The dry ice market is poised to grow significantly, with a projected CAGR of 7.8%, increasing from USD 2.09 billion in 2024 to USD 4.46 billion by 2034.
The healthcare sector and biomedical field are driving demand for dry ice due to the need for efficient storage and transportation of surgical instruments, medical apparatus, and biomedical specimens. This demand is a key factor fueling the market’s growth.
Moreover, organizations are increasingly adopting dry ice blast cleaning techniques over traditional water and chemical methods for machinery cleaning. This shift supports sustainability goals, which further boosts the expansion of the dry ice market.
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There is a growing awareness about the benefits of dry ice across various industries, contributing to market growth. In the food and beverage sector, dry ice is extensively used to enhance the shelf life of food items, which is another significant driver expanding the market size.
Technological innovations and advancements in production processes are also enhancing the efficiency of dry ice production, aligning with supply-side trends and driving market growth.
Key Takeaways from the Market Study
- The food and beverage industry uses dry ice the maximum, capping the market space of the segment to 38.4%.
- The Indian dry ice market growth is estimated to be the highest during the forecasted period, with a forecasted CAGR of 12.8%.
- The United States of America will lead North America at a CAGR of 4.8%, creating numerous growth prospects for leading dry ice manufacturers.
- Based on the type, dry ice pallets find a wide range of applications, which will help the segment occupy 54.5% of the market space in 2024.
“Handling dry ice might be a critical market challenge as it can damage the operator’s physical health,”– says an FMI analyst.
Competitive Landscape
The demand-side trends suggest that the dry ice market growth is attributed to the expanding key players meeting consumer demands. Moreover, various key competitors innovate to bolster their presence in the market. They also use mergers, partnerships, acquisitions, and collaborations to gain a niche in the market.
Some recent key market developments are as follows:-
- In November 2021, Central McGowan acquired Preferred Welder Sales. Before this, the organization acquired Fessler Carbonic Gas in Des Moines in March, followed by Metro Welding Supply in April of the same year. These three acquisitions helped the organization bolster its competitive position in the market.
- In December 2022, ASCO CARBON DIOXIDE LTD. launched a refilling system for dry ice pellets. Dosing dry ice pallets into small containers by maintaining high precision and accuracy was possible due to this system. Hence, this gave a competitive niche to the organization.
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Top Key Players
- Polar Ice Ltd
- Continental Carbonic Products, Inc.
- SICGIL India Limited
- Linde plc
- Air Liquide
- Tripti Dry Ice Co.
- Dry Ice UK Limited
- Central McGowan
- Thomas Scientific
- Merck KGaA
More Valuable Insights Available
Future Market Insights offers an unbiased dry ice market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The subject market is segmented by Type (Dry Ice Pellets, Dry Ice Blocks, and Other Dry Ice Types) and Application (Dry Ice for Food & Beverages, Dry Ice for Storage & Transportation, Dry Ice for Healthcare, Dry Ice for Industrial Cleaning, and Dry Ice for Other Applications).
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