Global Dry Ice Market Insights Forecasts to 2033

• The Global Dry Ice Market Size was Valued at USD 363.3 Million in 2023
• The Market Size is Growing at a CAGR of 6.83% from 2023 to 2033
• The Worldwide Dry Ice Market Size is Expected to Reach USD 703.20 Million by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Dry Ice Market Size is Anticipated to Exceed USD 703.20 Million by 2033, Growing at a CAGR of 6.83% from 2023 to 2033. Dry ice is in high demand due to its capacity to maintain extremely low temperatures, which is essential in sectors like healthcare and pharmaceuticals where exact temperature control is critical.

DRY ICE MARKET REPORT OVERVIEW

Solid carbon dioxide at a temperature of roughly -78.5°C is known as dry ice. It is created through a process known as sublimation, which involves compressing and chilling gaseous carbon dioxide until it solidifies without going through the liquid phase. Because of its extremely low temperature, it is frequently employed as a chilling agent in a variety of applications, including the preservation of perishable products during shipping, the creation of special effects in the entertainment industry, and laboratory research.

Food can be preserved by freeze-drying it without the need for water, or by freezing it at extremely low temperatures using dry ice, which increases its shelf life. Foodstuffs can also be kept chilled with dry ice, for example, in aircraft without refrigeration equipment. Compared to ice, dry ice is far colder, stays colder longer, and doesn't melt. These characteristics make them perfect for the transportation of medicinal goods, including vaccinations, which must be stored at extremely low temperatures in order to preserve their effectiveness.

Additionally, during storage, biological materials like blood and tissue must be maintained at extremely low temperatures. It can keep the cold chain, protecting food and pharmaceutical products' freshness and quality. In addition to its employment in electronics and other manufacturing-related industries, dry ice is also utilized in industrial cleaning procedures to remove leftover moisture and disassemble machinery or equipment.

Report Coverage

This research report categorizes the market for the global dry ice market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global dry ice market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global dry ice market.

DRIVING FACTORS:

The growing cold chain logistic sector contributes to market expansion.

In order to preserve the quality and integrity of temperature-sensitive goods including food, medications, and biologics, cold chain logistics entails moving and storing them in a controlled environment. In this operation, dry ice is essential because it offers a dependable and economical way to maintain goods at the proper temperature range while in transit. The cold chain logistics sector has grown as a result of increased trade globalization and rising consumer demand for frozen foods and perishables. The necessity for effective and dependable cold chain solutions to guarantee the prompt and safe delivery of items to customers has increased with the growth of e-commerce and the popularity of fresh and frozen food delivery services.

RESTRAINING FACTORS

The CO2 supply and price volatility could restrict the market growth.

Seasonal variations, supply chain disruptions, and demand fluctuations from these industries all affect the availability of CO2 feedstock for the manufacturing of dry ice. For instance, the amount of CO2 accessible for dry ice manufacturing could be limited during times of high demand in industry use.

Market Segmentation

The dry ice market share is classified into type and application.

The pellets segment held the majority of the share in the market over the forecast period.

Based on type, the dry ice market is classified into pellets, blocks, and others. It's easy to see how the technique used to produce dry ice pellets for food chilling and other purposes works. With the use of a pelletizer, dry ice pellets are made. This device generates dry ice snow, compresses it, and then packages it for delivery to businesses in need of dry ice (such as those that require dry ice for food refrigeration). A variety of diameters for the pellets can be manufactured, based on the size needed for the intended use. To achieve this, extruder plates are fitted with dies of varying diameters. Dry ice pellets can also be used with a variety of different products. For instance, anyone who uses dry ice pellets—including those who need to utilize dry ice to cool food—needs pellet storage systems. Moreover, while dry ice pellets can be made from recycled carbon dioxide and do not generate damaging greenhouse gases, many industries are choosing to employ them over traditional cooling methods as a result of increased environmental consciousness. Innovations in manufacturing technology have also improved the quality and productivity of dry ice pellet manufacture, increasing their availability and affordability for commercial use.

The food and beverages segment has the greatest share of the market during the forecast period.

Based on application, the dry ice market is classified into food and beverages, storage and transportation, healthcare, industrial cleaning, and others. For cold delivery of products in the food and beverage business, dry ice is the ideal solution. Dry ice can maintain the finest quality of frozen foods since it is much colder than conventional freezer ice, with freezing temperatures as low as -109° F. Dry ice also doesn't melt. Rather, it gradually turns into gas, which makes it the perfect option for transporting goods that are sensitive to temperature and need to be kept cold for extended periods of time. Foods that are frozen or cooled can be reliably transported over great distances without losing their nutritional value in the presence of dry ice. Moreover, dry ice has become a popular option for many food and beverage firms due to the growing emphasis on food safety standards and the need to minimize food waste.

Regional Segment Analysis of the Global Dry Ice Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is having the biggest share of the dry ice market throughout the forecast period.

The growing demand coming from the healthcare and pharmaceutical industries, particularly in view of the current global health crises. The market is expanding as a result of the increase in demand for dry ice, which is necessary for the transportation and storage of vaccines and other medical supplies that are sensitive to temperature. The environmentally favorable aspect of dry ice production which is frequently made from recycled carbon dioxide aligns with businesses' growing focus on sustainability, spurring its adoption across a range of industries. The production capacities of dry ice have been improved by technological improvements and innovations in the manufacturing processes, guaranteeing a steady supply to satisfy the increasing demand. The North American dry ice market is anticipated to grow significantly in the near future due to the aforementioned factors as well as the recognition of the benefits of dry ice by a wide range of industries.

The Europe is fastest growing region during the projected timeframe.

Dry ice is becoming more and more in demand in Europe's food and beverage sector. The industry uses dry ice to efficiently preserve and transport perishable commodities since consumers are now demanding more diversified and fresher items. They will be able to satisfy their clients' constantly shifting preferences in this way. Moreover, eco-friendly techniques are becoming more and more important in Europe.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global dry ice market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Reliant Dry Ice
• Continental Carbonic Products, Inc.
• Linde plc
• Chuan Chon Enterprise
• CryoCarb
• Polar Ice Ltd.
• Messer Group
• Yara International ASA
• Continental Carbonic Products Inc.
• Sicgil India
• Praxair Technology Inc.
• Chuan Chon Dryice
• Gulf Cryo
• Air Liquide
• Dry Ice UK Ltd
• Dry Ice Corp.
• Tripti Dry Ice Co
• Others 

Key Market Developments

• In July 2023, in order to reduce downtime and increase performance, Cold Jet introduced the IceRocket dry ice blasting machine, an entry-level device for better cleaning and maintenance procedures. The newest model in Cold Jet's cutting-edge, high-performing dry ice blasting equipment lineup is the IceRocket.
• In May 2023, Holston Gases purchased Cartersville, Georgia-based Superior Dry Ice. Holston Gases will keep running its business out of 3439 Highway 411, the location of Superior Dry Ice.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global dry ice market based on the below-mentioned segments: 

Global Dry Ice Market, By Type

• Pellets
• Blocks
• Others

Global Dry Ice Market, By Application

• Food and Beverages
• Storage and Transportation
• Healthcare
• Industrial Cleaning
• Others

Global Dry Ice Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa