Global Dry Ice Market By Type (Dry Ice Slice, Dry Ice Pellet, Dry Ice Block) By Application (Food and Beverages, Storage and Transportation, Industrial Cleaning, Health Care, Entertainment), By Grade (Food Grade Dry Ice, Medical Grade Dry Ice, and Industrial Grade Dry Ice) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global Dry Ice Market was valued at USD 203.9 million, and is expected to reach USD 397.4 Million in 2032 Between 2023 and 2032, this market is estimated to register a CAGR of 5.9%.

Dry ice is a solid form of CO2 that does not leave residue and is slightly acidic. Dry ice is made from carbon dioxide gas (CO2) through a process that compresses and cools the gas to extremely low temperatures. The CO2 gas is compressed using high-pressure compressors.

This increases the pressure, preparing the gas for the cooling phase. Then, the liquid form goes through a pressurized expansion to get dry ice, and then it’s compressed using a hydraulic press into pellets, slices, and blocks. Dry ice sublimates, turning directly from a solid to a gas at room temperature.

Therefore, it needs to be stored in insulated containers that can minimize this sublimation. In the industries, dry ice is used to store frozen foods that can’t be cooled down by mechanical means. It’s also used for industrial cleaning. In the blasting process, dry ice helps to remove dirt, paint, mold, oil, glue, etc.

It’s a great and cost-effective way for industries to boost their production and quality. Additionally, dry ice is used in the entertainment industry to create fake smoke and clouds. It can also be used to restore buildings that have been damaged in a fire.

Actual Numbers Might Vary in the Final Report.

Key Takeaways

• Market Growth: The dry ice market showcased substantial growth, with a value of USD 203.9 million in 2022, to reach USD 397.4 million by 2032, displaying a notable CAGR of 5.9% between 2023 and 2032. Underlining the expanding demand and applications of dry ice across various sectors, substantiating its significant market position.
• Cancer Incidences: Increasing cancer cases worldwide is a major driver of the ADC market. ADCs deliver cytotoxic payloads directly to cancer cells while sparing healthy cells, making treatment more focused and efficient.
• By Type Analysis: The dry ice pellets segment held the largest market share in the dry ice market. In 2022, the dry ice pellet segment accounted for a market share of 43.6%.. These tube-shaped pellets are about the size of rice grains, making them ideal for various uses, particularly in the food and beverage industry.
• By Application Analysis: The storage & transportation segment accounted for 55.2% market share in 2022. This is attributed to the increasing demand for dry ice in industries requiring temperature-sensitive shipments. Dry ice plays a crucial role in storing and transporting perishable items, clinical supplies, and blood in controlled conditions, such as in blood banks and clinical trials.
• By Grade Analysis: There’s been notable growth in the health sector, leading to an increased demand for medical-grade dry ice, which held the largest market share in 2022. Medical-grade dry ice is critical for the safe transport and storage of medical supplies, including surgical instruments and medications.
• Market Drivers: Technological advancements, rising cancer prevalence, government support for cancer research, and expanding healthcare systems are driving market growth.
• Restraints: High production costs, side effects, and challenges in production, such as raw material costs and skilled labor, are restraining factors.
• Opportunities: Increased government involvement in cancer prevention and treatment, along with public and private sector collaborations, offers growth opportunities.
• Trends: ADCs are increasingly used in cancer treatment due to their targeted approach, and the FDA has approved several ADCs. The market is expected to revive after the COVID-19 pandemic.
• Regional Analysis: Europe was the most dominant region in the market, with a 34.2% market share of the total revenue, Europe has a vast population that consumes beverages
• Key Players: Major companies are focusing on growth strategies like product development, approvals, and mergers & acquisitions to enhance their market presence.

Market Scope

By Type Analysis

The Pellet Form of Dry Ice Dominates The Market Due To its Wide Applications.

Based on type, the market for dry ice is segmented into dry ice slices, dry ice pellets, dry ice blocks, and other types. Among these, the dry ice pellets segment held the largest market share in the dry ice market. In 2022, the dry ice pellet segment accounted for a market share of 43.6%.

This dominance is attributed to its ideal characteristics for preserving food products and extending its shelf life. Dry ice tube-shaped pellets have a high thickness, which is ideal for food and beverage applications owing to their food-grade safety and qualities.

