Dry ice Market Update 2024

Dry Ice Market was valued at USD 175.37 million in 2023. Global Dry Ice Market size is estimated to grow at a CAGR of 7.8 % over the forecast period. The Global Dry Ice Market provides a thorough examination of various market aspects, such as market size, trends, competition, growth rate, and segmentation. The analysis leads to the creation of a market research report that offers qualitative and quantitative insights into the main factors influencing the market’s growth worldwide. This report contains detailed statistical information on market leaders as well as market forecasts.

Dry ice

Dry ice, also known as solid carbon dioxide, is a substance commonly used for refrigeration and freezing purposes. Unlike regular ice, dry ice sublimates directly from a solid to a gas without going through a liquid stage. This unique property makes it ideal for situations where water is not suitable or practical for cooling purposes. One of the most common uses of dry ice is in preserving perishable items during shipping.

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Its extremely low temperature of -78.5°C (-109.3°F) makes it perfect for keeping food and medical supplies cold without the risk of them getting wet or damaged. Dry ice is also popular in creating special effects for entertainment purposes, such as creating fog or smoke effects in theatres, haunted houses, and concerts. When dry ice is placed in water, it produces a dense fog effect due to the rapid sublimation process. It’s important to handle dry ice with care as direct contact can cause frostbite due to its extreme cold temperature. Proper ventilation is also essential when using dry ice indoors to prevent the buildup of carbon dioxide gas, which can displace oxygen in poorly ventilated areas.

What is Dry Ice?

Dry ice is carbon dioxide in its solid form, transitioning directly from solid to gas without a liquid state at regular atmospheric pressure. This characteristic makes it a popular choice for temporary refrigeration and theatrical fog effects due to its lower temperature than water ice, minimal residue, and ability to preserve frozen goods in the absence of mechanical cooling.

Is Dry Ice Healthy?

Dry ice has been classified as a hazardous material by the Food Safety and Standards Authority of India (FSSAI). Both the Centers for Disease Control and Prevention (CDC) and the United States Food and Drug Administration (FDA) caution against handling dry ice with bare hands. While dry ice, or solid carbon dioxide, is generally safe under controlled conditions, its temperature of -78.5°C (-109.3°F) can pose health risks. In confined spaces, inhaling the carbon dioxide released can lead to respiratory issues. Contact with skin can cause burns or frostbite. Sublimation of dry ice within the body can result in discomfort, bloating, and abdominal pain, which may mimic gastrointestinal problems but could escalate to more serious health issues. According to Gagan, the restaurant manager, the incident was attributed to staff negligence. He mentioned that the incident occurred post-dinner when the substance was distributed. The police are investigating the matter, and samples have been collected from the staff member involved.

Dry Ice Market Definition

Dry ice is a type of ice used for refrigeration in medical and food industries and for creating smoke effects in entertainment. It is a powerful form of carbon dioxide that does not leave any residue. The name “dry ice” comes from its sublimation process, where it transforms directly from a solid to a gas when heated, without turning into a liquid.

Insights

The Dry Ice market is categorized according to Product, Application, and geography. Product segmentation includes Pellets, Blocks, Slice, Slab, Column, Powder, and Others. Application segmentation comprises Storage and Transportation, Food and beverages, Healthcare, Industrial Cleaning, and Entertainment Industry. Geographically, the market spans North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Market sizing and forecasts for each segment are based on the value in USD Million.

Dry Ice Market Dynamics

Dry Ice is solid carbon dioxide (CO2) obtained from industrial processes, commonly utilized for refrigeration purposes at a temperature of -79°C. It aids in preserving various food items by quickly freezing them and requires insulated gloves for handling. Dry Ice undergoes sublimation, transitioning directly from a solid to a gas, without a liquid phase, hence earning the name “Dry Ice.” Its temperature is significantly lower than regular ice, contributing to its effectiveness in extending the shelf life of perishable goods and pharmaceuticals by meeting specific temperature requirements for storage and transportation. Unlike water-based ice, Dry Ice remains in a solid state, free of liquid formation, due to its lower temperature.

Additionally, unlike some other refrigerants, dry ice is non-combustible and non-toxic. Dry ice is cost-effective and is expected to see a rise in demand across various applications. As the number of fires increases, there is a growing need for dry ice to restore and renovate industrial and residential structures. These factors, combined with dry ice’s non-flammable and non-toxic characteristics, are projected to propel the dry ice market forward. The expansion of the global dry ice machines industry will further boost the demand for dry ice. Major contributions from manufacturers in large companies have been instrumental in the growth of the dry ice market. The increasing recognition of blast cleaning in various industrial applications is a significant factor contributing to market growth.

