PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454038
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454038
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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Dry Ice Market, By Type
- 5.1 Introduction
- 5.2 Pellet
- 5.3 Block
- 5.4 Slab
- 5.5 Column
- 5.6 Powder
- 5.7 Other Types
6 Global Dry Ice Market, By Distribution Channel
- 6.1 Introduction
- 6.2 Direct Sales
- 6.3 Retailers
- 6.4 Distributors
7 Global Dry Ice Market, By End User
- 7.1 Introduction
- 7.2 Industrial Companies
- 7.3 Hospitals
- 7.4 Restaurants
- 7.5 Automotive
- 7.6 Other End Users
8 Global Dry Ice Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Messer Group
- 10.2 Air Liquide
- 10.3 Reliant Dry Ice
- 10.4 Novair Industries
- 10.5 Linde plc
- 10.6 CryoCab
- 10.7 Continental Carbonic Products, Inc.
- 10.8 Dry Ice Solutions Ltd.
- 10.9 Cee Kay Supply
- 10.10 Merck KGaA
- 10.11 Polar Ice Ltd
- 10.12 Chillistick Ltd.
- 10.13 Thomas Scientific
- 10.14 Manav Gases Pvt Ltd
- 10.15 ASCO Carbondioxide Ltd.
List of Tables
- Table 1 Global Dry Ice Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Dry Ice Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Dry Ice Market Outlook, By Pellet (2021-2030) ($MN)
- Table 4 Global Dry Ice Market Outlook, By Block (2021-2030) ($MN)
- Table 5 Global Dry Ice Market Outlook, By Slab (2021-2030) ($MN)
- Table 6 Global Dry Ice Market Outlook, By Column (2021-2030) ($MN)
- Table 7 Global Dry Ice Market Outlook, By Powder (2021-2030) ($MN)
- Table 8 Global Dry Ice Market Outlook, By Other Types (2021-2030) ($MN)
- Table 9 Global Dry Ice Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 10 Global Dry Ice Market Outlook, By Direct Sales (2021-2030) ($MN)
- Table 11 Global Dry Ice Market Outlook, By Retailers (2021-2030) ($MN)
- Table 12 Global Dry Ice Market Outlook, By Distributors (2021-2030) ($MN)
- Table 13 Global Dry Ice Market Outlook, By End User (2021-2030) ($MN)
- Table 14 Global Dry Ice Market Outlook, By Industrial Companies (2021-2030) ($MN)
- Table 15 Global Dry Ice Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 16 Global Dry Ice Market Outlook, By Restaurants (2021-2030) ($MN)
- Table 17 Global Dry Ice Market Outlook, By Automotive (2021-2030) ($MN)
- Table 18 Global Dry Ice Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 19 North America Dry Ice Market Outlook, By Country (2021-2030) ($MN)
- Table 20 North America Dry Ice Market Outlook, By Type (2021-2030) ($MN)
- Table 21 North America Dry Ice Market Outlook, By Pellet (2021-2030) ($MN)
- Table 22 North America Dry Ice Market Outlook, By Block (2021-2030) ($MN)
- Table 23 North America Dry Ice Market Outlook, By Slab (2021-2030) ($MN)
- Table 24 North America Dry Ice Market Outlook, By Column (2021-2030) ($MN)
- Table 25 North America Dry Ice Market Outlook, By Powder (2021-2030) ($MN)
- Table 26 North America Dry Ice Market Outlook, By Other Types (2021-2030) ($MN)
- Table 27 North America Dry Ice Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 28 North America Dry Ice Market Outlook, By Direct Sales (2021-2030) ($MN)
- Table 29 North America Dry Ice Market Outlook, By Retailers (2021-2030) ($MN)
- Table 30 North America Dry Ice Market Outlook, By Distributors (2021-2030) ($MN)
- Table 31 North America Dry Ice Market Outlook, By End User (2021-2030) ($MN)
