Dry Ice Market Size Expected to Grow at a CAGR over 6.75% from 2023 to 2032

Market Research Future (MRFR) has published on the “Global Dry Ice Market”.

Dry Ice Market Highlights

Dry ice is a frozen form of carbon dioxide, which is a greenhouse gas. The release of carbon dioxide into the atmosphere can contribute to climate change. However, the environmental impact of dry ice can be mitigated by using it efficiently and by recycling it. Dry ice is a relatively expensive product. This can be a barrier to its adoption in some applications. However, the cost of dry ice is expected to decline in the coming years, as the production of dry ice becomes more efficient. The demand for dry ice is growing rapidly in emerging markets, such as China and India. This is due to the increasing affluence of consumers in these markets and the growing popularity of convenience foods.

The global demand for cold food and beverages is growing rapidly, due to the increasing popularity of convenience foods and the growing health consciousness of consumers. Dry ice is a popular way to cool food and beverages, as it is very effective at absorbing heat and does not melt. Dry ice is used in a variety of applications in healthcare, such as shipping organs and tissue, transporting blood and vaccines, and creating cold packs. The demand for dry ice in healthcare is expected to grow in the coming years, as the global population ages and the need for organ transplants and other medical procedures increases Dry ice is a versatile product with a variety of potential applications. In recent years, there has been growing demand for dry ice in new applications, such as in the food processing industry, the aerospace industry, and the automotive industry.

Global Headwear market is segmented based on product type, application, End User, distribution channel and region. By product type, the market is segmented into Beanies, Headbands, Caps and Hats, and Others. Based on application, the market is segmented into Casual, Medical, Tactical, and Others. Based on end user, it is segmented into men, women, and kid. Based on distribution channel, it is segmented into Supermarkets & Hypermarkets, Convenience Store, Specialty Stores and Online. Major regions considered within the market are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Synopsis

According to the MRFR analysis, the global Dry Ice market size is projected to reach USD 763.50 million by 2032 at a CAGR of 6.75%.

The increasing demand for dry ice in healthcare critical products is driven by its essential role in maintaining the integrity, safety, and efficacy of temperature-sensitive medical supplies and products. Vaccines for various diseases, including COVID-19, often require precise temperature control to remain effective. Dry ice is used to create a stable and ultra-cold environment during the storage and transportation of vaccines, ensuring that they maintain their potency until they reach their destination. Laboratories and research facilities frequently deal with biological samples, specimens, and research materials that need to be transported at low temperatures to preserve their viability. Dry ice helps maintain the necessary cold chain for shipping these materials without compromising their quality. Organ transportation is time-sensitive and requires careful temperature management to prevent tissue damage. Dry ice is commonly used to cool and preserve organs during transit, enhancing the success rates of organ transplant procedures. Many pharmaceutical products, such as certain medications and clinical trial materials, are sensitive to temperature variations. Dry ice ensures that these products are delivered and stored within the required temperature ranges, safeguarding their efficacy.

COVID-19 Impact on Dry Ice Market

The COVID-19 pandemic has had a significant impact on the dry ice market. The pandemic has led to a decrease in demand for dry ice in a number of industries, such as the food and beverage industry, the healthcare industry, and the transportation industry. This is because businesses have been forced to close or operate at reduced capacity, which has led to a decrease in the need for dry ice. The pandemic has also led to supply chain disruptions for dry ice. This is because the pandemic has disrupted the production and transportation of dry ice. This has made it more difficult for businesses to get the dry ice they need and has led to higher prices for dry ice. The pandemic has also led to increased safety concerns for dry ice. This is because dry ice can cause frostbite and can displace oxygen in enclosed spaces. This has made businesses more cautious about using dry ice and has led to some businesses banning the use of dry ice altogether. Despite these challenges, the dry ice market is expected to recover in the coming years. The pandemic has accelerated the adoption of new technologies, such as online food delivery and contactless payments. These technologies are likely to continue to grow in popularity in the coming years, which will drive the demand for dry ice. In addition, the pandemic has led to increased awareness of the importance of food safety. This is likely to drive the demand for dry ice in the food and beverage industry. Dry ice is used to keep food cold during transportation and storage, which helps to prevent the growth of bacteria and other foodborne pathogens.

Competitive Landscape

The key players operating in the global Dry Ice market include U.S. Ice Corporation (U.S.), Polar Ice Ltd. (UK), Continental Carbonic Products, Inc. (U.S.), SICGIL India Limited (India), Linde plc (UK), Air Liquide (South Africa), Tripti Dry Ice Co. (India), and Dry Ice UK Limited (UK). The global Headwear market is characterized by the presence of many global, regional, and local vendors. The market is highly fragmented with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and service. It is crucial for the vendors to provide cost-efficient and high-quality Headwear, to survive and succeed in an intensely competitive market environment.

Segmentation

By Type

• Pellets: Pellet dry ice refers to small cylindrical or pellet-shaped pieces of solid carbon dioxide (CO2) that are used primarily for cooling and freezing purposes. It is produced by compressing and shaping carbon dioxide gas into small pellets or cylindrical blocks. Dry ice undergoes sublimation, a process where it changes directly from a solid to a gas without passing through the liquid phase.


