Dry Ice Market Players, Overview, Competitive Breakdown and Regional Forecast By 2030
Market Overview
The global Dry
Ice Market size is slated to surpass USD 670 Million by 2025 at
a CAGR of 6.40% over the review period of 2022 to 2030.
Market Dynamics
Owing to an
increase in grocery stores and the healthcare industry, the dry
ice market research report has seen significant growth. Dry ice is a
cost-effective way to keep perishable and frozen foods fresh and frozen. Dry
ice has lower temperatures than water-based ice, which is why it is in such
high demand for storage and transportation. Furthermore, increasing demand for
frozen food, increased demand for perishable food storage, and the expansion of
cold-storage logistics are all contributing to the global market's rise.
Because of the growing demand for dry ice in various industries, the market is
expected to develop steadily over the forecast period. Dry ice is most commonly
used in industrial cleaning since it is a cost-effective solution.
Dry ice's
non-combustible and non-toxic properties, as well as its use to rebuild old
industrial and residential buildings, are driving market growth. Another
determinant catalyzing business growth around the world is the high demand for
dry ice in the logistics industry for transporting perishable food items.
Furthermore, the increasingly rising demand for frozen foods, as well as the
growing use of dry ice as a refrigerant in the food and shipping industries,
presents a major market opportunity for the dry ice market's main players. To
meet the increasing demand for dry ice in various industries, market players
are expanding their product portfolios by offering dry ice in various forms
such as dry ice pellets, dry ice blocks, and dry ice cubes. To stay afloat in
the global market, dry ice manufacturers are concentrating on mergers and
acquisitions to expand their distribution networks and gain a wider customer
base.
However, the dry
ice market's overall growth is expected to be hampered in the forecast period
due to its inability to store dry ice for the review period.
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Market
Segmentation
By type, the
market is segmented into pellets, blocks, and
others. Due to high demand for pellet dry ice in various application
industries, the pellet segment dominated the global dry ice market in 2018. Dry
ice blocks are becoming more common in food and beverage, as well as storage
and transportation, since they are easy to use in large-scale applications and
can keep a product fresh for long periods of time. Furthermore, the growth of
the dry ice blocks segment is being aided by the expansion of the application
industries for dry ice blocks. During the forecast period of 2019 to 2025, the
segment is expected to rise at a CAGR of more than 5%.
By Application,
the market has been segmented into Food & Beverages, Storage &
Transportation, Healthcare, Industrial Cleaning, and others. The increasing use
of blast cleaning in various industrial applications is a major factor moving
the global dry ice market's industrial cleaning segment forward. In 2018, the
segment held the largest market share, and it is projected to continue to do so
during the forecast period. Dry ice is used in industrial cleaning to eliminate
pathogenic bacteria because it is a cost-effective, non-corrosive, and
non-hazardous solution that can disinfect hard-to-reach areas. During the
forecast period, the food and beverage segment is projected to rise at the
fastest rate. This is due to the increased use of dry ice to combat the rising
loss of frozen food products due to weather fluctuations and power outages,
especially in developing countries.
Competitive
Dashboard
Key Dry Ice Market Players
are S. Ice (US), Polar Ice Ltd. (Ireland), Continental Carbonic Products, Inc.
(US), Sicgil India Limited (India), Linde plc (US), Chuan Chon Enterprise
(Taiwan), Air Liquide (France), Dry Ice UK Ltd (UK), Dry Ice Corp. (US), Tripti
Dry Ice Co (India), Pacific/Reliant Dry Ice (US), and CryoCarb (US).
Regional
Overview
By region, the
market has been analyzed in North America, Europe, Asia Pacific, and the rest
of the world.
Owing to the
presence of major market players and high demand for frozen food items, the
North American region had the largest market share of nearly 45 percent in
2018. In the region, there is also a lot of trade in high-quality perishable
food products that need to be kept cold during transportation.
During the
forecast era, Asia Pacific is expected to be the most important area in the
global dry ice market. It is possible that Europe will follow suit. The market
in Asia Pacific is being driven by increased demand for dry ice in the
industrial sector, transportation, health care, and entertainment industries in
China, Japan, and India.
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