- Table 32 North America Dry Ice Market Outlook, By Industrial Companies (2021-2030) ($MN)
- Table 33 North America Dry Ice Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 34 North America Dry Ice Market Outlook, By Restaurants (2021-2030) ($MN)
- Table 35 North America Dry Ice Market Outlook, By Automotive (2021-2030) ($MN)
- Table 36 North America Dry Ice Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 37 Europe Dry Ice Market Outlook, By Country (2021-2030) ($MN)
- Table 38 Europe Dry Ice Market Outlook, By Type (2021-2030) ($MN)
- Table 39 Europe Dry Ice Market Outlook, By Pellet (2021-2030) ($MN)
- Table 40 Europe Dry Ice Market Outlook, By Block (2021-2030) ($MN)
- Table 41 Europe Dry Ice Market Outlook, By Slab (2021-2030) ($MN)
- Table 42 Europe Dry Ice Market Outlook, By Column (2021-2030) ($MN)
- Table 43 Europe Dry Ice Market Outlook, By Powder (2021-2030) ($MN)
- Table 44 Europe Dry Ice Market Outlook, By Other Types (2021-2030) ($MN)
- Table 45 Europe Dry Ice Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 46 Europe Dry Ice Market Outlook, By Direct Sales (2021-2030) ($MN)
- Table 47 Europe Dry Ice Market Outlook, By Retailers (2021-2030) ($MN)
- Table 48 Europe Dry Ice Market Outlook, By Distributors (2021-2030) ($MN)
- Table 49 Europe Dry Ice Market Outlook, By End User (2021-2030) ($MN)
- Table 50 Europe Dry Ice Market Outlook, By Industrial Companies (2021-2030) ($MN)
- Table 51 Europe Dry Ice Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 52 Europe Dry Ice Market Outlook, By Restaurants (2021-2030) ($MN)
- Table 53 Europe Dry Ice Market Outlook, By Automotive (2021-2030) ($MN)
- Table 54 Europe Dry Ice Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 55 Asia Pacific Dry Ice Market Outlook, By Country (2021-2030) ($MN)
- Table 56 Asia Pacific Dry Ice Market Outlook, By Type (2021-2030) ($MN)
- Table 57 Asia Pacific Dry Ice Market Outlook, By Pellet (2021-2030) ($MN)
- Table 58 Asia Pacific Dry Ice Market Outlook, By Block (2021-2030) ($MN)
- Table 59 Asia Pacific Dry Ice Market Outlook, By Slab (2021-2030) ($MN)
- Table 60 Asia Pacific Dry Ice Market Outlook, By Column (2021-2030) ($MN)
- Table 61 Asia Pacific Dry Ice Market Outlook, By Powder (2021-2030) ($MN)
- Table 62 Asia Pacific Dry Ice Market Outlook, By Other Types (2021-2030) ($MN)
- Table 63 Asia Pacific Dry Ice Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 64 Asia Pacific Dry Ice Market Outlook, By Direct Sales (2021-2030) ($MN)
- Table 65 Asia Pacific Dry Ice Market Outlook, By Retailers (2021-2030) ($MN)
- Table 66 Asia Pacific Dry Ice Market Outlook, By Distributors (2021-2030) ($MN)
- Table 67 Asia Pacific Dry Ice Market Outlook, By Application (2021-2030) ($MN)
- Table 68 Asia Pacific Dry Ice Market Outlook, By Storage & Transportation (2021-2030) ($MN)
- Table 69 Asia Pacific Dry Ice Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 70 Asia Pacific Dry Ice Market Outlook, By Food & Beverages (2021-2030) ($MN)
- Table 71 Asia Pacific Dry Ice Market Outlook, By Industrial Cleaning (2021-2030) ($MN)
- Table 72 Asia Pacific Dry Ice Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 73 Asia Pacific Dry Ice Market Outlook, By End User (2021-2030) ($MN)
- Table 74 Asia Pacific Dry Ice Market Outlook, By Industrial Companies (2021-2030) ($MN)
