Dry Ice Market Report

The dry ice is the solid of carbon dioxide. Solid carbon dioxide is characterized by a direct phase change from a solid to a gaseous state, without undergoing a phase transformation to a liquid with gradual increase in temperature. Dry ice is often used instead of traditional water-based ice. Additionally, unlike some other refrigerants, dry ice is non-flammable and non-toxic. Manufacturers in large multinational corporations and private firms have contributed significantly to the revenue growth of the dry ice market. As a low-cost product, dry ice is expected to see increased demand in various applications in the near future. Dry ice is also commonly used in the packaging and transportation of the food industry. Food-grade dry ice is a critical ingredient in all the soft drinks and a small loose cube of dry ice can also be used to safely too cool the drinks. The dry ice market is likely to witness significant growth in the food and beverage processing industry during the forecast period. These factors combined with the non-flammable and non-toxic properties of dry ice are expected to drive further growth of the global market. 

Rapidly increasing demand for frozen food and organic food coupled with increasing use of dry ice as a refrigerant in the food and beverage industries is one of the major factor driving the growth of the global dry ice market. For an instance, according to Import volume of processed food certified organic to Japan, the total import volume of processed food certified organic to Japan was around 48,530 tons in 2019, which has increased to 54,570 in 2020. The increasing long transportation distances, grocery stores and healthcare industries are expected to generate growth opportunities for the dry ice market in the coming years. Hence, significant growth in the transportation industry is expected to boost product transportation and provide impressive revenue growth for the dry ice market. Another factor expected to drive the global dry ice market is the use of dry ice for industrial cleaning through dry ice cleaning. It is a safer alternative to using cleaning solvents and other chemicals. Significant growth in the transportation industry is expected to boost product transportation and provide impressive revenue growth opportunities for the dry ice market. In addition, increasing demand for frozen foods is expected to propel the global dry ice market forward.

The growing preference of dry ice over water-based ice has been an opportunity to capture global dry ice market. Dry ice has a lower temperature than water-based ice. When heated, it turns directly into a gas and leaves no residue. Dry ice is cost effective and has non-flammable and non-toxic properties. These advantages of dry ice increase its use over water-based ice in food preservation, machine blasting, pharmaceutical and entertainment industries. Thus, increasing demand for dry ice from various industries due to its advantages over water-based ice is expected to be an opportunity for the market during the forecast period.

The limitations of dry ice during storage is one of the major restraint hampering the market growth for the foreseen period. For an instance, dry ice cannot be stored for a long time because it sublimes within 18 to 24 hours. This acts as a restraint for the use of dry ice and is expected to hamper the growth of the market in the forecasted period.

Health hazards related to dry ice is among major challenges hampering the product consumption in the forecasted period. According to National Library of Medicine, dry ice can cause frostbite, burns and other fatal injuries in direct contact with the skin. It should be handled with care wearing gloves and other protective equipment. Dry ice must be used in a properly ventilated area, as it releases carbon dioxide due to sublimation, which could cause breathing difficulties and cause suffocation. The aforementioned cons of dry ice is expected to challenge the global dry ice market in the foreseen period.

The report provides an in-depth analysis of the global dry ice market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. The increased demand for preservative food & beverages to have high shelf- life is expected to witness growth at a specific CAGR from 2023-2029. 

The Global Dry Ice Market consists of different market segments like By Form, Application, and geography. 

The Dry Ice market on the basis of raw form include:  

On the basis of form, the pellets segment holds the largest share of the dry ice market. The pellet segment had the largest share of the dry ice market. The dry ice pellet type is tube shaped dry ice pellets designed for use in the food and beverage industry are valuable in food handling due to their food quality and safety. These small pellets are only the size of grains of rice and are suited for more limited size requirements, for stockpiling, and shipping purposes. In addition, dry ice as pellets is generally used in freezing and cooling, impact cleaning, and transportation of food, medical drugs, and others.

The Dry Ice market on the basis of application include:  

Based on application, the storage and transportation segment holds the largest share of the dry ice market. Time and temperature sensitive shipments require extra attention and information to ensure a controlled and positive exchange of such items with dry ice logistics services. Dry ice is also very important in healthcare owing to the increase in organ transportation, and the number of organ transplant surgeries. Organs that are vulnerable must be kept at a specific and controlled temperature. Dry ice thus helps in the storage and preservation of organs for a longer period of time. In addition, dry ice is very often used in blood banks to preserve and store blood under controlled temperature and sterile conditions. The aforementioned end-use of dry ice in storage and transportation applications is expected to drive the market segment in the forecasted period.

The Dry Ice market is studied for the following region: 

For the dry ice market, the Asia Pacific is expected to witness the largest share in the dry ice market. The development is driven by the growing demand for dry ice in food preservation. Asia Pacific is expected to be the significant region in the global dry ice market during the forecast period. For an instance according to Japan Frozen Food Association, the total consumption volume of frozen food in Japan was around 2.84 Million Tons in 2020 which has increased to 2.9 Million Tons in 2021. The Asia-Pacific market is driven by the rise in demand for dry ice in the industrial sector, transportation, healthcare, and other industries in emerging economies such as China, Japan, and India. Additionally, similarly, frozen food growth continues to outpace fresh food growth which has led to an increase in the demand for dry ice in the region. 

Axiom MRC provides a 360-degree analysis of the micro and macro-economic factors of the dry ice market. The report studied an exclusive analysis of the impact of COVID-19. In addition, the report also studied a complete analysis of changes in the global dry ice market, spending, and economic and international policies on the supply and demand side. COVID-19 has had a positive impact on the dry ice market.

The COVID-19 has positively impacted the demand for dry ice products across the globe owing to need for The COVID-19 vaccine needs to be transported and stored at subfreezing temperatures, which should make it easier to distribute and dispense the vaccines across the globe. Also, increased need for vaccinations, and long shipment of food due to strict lockdowns has positively driven the market during the pandemic

The competitive landscape analysis of the dry ice is majorly focused on expanding the global growth of dry ice market with new packaging type innovation, business expansion, and the increasing presence of a range of manufacturers operating in dry ice market has led to the growing demand for the market.  

The key players studied in the market are 

August 2018: The Linde group has launched a new product named Entonox in Asia Pacific region. The product is used in various industries to including healthcare. The launch is expected to expand the market capture for the company in Asia Pacific regions.

March 2018: Lind Group has launched its new patented product name LIV cylinders to supply various critical goods including medical oxygen, and dry ice. The launch is expected to increase the customer base across the globe in coming years.

September 2016: Air Liquide has acquired a United States based company named Tri-Gas. The company also acquired Airgas Company based in United States. The acquisitions has resulted in better product portfolio leading to better revenue growth.