These small pellets are approximately the same size as rice grains, making them suitable for minor requirements, storage, or transport purposes. Furthermore, dry ice pellets are commonly used in cleaning, freezing, chilling, and transporting food and organic products such as antibodies and blood.

By Application Analysis

The Storage and Transportation Segment Held A Major Market Share In 2022 Due To Increasing Demand In Several Industries.

By application, the market for dry ice is further divided into food & beverages, storage & transportation, industrial cleaning, health care, entertainment, and other applications. Among these, the storage & transportation segment accounted for 55.2% market share in 2022.

Temperature-sensitive shipments need special handling to ensure the transfer of these items, which can be managed by dry ice in logistics. Furthermore, dry ice is used for storing and transporting purposes, such as food, perishable items, and clinical supplies. Additionally, dry ice is often used in blood banks to maintain and preserve blood under controlled temperatures and sterile conditions.

Storage and supply chain elements of dry ice are commonly used in clinical trials conducted by pharmaceutical companies, medical institutions, and research laboratories. They provide frozen and refrigerated delivery services for food, pharmaceuticals, medical devices, and carbon fiber products.

By Grade Analysis

There has been significant growth in the health sector, and the demand for medical-grade dry ice has also increased.

By grade, the market for dry ice is further divided into food-grade dry ice, medical-grade dry ice, and industrial-grade dry ice. Among these, medical-grade dry ice accounted for the largest market share in 2022. Dry Ice is used as a refrigerant in several industries.

Dry ice helps sanitize, transport, and store medical supplies such as surgical instruments and medications. Hence, dry ice is an essential component of the industry. The need for organ transplant surgeries is also increasing due to the increasing prevalence of organ diseases. Therefore, dry ice plays a vital role in storing and transporting these organs.

Key Market Segments

Based on Type

• Dry Ice Slice
• Dry Ice Pellet
• Dry Ice Block
• Other Types

Based on Application

• Food & Beverages
• Storage & Transportation
• Industrial Cleaning
• Health Care
• Entertainment
• Other Applications

Based on Grade

• Food Grade Dry Ice
• Medical Grade Dry Ice
• Industrial Grade Dry Ice

Driving Factors

The Demand For Dry Ice Is On The Rise Due To The Growing Preference For Dry Ice Over Water Ice.

Dry ice is essential for food storage and transportation where refrigeration systems are unavailable. Unlike regular ice, dry ice can cool for up to 24 hours before needing to be replaced. Furthermore, a chilled temperature allows packaged frozen products to remain frozen for a prolonged period, making dry ice a superior choice for soda and carbonation applications.

Additionally, dry ice offers superior cooling and durability compared to water ice. As dry ice has sublimation properties, it allows the container to remain water-free for a few hours. These benefits increase dry ice use in food preservation, machine blast cleaning, and the pharmaceutical industry.

Another significant driver is the ever-increasing need for cold chain logistics, especially in the pharmaceutical, food, and beverage sectors. Dry ice is an ideal cooling agent for shipping perishable items and temperature-sensitive materials like vaccines, biological samples, and specialty foods. Dry ice has a much more comprehensive range of applications than water-based ice.

It can be used for dry ice blast cleaning, cold grinding, freeze drying, in-process cooling, chemical and food industry, plumbing pipe repairs, sample distribution in the pharmaceutical industry, shrink-fitting special effects, and more. The versatility of dry ice and its ability to replace conventional electrical power-based cooling systems drive the dry ice market.

Restraining Factors

Short Sublimation Time And Presence Of Alternatives Constrain Global Dry Ice Market Growth.

Dry ice is the solid form of carbon dioxide, and it sublimates at temperatures higher than -78.5°C (-109.3°F). It can sublimate in as little as 18-24 hours, making it difficult to store for extended periods. This requires specialized storage facilities and equipment to maintain extremely low temperatures, making it a significant logistical challenge.

Furthermore, the availability of cheaper alternatives might also slow down the development of the global dry ice market. Two significant challenges the global dry ice market faces are a lack of skilled labor and expertise in developing regions.

In addition, several individuals from these countries use traditional cooling methods such as water-based ice, which poses a challenge for the global dry ice business. The need for advanced storage and handling capabilities can be a significant barrier for smaller enterprises or regions with less developed logistical networks, thereby restraining market growth.

