Dry ice market demand is expected to reach US$ 300 Million by 2032, flourishing at an 8% CAGR. As of 2022, the market is likely to be valued at US$ 138.95 Million, expected to flourish 2x during the forthcoming decade.
Rapidly increasing demand for frozen foods and growing use of dry ice as refrigerant across the food and shipping industries is anticipated to significantly drive the growth of dry ice market. Notable growth in transportation industry is expected to support the shipping of products, thereby holding impressive revenue growth opportunities for dry ice market. Grocery stores and healthcare industry are anticipated to create lucrative growth opportunities for the growth of dry ice market with rising lengthy transportation trips in the forthcoming years. However, inability of dry ice in long-term storage might restrain the growth of dry ice market in the forthcoming years.
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Dry Ice is solid form of carbon dioxide. Solid carbon dioxide is characterized by phase change from solid state directly to gaseous state without undergoing change into liquid state with an increase in temperature. As such, it does not lead to any residue post the phase change and hence is rightly termed as Dry ice. Dry ice manufacturing process involves initially compressing and cooling gaseous carbon dioxide to yield liquid carbon dioxide. In the next step, this liquefied carbon dioxide is allowed to undergo expansion following which it is pressurised to yield solid carbon dioxide or dry ice. Dry ice is often used instead of traditional water based ice due to relatively lower temperature(-79 degrees) of dry ice as compared to that of water based ice at the same time it does not melt into a liquid form, rendering it free from waste generation. Moreover, dry ice is non-flammable and non-toxic as opposed to some of the other refrigerants used.
Dry Ice Market: Drivers & Restraints
Dry ice market is expected to witness a steady growth during the forecast period. The growth of global dry ice market can be attributed to the growing demand for dry ice as a refrigerant in food and transport industry. Another factor that is expected to fuel the growth of global dry ice market is the use of dry ice for industrial cleaning by means of dry ice blast cleaning. It offers a safer solution as compared to use of cleaning solvents and other chemicals. Moreover, growing demand for frozen foods is expected to drive the growth of global dry ice market. The versatility of dry ice and its use as an effective alternative to conventional electric power based cooling system is expected to translate into a steady growth in demand for dry ice, thus fuelling the growth of global dry ice market during the forecast period.
Dry Ice Market: Region-wise Outlook
On the basis of geographic regions of the globe, global Dry Ice market is segmented into seven major geographic segments. These key market segments are North America, Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East & Africa and Latin America Dry Ice market.
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Dry Ice Market: Key Players
Some of the identified major participants of the global Dry Ice market are as follows:
- Continental Carbonic Products, Inc.
- Yara International ASA
- Dry Ice Corp.
- Dry Ice UK Ltd
- Praxair Technology, Inc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies and application industry.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Depending on the end use application industry of dry ice, the global dry ice market can be segmented into following key market segments:
- Food Processing
- Industrial Cleaning
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