Another aspect involves using dry ice for industrial cleaning through dry ice blast cleaning. It is a safer alternative to using cleaning solvents and other chemicals. Dry ice is safer and less harmful compared to other solvents. This cleaning method does not require water, eliminating the need for wastewater treatment as the dry ice pellets evaporate upon contact, leaving behind only debris that is then removed through blasting.

The blaster cleaning method eliminates the need for water recovery, solvent cleanup, or waste containment. These characteristics of dry ice are key drivers of the growth of the Indian dry ice market. Dry ice is increasingly being used in Medical and Biotechnology, Automotive, Industrial Manufacturing, and Food and Beverage industries. It is widely employed in food transportation, as well as in the delivery of organs, blood, and pharmaceuticals in the medical sector. Dry Ice Rice represents a significant and recent advancement in the product.

The growing demand for Dry Ice as a refrigerant component in the food and transportation sectors is propelling market expansion, given its common use as a cooling agent for shipping frozen goods. The non-toxic and non-flammable nature of Dry Ice makes it suitable for various applications across different industries. The rising demand for frozen food, the increased need for storing perishable items, and the expansion of cold storage operations are all contributing positively to the growth of the Dry Ice market.

Significant advancements in the transportation and shipping industry are poised to enhance product delivery, leading to substantial revenue growth in the dry ice market. The increasing demand for long-distance transportation presents promising growth prospects for the dry ice market in supermarkets and the healthcare sector in the foreseeable future.

Dry Ice Market Key Players

  • Gulf Cryo (Kuwait)
  • Air Liquide (France)
  • Dry Ice UK Ltd (UK)
  • Dry Ice Corp. (USA)
  • Tripti Dry Ice Co (India)
  • Pacific/Reliant Dry Ice (USA)
  • Continental Carbonic Products, Inc. (USA)
  • Linde plc (USA)
  • Chuan Chon Enterprise (Taiwan)
  • CryoCarb (USA)
  • Polar Ice Ltd. (Ireland)
  • Messer Group (Germany)
  • Yara International ASA (Norway)
  • Continental Carbonic Products Inc. (USA)
  • Sicgil India (India)
  • Praxair Technology Inc. (USA)
  • Chuan Chon Dryice (Taiwan)

Dry Ice Market Scope

Global Dry Ice Market 

Market Size in 2023

USD 175.37 Mn.

Market Size in 2030

USD 296.69 Mn.

CAGR (2024-2030)

7.8 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

by Application

  • Storage and TransportationSegment 1.2
  • Food and BeveragesSegment 1.4
  • HealthcareSegment 1.6
  • Industrial cleaning
  • Entertainment Industry

by Product

  • Pellet 2.1
  • Blocks 2.2
  • Slice 2.3
  • Slab 2.4
  • Column 2.5
  • Powder 2.6
  • Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa – South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

Dry Ice Market Segment Analysis

By Application

The Dry Ice market has been divided into Storage and Transportation, Food and Beverages, Healthcare, Industrial Cleaning, and the Entertainment Industry. Within this segmentation, Storage and Transportation are projected to lead the market with the highest market share in the forecast period. The handling of time and temperature-sensitive shipments necessitates careful attention and expertise to ensure the safe and effective transportation of such items using dry ice logistics services. Dry Ice is primarily used for storing and transporting food, perishable goods, medical supplies, etc. Storage and supply chain operations play a role in clinical trials for pharmaceutical companies, hospitals, and research institutions, providing frozen and chilled delivery services for food, pharmaceuticals, medical devices, and carbon fiber products.

Dry ice is crucial in the healthcare sector, particularly with the growing number of organ diseases leading to an increase in organ transplant procedures. Organs, being delicate, require precise temperature control for storage, a need that dry ice fulfills by helping preserve them for extended periods. Moreover, dry ice is commonly utilized in blood banks to store and preserve blood in sterile conditions at controlled temperatures.

By Product

The dry ice market is divided into Pellets, Blocks, Slice, Slab, Column, Powder, and other forms. Pellets hold the largest market share in the dry ice market. These tube-shaped dry ice pellets are particularly useful in the food and beverage industry due to their food-grade quality and safety, as they are about the size of rice grains. They are also ideal for smaller storage or transportation needs, such as in laboratories or universities. Dry ice pellets are commonly used for creating artificial smoke and clouds in the entertainment industry, as well as for applications like blast cleaning, freezing, chilling, and transporting food and biological samples.

