Dry Ice Market Size, Share, Growth & Trends by 2030

Dry Ice Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, (Pellets, Blocks, and Others), Application (Food and Beverages, Storage and Transportation, Healthcare, Industrial Applications, and Others)

Publication Month : Feb 2024

  • Report Code : TIPRE00019661
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 177
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[Research Report] The dry ice market size was valued at US$ 587.68 million in 2022 and is expected to reach US$ 936.90 million by 2030; it is estimated to register a CAGR of 6.0% from 2022 to 2030.

MARKET ANALYSIS

In recent years, consumers have increasingly preferred dry ice over water-based ice. The benefits provided by dry ice in the pharmaceutical, machine blasting cleaning, food preservation, and entertainment industries have led to an increased demand for dry ice over water-based ice which is driving the dry ice market growth.

Dry ice has lower temperatures than water-based ice, which has led to an increased demand for dry ice for storage and transportation applications. The lowest temperature offered by dry ice is -78°C, while the lowest offered by regular water ice is -18°C. Dry ice lasts longer than water-based ice, whereas water-based ice melts much faster and needs to be replaced to keep items cool frequently. Dry ice is being increasingly considered a far better option than water-based ice. When heated, the dry ice does not leave any residue and is also used in the production of soda and drinks. Further, dry ice is being increasingly used for transportation in the medical industry, including the transportation of body parts, organs, and blood. Thus, the increasing preference for dry ice over water-based ice is driving the growth of the dry ice market.

Dry ice has a lower temperature than water-based ice. Unlike traditional water-based ice, which melts and creates a mess as it transitions to liquid form, dry ice undergoes sublimation—transforming directly from a solid to a gas. This property eliminates the need for drainage and significantly reduces the risk of product damage or contamination during transportation and storage, making dry ice a preferred choice for various industries. In industries such as healthcare and pharmaceuticals, where precise temperature control is crucial, dry ice's ability to maintain ultra-cold temperatures is a key factor driving demand. The global distribution of vaccines, medicines, and biological samples heavily relies on dry ice for its capability to provide a consistent and extremely cold environment, ensuring the preservation of sensitive materials during transit. Additionally, the dry ice market size is likely to surge by 2030 owing to the rapidly increasing demand for frozen foods

GROWTH DRIVERS AND CHALLENGES

The dry ice market growth is driven by the high demand for dry ice in storage and transportation and an increasing preference for dry ice over water-based ice. According to the Food and Agriculture Organization (FAO), food loss and waste cause ~US$ 940 billion per year in economic losses. While 17% of the world's food is wasted at the consumption stage, 14% is lost during the distribution, handling, and storage stages. The FAO estimates that US$ 400 billion of perishable food is wasted annually, of which half is lost due to temperature changes. Dry ice, solid carbon dioxide (CO2) at extremely low temperatures, is used extensively as a refrigerant and cooling agent in the storage and transportation sector. Its unique properties make it an indispensable tool for preserving the quality and integrity of perishable items during storage and transportation. Dry ice in the storage and transportation sector is used in the preservation of frozen and chilled products.

Further, dry ice has a lower temperature than water-based ice. Unlike traditional water-based ice, which melts and creates a mess as it transitions to liquid form, dry ice undergoes sublimation—transforming directly from a solid to a gas. This property eliminates the need for drainage and significantly reduces the risk of product damage or contamination during transportation and storage, making dry ice a preferred choice for various industries. In industries such as healthcare and pharmaceuticals, where precise temperature control is crucial, dry ice's ability to maintain ultra-cold temperatures is a key factor driving demand. However, dry ice is frozen carbon dioxide (CO2). In the dry ice manufacturing process, pure CO2 gas is first pressurized and cooled to turn it into a liquid. The liquefied CO2 is then fed into a dry ice production machine, where the pressure is released, a process that creates CO2 snow that is then compressed into pellets or blocks of dry ice. The surface temperature of dry ice is -109.3° F (-57° C). Above this temperature, dry ice sublimes, i.e., it turns directly into a gas without first becoming liquid. Dry ice cannot be stored for a long time as it sublimates within 18 to 24 hours.

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Dry Ice Market: Strategic Insights

dry-ice-market
Market Size Value inUS$ 587.68 million in 2022
Market Size Value byUS$ 936.90 million by 2030
Growth rateCAGR of 6.0% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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REPORT SEGMENTATION AND SCOPE

The "Global Dry Ice Market Analysis and Forecast to 2030" is a specialized and in-depth study focusing significantly on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation based on type, application, and geography. The report provides key statistics on the use of dry ice across the world, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the dry ice market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the dry ice market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, dry ice market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global dry ice market, which helps understand the entire supply chain and various factors influencing the market growth.

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SEGMENTAL ANALYSIS

The global dry ice market is segmented on the basis of type, and application. Based on type, the dry ice market is segmented into pellets, blocks, and others. In 2022, the blocks segment held the largest dry ice market share. The solid blocks of dry ice are commonly used for temporary refrigeration as carbon dioxide does not have a liquid state at normal atmospheric pressure and sublimates directly from the solid state to the gas state. Blocks of dry ice are produced in a block press. Blocks of dry ice are used in cleaning industrial equipment. It helps with the materials such as glue, ink, rubber, paint, oil, etc. The standard measurement of blocks is 10’’ x 10’’x12’’ and approximately weighs 60 lbs. Compared to pellets and slices with the same weight a dry ice block has less surface area, and it takes longer to sublimate and last longer than other forms of the same weight.

Based on application, the dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. In 2022, the storage and transportation segment held the largest dry ice market share. Dry ice is widely used for shipping goods. It has enhanced international trade allowing countries to export and import perishables. Products that rely on dry ice include fish, flowers, herbs, etc. Storage of perishable foods such as meat, and fish is dependent on cold storage to maintain their good conservation over time. The most efficient cold storage is to maintain the color, flavor, texture, and smell of the food products. Dry ice is also used in dry storage of stock cereals, rice, fruits, vegetables, and flour that do not require a temperature control system.  Dry ice is often used as a coolant during the transportation of temperature-sensitive products due to the fact that it is colder than water ice and has no liquid phase in standard atmospheric conditions. Dry Ice can keep up with the "cool chain" all through the whole dispersion chain, from creation to end-user.

Dry Ice Market – by Application, 2022 and 2030

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REGIONAL ANALYSIS

The report provides a detailed overview of the global dry ice market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America accounted for the largest share of the global dry ice market and was valued at over US$ 150 million in 2022. North America is a hub for mid-sized businesses operating in the region. The market in Europe is expected to reach over US$ 200 million by 2030. The market in North America is expected to record a CAGR of ~7% from 2022 to 2030. The growing industries such as food & beverages, healthcare, and transportation were the driving dry ice market across the region. According to Oxford Economics, in 2020, Asia Pacific held the largest share of consumer spending on eating out.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Polar Ice; Continental Carbonic Products Inc.; Sicgil India Limited.; Linde PLC; Dry Ice UK Ltd.; Dry Ice Corp; Reliant Dry Ice; CryoCab; Praxair Technology, Inc.; and ACP are among the prominent players profiled in the dry ice market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The dry ice market report also consists of company positioning and concentration to evaluate the performance of competitors/players in the market.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Some initiatives taken by the key players operating in the dry ice market are listed below:

  • In May 2021, Continental Carbonic Products, Inc. (CCPI) is opened a liquid carbon dioxide (CO2) and dry ice manufacturing facility in El Dorado, Arkansas, US.
  • In August 2021, Award-winning Portarlington company gets green light for expansion.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Can you list some of the major players operating in the global dry ice market?

The major players operating in the global dry ice market are Polar Ice; Continental Carbonic Products Inc.; Sicgil India Limited; Linde PLC; Dry Ice UK Ltd.; Dry Ice Corp; Reliant Dry Ice; CryoCab; Praxair Technology, Inc.; and ACP among others.

In 2020, which region held the largest share of the global dry ice market?

In 2021, Asia Pacific accounted for the largest share in the global dry ice market. Asia Pacific consists of developing countries such as China and India which have a rapidly growing food and beverages industries. The high consumption for various end uses in the region has resulted in largest share for the region.

In 2022, which application held the largest market share in global dry ice market?

Based on application, the global dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. In 2022, the storage and transportation segment accounted for the largest revenue share. The global cold chain market is on the rise as the demand for frozen foods has significantly increase. The rise in cold chain market has led to high share of storage and transportation segment.

By type, which segment accounted for the largest share in the global dry ice market in 2022?

Based on type, the global dry ice market is segmented into pellets, blocks, and others. In 2022, blocks segment accounted for the largest revenue share and is expected to account for the highest growth rate over forecast period. Dry ice blocks are easy to store and can be transported conveniently. Most storage units accommodate dry ice blocks with little or no difficulty; moreover, the blocks can be shaped into different sizes as per requirement. Thus, the block segment accounted for the highest share in the market and is expected to grow with highest growth rate over forecast period.

What is the key driver for the growth of the global dry ice market?

Increasing preference for dry ice over water-based ice is expected to drive the demand for dry ice market. The dry ice has a low temperature than water-based ice. When it is heated, it directly changes into the gas and does not leave any residue. The dry ice is cost effective and has non-combustible and non-toxic properties.

Which application segment is the fastest growing in the global dry ice market?

Based on application, the global dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. In 2022, the food and beverages is expected to account for the highest growth rate over forecast period. The growing food and beverages industry, especially in Asia Pacific, is expected to contribute to the high growth rate of food and beverages application.

The List of Companies - Dry Ice Market

  1. Polar Ice
  2. Continental Carbonic Products Inc.
  3. Sicgil India Limited
  4. Linde PLC
  5. Dry Ice UK Ltd.
  6. Dry Ice Corp
  7. Reliant Dry Ice
  8. CryoCab
  9. Praxair Technology, Inc.
  10. ACP       

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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