• Blocks: Blocks of dry ice are solid pieces of carbon dioxide (CO2) in large, rectangular or square-shaped forms. Like pellet dry ice, block dry ice is created by compressing and cooling carbon dioxide gas until it solidifies into a block. Due to their larger size, dry ice blocks have a longer sublimation time compared to smaller pellets or particles. This makes them particularly useful for applications that require extended cooling periods. Common uses of block dry ice include preserving temperature-sensitive items during shipping and transportation, such as frozen foods and medical supplies.

By Application

• Food and Beverages: The Food & Beverages application of dry ice refers to the use of dry ice in the food and beverage industry for various purposes related to cooling, freezing, and transportation. Dry ice, in both pellet and block forms, plays a vital role in preserving the quality and freshness of perishable food items during transit and storage. Dry ice is used to create a temperature-controlled environment, ensuring that frozen foods, ice creams, and other perishable items remain at the desired low temperatures during transportation. This is particularly crucial for products that need to be transported over long distances or during international shipping.


• Storage & Transportation: The Storage & Transportation application of dry ice refers to the use of dry ice in preserving, storing, and transporting products that require extremely low temperatures. In storage, dry ice is used to keep perishable items, such as frozen foods, meats, vaccines, and medical supplies, at the required low temperatures. It is especially valuable for short-term storage solutions where electricity or conventional refrigeration is not readily available. In transportation, dry ice is a key component of the cold chain logistics, which involves the transportation of temperature-sensitive goods from one location to another while maintaining a specific temperature range. Dry ice is commonly used for shipping frozen and chilled products, including food items, pharmaceuticals, and biological samples.


• Healthcare: The Healthcare application of dry ice refers to the use of solid carbon dioxide (CO2) in the healthcare industry for various purposes related to cooling, preservation, and transportation of temperature-sensitive medical and pharmaceutical products. Dry ice is widely used for the transportation and storage of vaccines, especially those that require ultra-low temperatures, such as certain COVID-19 vaccines. It ensures the vaccines remain viable and effective during transit from manufacturers to distribution points or healthcare facilities.


• Industrial Cleaning: The Industrial Cleaning application of dry ice, commonly known as dry ice blasting, refers to a non-abrasive cleaning method that uses solid carbon dioxide (CO2) pellets as blasting media. In this process, dry ice pellets are propelled at high speeds using compressed air through a blasting nozzle to clean surfaces. The rapid temperature difference between the cold dry ice pellets (-78.5 degrees Celsius or -109.3 degrees Fahrenheit) and the surface being cleaned causes the contaminants to shrink and lose their adhesion. This makes it easier for the dry ice pellets to lift and remove dirt, grime, coatings, and other unwanted substances without causing damage to the underlying surface.


• Industrial Cleaning: Beyond its primary applications in food and beverages, storage and transportation, healthcare, and industrial cleaning, dry ice finds versatile uses in various other sectors. One notable application is in Special Effects and Entertainment, where it is employed to create theatrical fog and smoke effects in concerts, movies, and stage productions. Dry ice is also utilized in Shipping and Logistics for the preservation of floral arrangements and sensitive biological samples. In the Automotive Industry, it's applied for shrink-fitting parts, removing decals, and cleaning molds. Furthermore, in the Oil and Gas Sector, dry ice blasting is used for equipment cleaning in offshore rigs.

By Region

• North America: The United States is the largest market for dry ice in North America, accounting for 75.1% of the market in 2022. The growth of the market in the United States is being driven by the increasing demand for dry ice in the food and beverage industry, the transportation industry, and the healthcare industry. Canada is the second largest market for dry ice in North America, accounting for 16.9% of the market in 2022. The growth of the market in Canada is being driven by the increasing demand for dry ice in the food and beverage industry, the transportation industry, and the industrial cleaning industry. Mexico is the third largest market for dry ice in North America, accounting for 7.0% of the market in 2022. The growth of the market in Mexico is being driven by the increasing demand for dry ice in the food and beverage industry, the transportation industry, and the medical industry.


• Europe: The Europe dry ice market refers to the industry involved in the production, distribution, and consumption of dry ice in European countries. Dry ice, which is solid carbon dioxide (CO2) at a temperature of approximately -78.5 degrees Celsius (-109.3 degrees Fahrenheit), is widely used across various sectors in Europe, including food and beverages, healthcare, industrial cleaning, shipping, and entertainment, among others. The market encompasses manufacturers producing dry ice in different forms such as pellets, blocks, and slices, suppliers involved in the distribution and transportation of dry ice to various industries, and end-users across sectors utilizing dry ice for their specific applications.


• Asia-Pacific: China is the largest market for dry ice in Asia Pacific, accounting for 39.6% of the market in 2022. This is due to China's large food and beverage industry, as well as its growing e-commerce market. Japan is the second largest market for dry ice in Asia Pacific, accounting for 14.2% of the market in 2022. This is due to Japan's large manufacturing industry, as well as its growing healthcare industry. India is the third largest market for dry ice in Asia Pacific, accounting for 25.5% of the market in 2022. This is due to India's large food and beverage industry, as well as its growing pharmaceutical industry. Rest of Asia Pacific accounts for the remaining 20.7% of the market.


• Rest of the World: The RoW dry ice market is projected to grow at a CAGR of 6.94% from 2022 to 2030. The growth of the market is driven by the increasing demand for dry ice in various industries, such as food and beverages, storage and transportation, healthcare, and industrial cleaning. The Middle East is expected to be the fastest-growing region for the dry ice market during the forecast period. This is due to the increasing demand for dry ice in the food and beverage industry, and the growing healthcare sector in the region.