announced that it has signed a long-term agreement with ExxonMobil for the off-take of carbon dioxide associated with Linde’s new clean hydrogen production in Beaumont, Texas.

In January 2018, ASCO CARBON DIOXIDE LTD has introduced ASCOJET 1208, a dry ice blasting machine. This new machine has lightweight, easy-to-handle and mainly preferred for cleaning work. This new launch will help the company to meet the rising demand of the customers.

Types Covered:
• Pellet
• Block
• Slab
• Column
• Powder
• Other Types

Distribution Channels Covered:
• Direct Sales
• Retailers
• Distributors

End Users Covered:
• Industrial Companies
• Hospitals
• Restaurants
• Automotive
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements