The global Dry Ice Market size is slated to surpass USD 270 Million by 2025 at a CAGR of 7% over the review period of 2019 to 2025.
Owing to an increase in grocery stores and the healthcare industry, the dry ice market has seen significant growth. Dry ice is a cost-effective way to keep perishable and frozen foods fresh and frozen. Dry ice has lower temperatures than water-based ice, which is why it is in such high demand for storage and transportation. Furthermore, increasing demand for frozen food, increased demand for perishable food storage, and the expansion of cold-storage logistics are all contributing to the global market’s rise. Because of the growing demand for dry ice in various industries, the market is expected to develop steadily over the forecast period. Dry ice is most commonly used in industrial cleaning since it is a cost-effective solution.
Dry ice’s non-combustible and non-toxic properties, as well as its use to rebuild old industrial and residential buildings, are driving market growth. Another determinant catalyzing business growth around the world is the high demand for dry ice in the logistics industry for transporting perishable food items. Furthermore, the increasingly rising demand for frozen foods, as well as the growing use of dry ice as a refrigerant in the food and shipping industries, presents a major market opportunity for the dry ice market’s main players. To meet the increasing demand for dry ice in various industries, market players are expanding their product portfolios by offering dry ice in various forms such as dry ice pellets, dry ice blocks, and dry ice cubes. To stay afloat in the global market, dry ice manufacturers are concentrating on mergers and acquisitions to expand their distribution networks and gain a wider customer base.
However, the dry ice market’s overall growth is expected to be hampered in the forecast period due to its inability to store dry ice for the review period.
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By type, the market is segmented into pellets, blocks, and others. Due to high demand for pellet dry ice in various application industries, the pellet segment dominated the global dry ice market in 2018. Dry ice blocks are becoming more common in food and beverage, as well as storage and transportation, since they are easy to use in large-scale applications and can keep a product fresh for long periods of time. Furthermore, the growth of the dry ice blocks segment is being aided by the expansion of the application industries for dry ice blocks. During the forecast period of 2019 to 2025, the segment is expected to rise at a CAGR of more than 5%.
By Application, the market has been segmented into Food & Beverages, Storage & Transportation, Healthcare, Industrial Cleaning, and others. The increasing use of blast cleaning in various industrial applications is a major factor moving the global dry ice market‘s industrial cleaning segment forward. In 2018, the segment held the largest market share, and it is projected to continue to do so during the forecast period. Dry ice is used in industrial cleaning to eliminate pathogenic bacteria because it is a cost-effective, non-corrosive, and non-hazardous solution that can disinfect hard-to-reach areas. During the forecast period, the food and beverage segment is projected to rise at the fastest rate. This is due to the increased use of dry ice to combat the rising loss of frozen food products due to weather fluctuations and power outages, especially in developing countries.
By region, the market has been analyzed in North America, Europe, Asia Pacific, and the rest of the world.
Owing to the presence of major market players and high demand for frozen food items, the North American region had the largest market share of nearly 45 percent in 2018. In the region, there is also a lot of trade in high-quality perishable food products that need to be kept cold during transportation.
During the forecast era, Asia Pacific is expected to be the most important area in the global dry ice market. It is possible that Europe will follow suit. The market in Asia Pacific is being driven by increased demand for dry ice in the industrial sector, transportation, health care, and entertainment industries in China, Japan, and India.
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The notable players of the market 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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