NEWARK, Del, July 29, 2024 (GLOBE NEWSWIRE) -- The dry ice market growth likelihood is forecasted to encompass a path of progress at an impressive CAGR of 7.8%. It will elevate the dry ice market size to USD 4.46 billion by 2034, lifting it from USD 2.09 billion in 2024.
The healthcare sector and the biomedical field are growing, which requires efficient storage and transportation of surgical instruments, medical apparatus, and biomedical specimens. This generates demand-side trends for dry ice, driving the market growth.
Machinery cleaning processes are revolutionized, where organizations use dry ice blast techniques rather than traditional water and chemical cleaning. This helps businesses achieve their sustainability goals, driving the subject market.
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The awareness about dry ice use and its benefits is increasing, supporting market growth. Moreover, the food and beverage industry excessively uses dry ice to increase the shelf life of food items. Hence, this is another growth driver for expanding the market size.
Technological innovation and upgradation help the subject market to meet supply-side trends more effectively. The production of CO2 becomes convenient and effective, which drives the subject market.
The solid form of carbon dioxide is known as dry ice. Solid carbon dioxide is distinguished by a direct phase change from solid to gaseous state without undergoing phase change into the liquid with increasing temperature.
Dry ice is frequently used instead of traditional water-based ice because it has a lower temperature when compared to water-based ice and does not melt into a liquid form, making it waste-free. Furthermore, unlike some other refrigerants, dry ice is non-flammable and non-toxic.
Dry ice, as a low-cost product, is expected to see increased demand in a variety of applications in the near future. As the number of fires increases, so does the demand for the dry ice to restore and renovate industrial and residential buildings. These factors, combined with dry ice's non-combustible and non-toxic properties, are expected to drive global market growth further.
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,” opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Which are Some Prominent Drivers Spearheading Dry Ice Market Growth?
The rapidly increasing demand for frozen foods, as well as the growing use of dry ice as a refrigerant in the food and shipping industries, are expected to significantly drive the dry ice market's growth. Significant growth in the transportation industry is expected to support product shipping, providing impressive revenue growth opportunities for the dry ice market. With rising long transportation trips, grocery stores and the healthcare industry are expected to create lucrative growth opportunities for the dry ice market in the coming years.
During the forecast period, the dry ice market is expected to grow steadily. The growing demand for dry ice as a refrigerant in the food and transportation industries is driving the growth of the global dry ice market. Another factor expected to drive the global dry ice market is the use of dry ice for industrial cleaning via dry ice blast cleaning. It is a safer alternative to the use of cleaning solvents and other chemicals. Furthermore, rising demand for frozen foods is expected to propel the global dry ice market forward.
Why is Asia-Pacific Emerging as an Opportunistic Dry Ice Market?
Throughout the forecast period, the Asia Pacific dry ice market is expected to experience the highest growth in the dry ice market. The evolution is being driven by the increasing demand for dry ice in food preservation treatment.
During the forecast period, Asia Pacific is expected to be the most important region in the global dry ice market. Europe is likely to follow suit. The Asia Pacific market is being driven by an increase in demand for dry ice in the industrial sector, transportation, health care, and entertainment industries in China, Japan, and India.
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.
Key Companies Profiled
- 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
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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Dry Ice Market - Key Segments
By Type:
- Dry Ice Pellets
- Dry Ice Blocks
- Other Dry Ice Types
By Application:
- Dry Ice for Food & Beverages
- Dry Ice for Storage & Transportation
- Dry Ice for Healthcare
- Dry Ice for Industrial Cleaning
- Dry Ice for Other Applications
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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