Dry Ice Images 2024

Dry Ice

Dry Ice Market Regional Insights

The Dry Ice market is divided into South America, North America, Europe, Asia-Pacific, and the Middle East and Africa as per regional analysis. North America is expected to experience the most significant growth in the Dry Ice market due to increased demand for food preservation using Dry Ice and the expanding entertainment industry in the US and Canada. Europe’s growth will be steady thanks to growing demand for Dry Ice in the healthcare sector. Asia-Pacific is also witnessing increased demand for Dry Ice, driven by countries like India, China, and Japan using it for entertainment, industrial cleaning, food storage, and transportation purposes.

Dry Ice Market Key Players Insights

The market is dominated by several prominent companies that hold a considerable market share, offer a diverse range of products, and operate internationally. Alongside these industry leaders are smaller competitors that specialize in a narrower product range, including self-publishing entities. The major market players wield substantial influence due to their widespread global networks, enabling them to cater to large customer bases. To enhance their market presence and boost revenue, key industry players in North America and Europe are concentrating on strategic actions like acquisitions, introducing new product lines, and forming partnerships.

The report aims to offer a thorough analysis of the Global Dry Ice Market to industry stakeholders, highlighting prevalent trends and their impact on business investments and market development. It delves into market dynamics, competitive structures, growth projections, influential factors, and key opportunities. Additionally, it examines the competitive landscape, recent developments, and key metrics of market players.

The report presents Porter’s Five Force Model to assist in formulating business strategies within the Global Dry Ice market. It helps identify competitors, their product quality, and assesses market entry barriers, player dominance, and market trends. Additionally, a PESTEL Analysis is included to support company strategy development by examining political, economic, social, technological, environmental, and legal factors affecting the Global Dry Ice market.

What segments are covered in the Global Dry Ice Market report?

The segments covered in the Dry Ice Market report are based on Product and Application.

Which region is expected to hold the highest share in the Global Dry Ice Market?

North America region is expected to hold the highest share in the Dry Ice Market.

What is the market size of the Global Dry Ice Market by 2030?

The market size of the Dry Ice Market by 2030 is expected to reach USD 296.69 Million.

What is the forecast period for the Global Dry Ice Market?

The forecast period for the Dry Ice Market is 2024-2030.

What was the market size of the Global Dry Ice Market in 2023?

The market size of the Dry Ice Market in 2023 was valued at USD 175.37 Million.

Detailed TOC of Global Dry Ice Market Research Report, 2024-2032

  • 1 Executive Summary
  • 2 Research Scope and Methodology
  • 2.1 Aim & Objective of the study
  • 2.2 Market Definition
  • 2.3 Study Information
  • 2.4 General Study Assumptions
  • 2.5 Research Phases
  • 3 Market Analysis
  • 3.1 Introduction
  • 3.2 Market Dynamics
  • 3.2.1 Drivers
  • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Raw Material Analysis
  • 3.6 Regulatory Policies
  • 4 Industry Analysis
  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis
  • 4.2.1 Competition in the Industry
  • 4.2.2 Potential of New Entrants into the Industry
  • 4.2.3 Bargaining Power of Suppliers
  • 4.2.4 Bargaining Power of Consumers
  • 4.2.5 Threat of substitute products
  • 5 Market Segmentation & Forecast
  • 5.1 By Type
  • 5.4 By Application
  • 6 Regional Market Analysis
  • 6.1 North America
  • 6.1.1 United States
  • 6.1.2 Canada
  • 6.1.3 Mexico
  • 6.2 Europe
  • 6.2.1 United Kingdom
  • 6.2.2 Germany
  • 6.2.3 Italy
  • 6.2.4 France
  • 6.2.5 Russia
  • 6.2.6 Nordic Countries
  • 6.2.7 Rest of Europe
  • 6.3 Asia-Pacific
  • 6.3.1 China
  • 6.3.2 India
  • 6.3.3 Japan
  • 6.3.4 South Korea
  • 6.3.5 ASEAN Countries
  • 6.3.6 Rest of Asia-Pacific
  • 6.4 South America
  • 6.4.1 Brazil
  • 6.4.2 Argentina
  • 6.4.3 Rest of South America
  • 6.5 Middle East & Africa
  • 6.5.1 South Africa
  • 6.5.2 Saudi Arabia
  • 7 Key Company Profiles
  • 8 Competitive Landscape
  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players
  • 9 Conclusions and Recommendations

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