- Table 75 Asia Pacific Dry Ice Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 76 Asia Pacific Dry Ice Market Outlook, By Restaurants (2021-2030) ($MN)
- Table 77 Asia Pacific Dry Ice Market Outlook, By Automotive (2021-2030) ($MN)
- Table 78 Asia Pacific Dry Ice Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 79 South America Dry Ice Market Outlook, By Country (2021-2030) ($MN)
- Table 80 South America Dry Ice Market Outlook, By Type (2021-2030) ($MN)
- Table 81 South America Dry Ice Market Outlook, By Pellet (2021-2030) ($MN)
- Table 82 South America Dry Ice Market Outlook, By Block (2021-2030) ($MN)
- Table 83 South America Dry Ice Market Outlook, By Slab (2021-2030) ($MN)
- Table 84 South America Dry Ice Market Outlook, By Column (2021-2030) ($MN)
- Table 85 South America Dry Ice Market Outlook, By Powder (2021-2030) ($MN)
- Table 86 South America Dry Ice Market Outlook, By Other Types (2021-2030) ($MN)
- Table 87 South America Dry Ice Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 88 South America Dry Ice Market Outlook, By Direct Sales (2021-2030) ($MN)
- Table 89 South America Dry Ice Market Outlook, By Retailers (2021-2030) ($MN)
- Table 90 South America Dry Ice Market Outlook, By Distributors (2021-2030) ($MN)
- Table 91 South America Dry Ice Market Outlook, By End User (2021-2030) ($MN)
- Table 92 South America Dry Ice Market Outlook, By Industrial Companies (2021-2030) ($MN)
- Table 93 South America Dry Ice Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 94 South America Dry Ice Market Outlook, By Restaurants (2021-2030) ($MN)
- Table 95 South America Dry Ice Market Outlook, By Automotive (2021-2030) ($MN)
- Table 96 South America Dry Ice Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 97 Middle East & Africa Dry Ice Market Outlook, By Country (2021-2030) ($MN)
- Table 98 Middle East & Africa Dry Ice Market Outlook, By Type (2021-2030) ($MN)
- Table 99 Middle East & Africa Dry Ice Market Outlook, By Pellet (2021-2030) ($MN)
- Table 100 Middle East & Africa Dry Ice Market Outlook, By Block (2021-2030) ($MN)
- Table 101 Middle East & Africa Dry Ice Market Outlook, By Slab (2021-2030) ($MN)
- Table 102 Middle East & Africa Dry Ice Market Outlook, By Column (2021-2030) ($MN)
- Table 103 Middle East & Africa Dry Ice Market Outlook, By Powder (2021-2030) ($MN)
- Table 104 Middle East & Africa Dry Ice Market Outlook, By Other Types (2021-2030) ($MN)
- Table 105 Middle East & Africa Dry Ice Market Outlook, By Distribution Channel (2021-2030) ($MN)
- Table 106 Middle East & Africa Dry Ice Market Outlook, By Direct Sales (2021-2030) ($MN)
- Table 107 Middle East & Africa Dry Ice Market Outlook, By Retailers (2021-2030) ($MN)
- Table 108 Middle East & Africa Dry Ice Market Outlook, By Distributors (2021-2030) ($MN)
- Table 109 Middle East & Africa Dry Ice Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 110 Middle East & Africa Dry Ice Market Outlook, By End User (2021-2030) ($MN)
- Table 111 Middle East & Africa Dry Ice Market Outlook, By Industrial Companies (2021-2030) ($MN)
- Table 112 Middle East & Africa Dry Ice Market Outlook, By Hospitals (2021-2030) ($MN)
- Table 113 Middle East & Africa Dry Ice Market Outlook, By Restaurants (2021-2030) ($MN)
- Table 114 Middle East & Africa Dry Ice Market Outlook, By Automotive (2021-2030) ($MN)
- Table 115 Middle East & Africa Dry Ice Market Outlook, By Other End Users (2021-2030) ($MN)