Growth Opportunities

Increasing Demand In Various Applications Of  Sector Leads To Increase Opportunities In The Dry Ice Market.

Dry Ice is a widely used refrigerant in various industries. A reliable dry ice system is beneficial for sanitizing, transporting, and storing medical equipment, including surgical instruments and medications.

Medical and Laboratory

Handling blood samples, body parts, and other hazardous materials outside the human body is a critical process that requires careful consideration of various factors to maintain their viability. These materials must be maintained at specific temperatures throughout recovery, storage, and transportation.

These organs and samples are put into a preservation solution and placed in coolers filled with dry ice. Regular ice or other freezing techniques can be used. Still, dry ice is preferred because it doesn’t leave any residue, and it’s easier to manipulate and fit into containers.

Pharmaceutical Applications

Dry ice is also widely used by pharmaceutical research laboratories to store and transport their research projects. Dry ice, which sublimates into gas and does not leave any residue, eliminates the possibility of contaminated fluids leaking into medicinal products and other sensitive pharmaceutical products such as vaccines.

Cleaning and Disinfecting

Hospital, laboratory, and pharmaceutical settings require maximum cleanliness and disinfection. There is a strict policy of non-toleration of dirt and microorganisms, as the health and lives of individuals are at risk. Medicinal products, medical instruments, and contaminated biomedical specimens could result in illness or death.

spaces and materials require the highest level of cleaning capacity available, which is achieved through the use of dry ice blasting systems. This system offers a deep level of cleaning and disinfection through its freezing temperatures, pressures, and non-refreshing properties without causing any harm. These are the reasons that will create more opportunities for the dry ice market.

Latest Trends

The Increasing Demand In Various Industries  Due To Usefulness Of Dry Ice.

The global dry ice market is projected to experience a surge in demand for frozen food varieties and an increase in the utilization of dry ice as a refrigerant in food production and transportation operations. Future developments in the transportation sector are expected to support the delivery of goods, thus stimulating the dry ice market.

Dry Ice is used as a refrigerant in many industries but is most commonly used in the industry. An excellent dry ice system helps sanitize, transport, and store medical supplies such as surgical instruments and medications.

Regional Analysis

The European Region Emerged As The Dominant Region In The Global Dry Ice Market

In 2022, Europe was the most dominant region in the market, with a 34.2% market share of the total revenue; Europe has a vast population that consumes beverages. Germany is known for its beer, and France for its champagne. That’s why dry ice is so prevalent in the drinks industry for storage.

The grapes used to make wine and champagne are kept in dry ice for cooling before fermentation. Dry ice is widespread because it doesn’t melt and is cheaper than water-based ice. Interest in dry ice will only grow with the success of dry ice machines. Major multinational companies have been helping the dry ice market grow. Dry ice is a cost-effective item, which should help boost interest in dry ice for different uses.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

The prominent players in the market have a significant influence because they have massive networks worldwide and can reach out to their vast customer base.

To increase their profits and stay ahead of the competition in the international market, the big players, especially in the US and Europe, are investing in strategic moves such as acquisitions, launching new collections, and forming alliances.

Market Key Players

• Air Liquide
• Dry Ice UK Ltd.
• Dry Ice Corp.
• Tripti Dry Ice Co
• Pacific/Reliant Dry Ice
• Continental Carbonic Products, Inc.
• Single India Limited
• Linde plc
• Chuan Chon Enterprise
• CryoCarb
• Polar Ice Ltd.
• Other Key Players

Recent Developments

• In July 2023, Cold Jet announced the release of the IceRocket dry ice blaster, an entry-level machine ideal for improving cleaning and maintenance operations to achieve less downtime and more throughput. The IceRocket is the latest addition to the Cold Jet line of innovative, high-performance dry ice blasting equipment. The IceRocket boasts more aggressive and efficient blasting than similar machines while offering competitive, entry-level pricing.
• In March 2023, Cold Jet acquired Triventek and released their new line of pelletizers for low-volume dry ice production. The PE Series of Cold Jet pelletizers for dry ice production comes in at 50 to 80 kg/h, which is between 110 and 176 lbs/h. That’s a lot more than their big pelletizers line, which comes in at 120 to 750 kg/h or 265 to 1,653 lbs/h. These are the best low-volume pelletizers that can produce the best dry ice.

Report Scope