Dry Ice Market Insights
Global Dry Ice Market size is expected to cross USD 270 million by 2025 at a CAGR of 7% during the forecast period of 2019 to 2025. Dry ice refers to carbon dioxide (CO2) in solid form, which upon sublimation, turns to gas instead of liquid. The market is expected to be lucrative for dry ice suppliers in the coming years due to the increasing demand for dry ice cubes and dry ice pellets in grocery stores and the healthcare industry. Dry ice is also used in the transportation of biological samples such as organs, body parts, and blood. Dry ice evaporates over a period of time, leaving the bottom of the container and biological sample clear of water. Market players are also expected to witness growth opportunities in the entertainment industry where dry ice is used to form smoke clouds during concerts and other events.
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Dry Ice Market Key Players
- U.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)
- CryoCarb (US)
Dry Ice Market Segment
Blocks segment to register the highest growth rate during the forecast period: The demand for dry ice blocks is increasing in food & beverage and storage & transportation applications as they are convenient to use in large-scale applications and can preserve a product for long durations. Additionally, the growth of the application industries for dry ice blocks is contributing to the growth of the dry ice blocks segment. Dry Ice Market segment is expected to register a CAGR of more than 7.5% during the forecast period of 2019 to 2025.
Fluctuating weather conditions and surging demand for frozen food products: The food & beverages segment is expected to register the highest growth rate during the forecast period. This can be attributed to the increasing use of dry ice to counter the increasing losses of frozen food products owing to weather fluctuations and power outages, especially in developing countries. Additionally, a hike in demand for frozen food products in Asia-Pacific and the Middle East is expected to boost the growth of the segment.
Dry Ice Market Regional Analysis
North America: In 2018, the region garnered a revenue share of more than 35%. This can be attributed to the growth of the cold-chain logistics industry and rising demand for frozen food. The US is the major country-level market driving the regional market growth. The approval of the dry ice blasting process by the Environmental Protection Agency (EPA), Food and Drug Administration (FDA), and the United States Department of Agriculture (USDA) is catalyzing the sale of dry ice for blast cleaning in various industries.
US: The presence of numerous dry ice suppliers in the US is a key determinant responsible for the US dry ice market growth. The increasing adoption of blast cleaning using dry ice for the renovation of old residential and commercial buildings is also boosting the sale of dry ice in the country.
Europe: The demand for dry ice cubes and dry ice pellets is high in Europe as compared to wet ice due to their non-combustible and non-toxic properties. Moreover, dry ice is an environmentally friendly solution for industrial cleaning as it reduces downtime and the cost of secondary waste disposal. The region gained the largest revenue share of the global dry ice market in 2018 of more than 45%. The high demand for frozen food in the region is contributing to the regional market growth. As per MRFR analysis, the region accounted for a market share of nearly 37% of the global frozen food market in 2018.
Asia-Pacific: The Asia-Pacific dry ice market is projected to be the fastest-growing, registering a CAGR of approximately 8% from 2019 to 2025, owing to the rising awareness about the post-harvest losses of fruits and vegetables during storage and transportation. Additionally, rapid urbanization has led to the need to renovate old buildings, which is boosting the demand for dry ice for industrial cleaning applications.
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